Search for South Dakota real estate appraisers in Sioux Falls and Aberdeen!
Finding South Dakota real estate appraisers is easy at Appraisers Online. Simply click on South Dakota and then select Commercial or Residential for a home appraisal. We offer you a detailed listing of resources, by state, where you can obtain a real estate appraisal. Our extensive listing will help you find a South Dakota licensed real estate appraiser who is familiar with the selling prices in Sioux Falls and Aberdeen. Whether you want to sell or purchase property or use your property as collateral for a loan, you need a home appraisal report from an accredited South Dakota real estate appraiser.
A real estate appraisal – an essential step before you sell, buy or borrow!
A South Dakota real estate appraiser establishes your property's market value, whose definition is the most probable selling price. The South Dakota home appraisal will establish the likely price someone would pay for your property in an open and competitive market. A South Dakota real estate appraisal is required before a bank will lend you money.
Beware -- a South Dakota home appraisal is not the same as a comparative market analysis (CMA)
Real estate agents use CMAs to help home sellers determine a realistic asking price. Experienced agents may come very close to a real estate appraisal price with their CMAs, but they are not always reliable. A home appraisal report done by a licensed real estate appraiser relies upon closed sales data. A real estate appraisal done by a licensed professional is the only valuation report a bank will consider when deciding whether or not to lend money.
Things you need to know
An appraiser is licensed by the state after completing coursework and internship hours that familiarize he or she with the market. Their appraisals are very detailed reports that include information about the property, along with side-by-side comparisons of three similar closed property sales.
There are two common methods used for assessing residential properties, the Sales Comparison Approach and the Cost Approach. With the Sales Comparison approach, the real estate appraisal is an estimate of the property's market value by comparing it to similar properties that have sold in the area. Since no two properties are exactly alike, the appraisal must include adjustments to the other properties in order to make their features similar to the property being appraised. The result is a figure that shows what each property would have sold for if it had the same characteristics.
The Cost Approach is used to estimate market value based on the depreciated replacement cost and land value, under it's highest and best use. The Cost Approach is reliable for new construction property and is also helpful to establish insurable value for insurance purposes.
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