What is the primary reason a newly built home has a higher market value than the same home that is older? In a word, depreciation. What is depreciation? Simply stated, it is loss in value. There are three basic causes of depreciation for homes. Physical, functional, and external obsolescence. What do they indicate and how… Continue reading How Depreciation Works
Over the years, I have seen a lot of cracks. Big cracks, small cracks, long ones, and short ones. I've seen cracks of all different shapes and sizes. I should make it clear that I am not a crack expert. Before I go on, I should also make clear the type of cracks I am… Continue reading Be A Crack Detective
In the appraisal process, we make a lot of assumptions. We assume that there are no major repairs needed to a home, if there is no readily observable evidence that might suggest otherwise. Our scope of work has much to do with the assumptions that we may make. Assumption are made on every appraisal because… Continue reading The Most Important Assumption in My Appraisal Career
