York County Real Estate Appraisal
York County, located between the Broad and Catawba Rivers in the South Carolina Piedmont, was the home of several Native American tribes, particularly the Catawba Indians, before European settlement began in the 1750s.
Today, it’s not just history that attracts visitors to the area. York County has quality arts and entertainment offerings, some of the best shopping and dining in the region, and sports facilities that are second to none. The natural beauty of the area is also a tremendous calling card for visitors. Complete with rivers and lakes, tranquil country roads and byways, year-round gardens, scenic flowing fields and rolling forested hills, there is still so much to attract the outdoor enthusiast. With the temperate climate, outdoor activities like golf, fishing, boating and hunting are year-round.
Appraisals are an Important Part of Your Home Buying Transaction
A real estate appraisal helps to establish a property's market value in York 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 York 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 York 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.
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