Category Archives: Appraisal

Calling all Realtors in DE – An Appraisal Summit Just for You

AppraisalPanelInviteJeffPlease contact me directly to register for this exciting appraiser roundtable.  It will be held locally at the SCAOR office in Georgetown on September 17th @ 3PM.

Contact me at 302-542-8205 or email at jeff.baxter@fairwaymc.com or message me on Facebook or Twitter.

Learn about appraisal issues directly from your appraisers and the president of our appraisal management company.

Realtor Appraiser Summit – Save the Date

Do you want your appraisal questions answered?  Then save September 17th for an appraiser summit sponsored by Fairway Independent Mortgage.  Remember, Fairway powers the Jeff Baxter Mortgage Team.

Save the Date - Appraisal Summit

We are holding sessions in New Castle County (AM from 9-11) and Sussex County (PM from 3-5) on the 17th.   The locations are TBD – stay tuned for more information and remember this summit is free.

Please email, call or message me if you would like to attend.

How Appraisers Figure “Price Per Square Foot”

I recently read an article where an appraiser talked about how he figured “price per square foot.” He said it has become a common practice to take the selling price and divide it by the gross living area which has, in some areas, become the basis for establishing the listing price of a home.

However, it’s not as simple as that.

Appraisers also rely on an index provider called “Marshall & Swift” (MarshallSwift.com), which provides various cost estimates for different types of properties. When appraisers figure a price-per-square-foot estimate, they take the following into consideration.

Superior/inferior features as compared to other properties
Dissimilar amenities
One-story home versus two or more stories
Length of time on the market
Seller concessions
Size of the land
Location of the home (i.e., view, utility easements, corner lot)
Seller motivation to sell (i.e., foreclosure, short sale)
There are many stories out there of buyers backing out of contracts because the square foot price of the home on the listing agreement (or verbal communication) did not match the appraiser’s estimate. So, when a buyer asks you the question, “What’s the square foot price?” you can say…“It depends upon….”