Whether you’re a seasoned real estate investor with an extensive portfolio or simply an individual with a property you’re considering putting on the market, an independent appraisal is a must! An appraisal helps sellers determine the right asking price, and it helps buyers ensure that they’re getting a fair deal. When you’re ready to schedule an independent appraisal in Arkansas, our team at Ferstl Valuation Services is here to help!
We’ve been offering trusted real estate appraisals in Little Rock since 1967, and J.T. Ferstl, MAI, is also an Arkansas-licensed attorney who offers litigation support and expert witness testimony in eminent domain cases and property disputes. It’s crucial to establish a home or office building’s fair market value before proceeding with any investment, and our team of professionals is ready to put our experience to work for you!
The most common reason sellers have properties appraised is to determine a fair listing price. An overpriced property is likely to stay on the market for a long time, which isn’t good news for motivated sellers who desperately need to quickly raise cash. On the other hand, listing a home below its fair market value means leaving money on the table. Determining a listing price for the property is between you and your real estate agent, but it should always start with a timely and accurate valuation.
Property owners often schedule appraisals when refinancing a property or borrowing against their equity to finance improvements. Interest rates are always on the move, and savvy owners can frequently save hundreds (or even thousands) on each monthly mortgage payment by refinancing. Refinancing means replacing an existing mortgage with a new one, and lenders will typically want to review a current appraisal before approving a new loan. A home equity loan is an excellent way to pay for improvements and upgrades, as long as you’re not currently “upside down” on your mortgage. Equity is calculated by subtracting the remaining amount you owe from the property’s current value, so an equity loan might not be your best option if the property’s value has significantly decreased.
Whether you’re buying or selling a property, you owe it to yourself to begin with an independent appraisal! To learn more, contact us online or at 501-375-1439.
