Every time a property is built, bought, or sold; there exists a need of an Appraiser. Think about how often that happens each day in New York. Every transaction in the real estate industry depends on the knowledge of an Appraiser. An Appraiser focuses on the value at a particular time of the real estate market; essentially, it is the art of accurate property valuation. As determined by a number of factors such as location, architecture, age, and physical condition, an Appraiser arrives at a professional opinion.
Investors and developers who master the financial side of the Appraisal process are able to make smarter choices that increase the overall ROI of their efforts.
Appraisal professionals take into consideration things such as the age of the property, quality of the materials and infrastructure, location, and amenities such as a view or proximity to the downtown area. Appraisers are used by banks to determine valuation vs. the amount of money being lent to buy the property. They are also useful for buyers as an indicator of whether they are paying a fair market price or not.
Appraisal Apprentices work for a Licensed Appraiser and learn the business from the ground up. They do things like research, data collection and standard analysis of common properties.
Licensed Appraisers evaluate every aspect of a property and deliver a valuation like any other Appraiser. They can appraise real estate property (with certain limitations) up to four residential units with a transaction value of less than $1,000,000 and real property units with a transaction value of less than $250,000.
Certified Residential Appraiser
Certified Residential Appraisers are able to appraise and assess valuation on residential properties of up to four units with no limit on the amount of the transaction.