Appraisers focus on above grade living when offering a value assessment (amount of fin. sq. ft., number of bedrooms & bathrooms, garage, lot size, interior upgrades, similar styles, floor plans, and age of home). The properties used to compare value to your home are ideally selected from the same subdivision. But the process is as simple as using the closest 'like properties' as possible. For homes in rural areas, appraisers try to keep comparable properties within a 5 mile range. All homes used in the appraisal process will try to compare closed transactions within 6 months. In areas of heavy population density the time-frame is usually 90 days, and closest is always best.
Dwayne and Maryanne Moyers
Serving Northern Virginia
Avery-Hess Realtors (Lake Ridge Office)
Managing Broker & Realtor
Top 2% of Realtors Nationwide
Just as Ron said, all factors, every detail, play a part in the appraiser's assessment of the house. Certainly it matters if the appraised house has a basement or not and the houses used as comparables to that house need to be similar for multiple reasons. As I'm sure you realize the difference in a 2-level versus a 3-level house is significant. Should there not be exact comparisons the appraiser will make adjustments for differences in features and square footage.
Did you have an appraisal done for info only or for refinancing? Are you considering selling your home? If you would like more information or help with exploring the details further I'd be happy to assist. I can provide you with a Comparative Market Analysis which may shed more light on the market value of your home, if that's what youi're looking to find out.
Please be in touch if you'd like more information. The more you know about the comparable houses in your area the better you'll understand the appraisal process and potential market value of your home. Thank you.
Best regards, Sherry
If one has something the other house doesn't, an allowance in made to make them COMPARABLE.
You will hardly ever find two houses that are 100% the same, even in a cookie-cutter tract.
You have to trust that the Appraiser knew what he was doing.
Finding a similar house, within a short radius, was more important than finding one with a basement.
And there is almost always an allowance for the difference in SQFT
good luck, God bless and Happy Thanksgiving