Personal property is an important subject to the common law and civil law systems. Many terms are used to describe the same thing but in different contexts such as chattels or personality common laws, and movable property or movables in civil laws. Basically, this term targets private property, as opposite to real property. Even if those properties are “private”, selling and buying them is not that simple. You may need an appraiser for that in order to give your property the value that it actually deserves for sale.
An appraiser is a person whose profession is to tell you what your property is worth. He is licensed by the state, so what he does is definitely legal. If you have a house for sale, for example, he would come to your house and record the number and size of the rooms and see if there is any porch, pool or garage or any other extras. Later on, he would compare your property to other homes that were sold around that time with similar features. He would determine how much, approximately, your house is worth.
Basically, what he does is analyzing the status real estate agent near me of the local market conditions and giving you more concrete expectations for your house or any other property sell.
In most cases, he uses what they call cost approach. This will determine a price tag on a brand new house built with the same features of your house. This comparison is useful for newer houses that are new to the market. It lets sellers know how their properties are competing in the market.
It is also important for you to go back to your original appraisal papers. By doing so, you can remember the flaws that you found the first time around. Sellers might want address curable issues before hitting the market.
Despite the importance of the property valuation, there is a more important factor that can determine the price; it is what the customer is willing to pay. Today, sellers are in the markets of buyers, and the supply has outweighed the demand. This means that the market is currently over flown with property choices. This saturation is too high that it can damage the selling potential. Nowadays, it takes longer to sell a house compared to previous years. This indicates how much the buyers’ decisions are powerful in the market.
We can actually say that the process of making a property appraisal is both an art and a science. When the appraiser under-valuates a property, he may guarantee a fast sale, but the money loss will probably be a hard pill to swallow for the original owner. By contrast, if the valuation is more or less high, the property may spend a considerable amount of time on the market, so this will increase the chance of sellers accepting too low prices due to their frustration.