Its no secret that today’s real estate climate can be unfriendly. Property values have yet to completely stabilize and homeowners are still struggling to sell their properties.
Because of the tough real estate market, more and more people are focusing on the values of their current homes in the hopes that improving curb appeal and creating more habitable spaces will, in the long run, help boost a property’s value once the market does turn around again.
That’s where Susan Wagner comes in. Wagner is a real estate appraiser with The AppraisaLink who has worked with countless LGBTs in determining the appropriate value of their homes. While she can’t legally say whether if LGBT homes are typically more valued than others, her experiences with the community, she says, have mostly been positive.
The AppraisaLink serves the Greater Tampa Bay area of Florida including Pinellas, Pasco, and Hillsborough counties. Specialty areas include St Petersburg, Gulfport, and the Gulf Beaches.
Wagner has 25 years of experience in the appraisal and review of single family, condominium, 2-4 family properties, manufactured homes, co-ops, and vacant lots. The ApprasiaLink is FHA approved and has provided service to banks, credit unions, mortgage companies, individuals, attorneys, and insurance companies.
Fees for Wagner’s services range from $100 to $475, depending on the property involved in the appraisal.
We spoke with Wagner about the challenges of appraising property effectively, the current real estate climate and what factors directly into a home’s value. For more information on Wagner or to use her appraisal skills, call her at 727-384-1288 or send her an e-mail at Susan@TheAppraisaLink
How would you characterize the state of today’s real estate market and property values?
The real estate market in Pinellas County has shown some overall signs of stabilization of property values over the past 12 months.
Is it our imagination or do we see more and more for sale signs out there in the front yards?
There is currently still an over supply. However, the homes that are selling are typically doing so within six months [of being placed on the market].
Do homeowners choose their own property appraisers or does the mortgage company have to make that decision?
The Home Valuation Code of Conduct (HVCC) was implemented May 1, 2009. It’s intent is to eliminate mortgage brokers from attempting to try to influence appraisers to inflate values—for example, removing the fox from guarding the henhouse. As a result, all appraisal requests involving mortgage-related finance transactions which are sold on the secondary market must be ordered through a third party Appraisal Management Company. I recommend potential buyers discuss the appraiser selection with their lender of choice.
Are appraisals only needed when someone is buying or selling a house?
There are many other reasons to obtain an appraisal. In addition to mortgages, appraisals are utilized for both estate and divorce settlement, for both sale and purchase transactions for cash, for challenging both property taxes and homeowners insurance and for applying for building additions which must comply with FEMA regulations.
What do you think homeowners—or anyone—who needs an appraiser should ask when vetting potential candidates?
Those interested in hiring an appraiser may ask the appraiser about their experience in a particular market area, experience with the type of property being appraised, length of time in the business, education in the field and fee schedule.
What specific things do you look at in a home in accessing its value?
In providing a Residential Summary Appraisal Report, the appraiser must identify the client and intended users. We must also state the intended use of the property and identify the real estate involved in the appraisal. We also include the real property interest being appraised, state the type and definition of value and site the source of the definition. We also include the effective date of the appraisal and the date of the report, summarize the scope or work used to develop the appraisal, and lastly, provide a reconciliation.
What, specifically, do your clients seem to look for when choosing property?
It has been my experience that prospective buyers initially select a location they’d like to live in. In viewing prospective homes, buyers who will likely be owner-occupants expect a home to exhibit good maintenance, restoration or updating. Roofs, windows, kitchens, baths, heat/air system and floor coverings are several of the items buyers typically consider in the home selection process.
