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Topic starter
Hi all,
I'm betting this is a question Alexandra Marshall, the realtor in residence, will be able to answer, but anyone's insights, experiences, and/or ideas are certainly welcome.
The Hip Hubby and I would like to have an idea of what our home is worth now that we've completed some major renovations. However, we aren't keen on paying for a professional appraisal since we've got no plans to sell it or refinance it in the near future. Does anyone know if its possible to get an accurate, free valuation of your home? Might this be something that your homeowners' insurance provider would do as part of a policy sale or renweal process?
Alexandra, is a free, accurate appraisal process out there on STX? I'm eager to learn what you know.
Thanks,
--HC
Posted : February 19, 2006 7:44 pm
Hi HipCrip.
Accuracy is developed with experience and that experience is what you pay for when you hire a professional. Unless you have a personal friend who has significant depth of experience with property values in your area you'll find that individuals with the experience you seek charge for their services. Would you trust the advice of someone you don't personally know who performs for free a service for which licensed professionals charge?
Posted : February 19, 2006 7:55 pm
Realtors ususally know what your type of home will sell for in the current market, so a market valuation, as may be provided for by a realtor, will probably meet your needs and is ususally very close to what you would get from an appraiser.
Posted : February 19, 2006 8:44 pm
Topic starter
Thank you, Island Ed. Getting an estimate from a realtor will suit our curiousity needs just fine. (Feel the need to let out a big "DOH" that it never occurred to me that realtors would definitely have their pulse on the local and can factor in location, etc.)
dntw8up -- were this for anything other than guestimating our new equity value (key word guestimating), I'd happily pay for the services of a professional appraiser. However, under the right circumstances (e.g not having a deadline, having no financial issues or other negative outcomes at stake should the free service turns out to be inaccurate/unsuitable, if the person offering the freebie has some knowledge of the subject, etc.), I would definitely give it a shot. This happens to be one of those times when a free educated guess will serve my needs just as well as the paid services of a professional.
Thank you both for the suggestions.
--HC
Posted : February 20, 2006 3:58 am
I would be happy to take a look at your house and give you a close estimate as to what it is likely to sell for in the current market on STX. I am not an appraiser, but a market analysis will give you a good idea of what you can expect. I sometimes do this in advance of improvements in a property for people who are making a list of renovations they want to make so they can determine if they are likely to recoup the investment if they proceed with their plans.
I'm off-island until the 27th, but can meet with you after I return. Appraisals aren't free, but a market analysis is. Get in touch with me directly at stcroixhomes@hotmail.com and we can set up a time to meet in early March that works for us both.
Posted : February 21, 2006 3:43 am
Topic starter
Alexandra, that is so nice of you! We'll definitely be in touch with you about this generous offer. Your contributions to the conversations here make it clear that you definitely know your stuff. 🙂
Thank you again -- we'll be talking more soon!
--HC
Posted : February 21, 2006 3:48 am
