What Do Home Appraisers Look For?

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Home appraisers look for the condition of the property, the size of the property and how the property compares to other houses sold in the neighborhood. Find out how home appraisals are used for lenders, real estate companies and potential buys with information from a mortgage specialist in this free video on real estate.

Part of the Video Series: Real Estate Financing
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Video Transcript

Hi my name is Stetson Lowe and in this clip we're going to go over the question what do home appraisers look for? The first thing I would say they look for is the condition of your property, the condition and the size. Those are the two main things. Due to the new technology with satellite mapping systems and things like that they're able to get a good detail of the neighborhood, an aerial photo then they will show up to the property and do an inspection and measure out the square footage of your home. They'll also take a lot of digital photos of the outside and the inside, the street view of the neighborhood, the back yard view and get an overall really good idea of what the condition of the property is. Then they will stack the condition of your property, the upgrades and the amenities and the overall size next to anywhere from 3 to 6 sold homes that have sold typically in the past six months within a one mile radius of your home. Then they make any adjustments based on differences and sizes and upgrades and amenities and adjust each home and come up with a final estimate of value. This is a detailed report that they can pass along to lenders, real estate companies, potential buyers and give them a very good idea of what the fair market value is of your particular home or the home you're looking to purchase.

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