Previous sales provide excellent insights into how the market responds to the subject property. It tells a real estate appraiser how the property compared to the other similar properties and how it ‘fits in’ the current market scenario. The previous market value of the property can definitely influence its current value. However, the previous value does not solely define the value of your property. It is just a frame of reference that an appraiser might use.
At RD Clifford Associates, Inc we ensure that your property gets its deserved value after thorough market research and accurate evaluation. With years of experience in real estate, we provide you with exceptional quality and timely services at competitive market rates.
How does the previous property sale help your commercial property appraisal?
- It establishes a baseline for the value of the property. If the price of the property had been good during the previous sale, the appraiser takes it as a positive point to establish the current value of the property.
- It acts as a supporting value for further calculations and your property gets a definite advantage.
- Understanding the previous sales transaction (even if the value was low) can help an appraiser accurately analyze the improvements you made to the property and this could, in turn, impact the overall value of your property.
- It helps develop an overall opinion of the property and gives a direction to the appraisal.
The real estate market changes often and your property could sell for more or less than the previous transaction. But, an appraiser will definitely look for the sales history of your property to proceed with the evaluations.
It’s important that you know the value of your property and make sure that you hire professional help to get an estimate as it places you in a better position for taking important decisions about purchase, sale or refinance for your property.