HOMEOWNER GUIDES / CHERRY HILL, NEW JERSEY
Is it worth getting
an appraisal?
Yes, when you need a documented value for a decision that matters. If you are only wondering what your Cherry Hill home might sell for, a conversation with a real estate agent may be enough to start.
Before paying for a report, find out who needs the value, what they will use it for, and which date it should reflect.
The Appraising Group Cherry Hill
2230 Route 70 W, Cherry Hill, NJ 08002
When a written value is worth having
An appraisal gives you an opinion of a property's value for a stated purpose and date. Its usefulness depends on whether the report answers your question and meets the needs of the person receiving it.
You are handling an estate or a divorce
When a home is part of an estate or a separation, a written valuation can give the people involved a common starting point. Ask your attorney or tax adviser what date and purpose the report needs to address before ordering. The relevant value may be for a date in the past.
Read about estate appraisals, probate appraisals or divorce appraisals.
You are buying, refinancing or asking about PMI
Start with your lender or mortgage servicer. Ask whether a valuation is needed, who must order it, and what kind they will accept. Before arranging a private appraisal for a purchase, refinance or private mortgage insurance (PMI) request, confirm that it will serve that purpose.
You are questioning a tax assessment
Market value and the assessment used for property taxes are different concepts. An appraisal addresses a value question; it does not by itself establish that an assessment is wrong or change a tax bill. Ask your adviser which valuation date and evidence apply to your situation before commissioning a report.
Your home is hard to compare
If nearby sales do not seem to match your home's layout, condition or features, you may want more than a rough price range. Discuss those differences and the decision you need to make when asking about a residential appraisal.
When you may not need one yet
If you are considering a sale and want an initial asking-price discussion, ask a real estate agent about a comparative market analysis, or CMA. If you are simply curious about your home's value, that discussion may answer your immediate question without a formal report.
A pre-listing appraisal can still be useful when you have a specific concern about value. Explain that concern first, so you can decide whether the additional work is worth the fee.
Appraisal or market analysis?
| Appraisal | Agent's CMA |
|---|---|
| An appraiser's opinion of value for a defined purpose and date. | An agent's analysis to help discuss a possible listing price. |
| Discuss who will use the report and their requirements. | Discuss the proposed sale and how your home compares with others. |
| Request a fee and delivery estimate for your property. | Ask the agent about any charge and what the analysis includes. |
Three questions before you order
- Who needs the result? You, a family member, an attorney or a lender may have different requirements.
- Which date matters? Today's value and a value as of an earlier date answer different questions.
- What will it cost, and when can it be ready? Request a quote for your property and explain any deadline before scheduling.