Cabarrus County Real Estate Appraisal
Cabarrus County is a county located in the south-central part of North Carolina. As of 2000, the population was 131,063. A population of approximately 147,000 in 2005 represents a dramatic increase in population over the past 30 years, due largely to the growth of suburbs related to Charlotte, North Carolina, which is southwest of the county. The county seat is Concord, which was incorporated in 1803.
Cabarrus County is a dynamic place to live and work. Home to the #1 tourist destination in the state - Concord Mills - as well as Lowe's Motor Speedway, Reed Gold Mine and beautiful parks and athletic facilities, Cabarrus County is well-known throughout the region as an attractive and growing community.
Appraisals are an Important Part of Your Home Buying Transaction
A real estate appraisal helps to establish a property's market value in Cabarrus County – the likely sales price it would bring if offered in an open and competitive real estate market.
Your lender will require an appraisal when you ask to use a home or other real estate as security for a loan, because it wants to make sure that the property will sell for at least the amount of money it is lending.
Don't confuse a comparative market analysis, or CMA, with an appraisal. Real estate agents in Cabarrus County use CMAs to help home sellers determine a realistic asking price. Experienced agents often come very close to an appraisal price with their CMAS, but an appraiser's report is much more detailed - and is the only valuation report a bank will consider when deciding whether or not to lend the money in Cabarrus County.
About Appraisers and Appraisals
Residential Appraisal Methods
There are two common appraisal methods used for residential properties:
Sales Comparison Approach
The appraiser estimates a subject property's market value by comparing it to similar properties that have sold in the area. The properties used are called comparables, or comps.
No two properties are exactly alike, so the appraiser must compare the comps to the subject property, making paperwork adjustments to the comps in order to make their features more in-line with the subject property's. The result is a figure that shows what each comp would have sold for if it had the same components as the subject.
The cost approach is most useful for new properties, where the costs to build are known. The appraiser estimates how much it would cost to replace the structure if it were destroyed.
Got a Question?
Do you have a question relating to real estate appraisals? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.