Our team at Ferstl Valuation Services has been offering trusted real estate appraisals in Arkansas since 1967, and we’re also licensed attorneys with the professional expertise to help you settle legal disputes in divorces and eminent domain cases. Every client has different needs, and we take a lot of pride in offering legendary service and a personal touch. Whether you’re interested in investing in commercial real estate, considering flipping homes to supplement your income, or shopping for your “forever home,” determining the property’s fair market value is the first step in the process!
When you’re purchasing a home or commercial property, obtaining an independent appraisal is the best way to ensure you’re making a good investment. If you’re selling, it also helps you determine a suitable listing price. These are just a few of the factors used to determine property values:
Comparable Properties-One common benchmark appraisers consider is the recent sale price of comparable homes or commercial properties. It’s not always possible to find “comps” in the same neighborhood with the same amount of square footage, but per-square-foot home values can often give you a ballpark estimate.
Location, Location, Location! Home buyers and investors are interested in homes near their jobs that are close to good schools with easy access to public transportation and major highways. Close proximity to shopping and entertainment is always desirable for buyers, but you might struggle to get a good price for a home near an airport or an area with high crime rates.
Age and condition of the home-Some investors are interested in bargain-priced foreclosures, but most buyers prefer a home that’s move-in ready. Renovations on older homes typically cost significantly more than your original estimate, so keep that in mind if you’re buying a “fixer-upper.”
The real estate market-You won’t always be able to choose the time and date when you need to move or a new investment opportunity presents itself, but real estate values are always subject to basic supply and demand. Numerous additional factors can also influence property values, including mortgage rates, the economy, and upcoming infrastructure projects in the community.
For more information about real estate appraisal services in Little Rock, contact us online or at 501-313-0641.
