Appraisal Articles 2017 Free Appraisal Articles for Appraisers and the Public

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Appraisal Articles is an Internet website dedicated to providing free information in the form of articles on appraisal and real property / real estate topics to appraisers and the public.  Authors are invited to contact us and submit related original articles for approval. 

Changing Appraisal Conditions

by Administrator on Nov 18, 2017 Business Operation 28 Views

Appraisers generally want to know what a potential client needs before they give them a bid or quote on the appraisal of a property. After I know a property address or the Assessor’s Parcel Number (APN) I look it up on the Clark County Assessors website to see just what kind of property I’m being asked to appraise. There is often an aerial view of the property, ownership information, a deed from its past conveyance and at times even an Assessor’s sketch of the building. Short of visiting the property before bidding, which would costly, the Assessor’s information is useful. I often have to explain to potential clients that my assignment fees relate to the number of hours that it takes me to complete an assignment it has nothing to do with value. It could happen that a 300 acre vacant land parcel with a $ 30 Million market value has an appraisal assignment fee that is lower than that required for a 5,000 SF retail or office building on a 1 acre site with a $ 1,000,000 market value.

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Will the Loss of a Tax Deduction on Home Mortgage Interest Affect Market Value?

by Administrator on Nov 3, 2017 Market Conditions Articles 13 Views

The current proposal to do away with the mortgage interest deduction on homes purchased in the future may negatively affect the market value of homes. Home buyers in the Las Vegas area are spending $ 300,000 or more to purchase a new home and most have only 10% to 20% down, so their mortgages are substantial. A buyer who is going to take on that new say $ 250,000 plus dollar mortgage has in the past expected an annual interest deduction of around $ 10,000. For many home buyers a mortgage interest deduction has in the past been significant and it was relied upon to bring down their taxable income. Their deduction has been relatively large for most, even with relatively low interest rates near 4%, and it has helped bring down taxes in each and every year a buyer paid on his or her mortgage. Many people don’t realize that interest rates over the past few years have been extremely low, so the deduction while still large for most, would be much larger to new borrowers if interest rates

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Appraisal Productivity - Keeping Your Volume Under Control

by Administrator on Oct 29, 2017 Business Operation 21 Views

It's amazing how many different types of appraisal assignments that I am offered an opportunity to bid on, many that I am not qualified to complete, over a few months period. Appraisal bid queries that I receive can range from simple Single-family residential (SFR) appraisals to billion-dollar Las Vegas Strip resort properties. I also get calls to bid on watches, art, diamonds and related items. I guess that’s due in part to my ASA designation. You name it and I have been asked to bid on the appraisal of it whether it's an RV Park, a timeshare condominium building or a golf course. Appraisers have to be able to estimate how much time an assignment will take to complete and consider how much effort is going to be required to produce a credible result. Some real property appraisal assignments require an appraiser to buy new or updated reference books, some require subscriptions to data sources and some require multiple trips to areas where similar properties have been sold. Depending

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When One Appraisal Approach Contradicts Another

by Administrator on Oct 25, 2017 Commercial Appraisal 23 Views

Concluding conflicting value opinions using different appraisal approaches is just part of the appraisal process, it happens often. I have analyzed properties and had all three approaches come together in unity, but more often than not they don’t, and I have to make sense of them and reconcile my conclusions. The question that appraisers have to ask themselves, and discuss in their reports is “do these analytic differences make sense?” It’s obvious when a building is clearly overbuilt (due possibly to super-adequate improvements) and the cost approach reflects the atypical replacement costs, there should be a difference in that instance. It’s also easy to spot a difference when a rental rate from a subject property is much higher or lower than the market rate and the income approach provides an atypical result.

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Vacant Property Size versus Sales Price Per Acre

by Administrator on Oct 18, 2017 Vacant Land Appraisal 24 Views

It doesn't take an education in real property to figure out that there is a relationship between the number of acres for sale or sold and the sold price per acre. Vacant residential land generally falls into loosely described strata that include; user home sites, small multi-lot sites, subdivision sites and large or master plan community sites. In the Las Vegas residential land market for example if you are buying a small property, like an acre or less, you are likely buying a home site for current or future development, and you will probably pay the highest price per acre of all residential land buyers. Individual home sites are relatively difficult to find in Las Vegas and Henderson, NV because builders develop homes on their own home sites. So, unless you are looking for a site for a custom home you will find small lots hard to find.

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