a j H t | 25 - Friday, March 29, 1985 - North Shore News The need for Real Estate appraisal Pacific Real Esiate 1516 Marine Drive West Vancouver THE ‘‘APPRAISAL” is one of the most misused and misunderstood terms in real estate. How many times have you heard an individual who has just listed his house say, ‘‘! just had my house appraised and the salesperson told me it would sell for $100,000."’ What has happened is that the salesperson has given ‘‘an opinion of value’’. An opinion of value is just that, an opinion of the sales- person on what they think the property will sell for. It is given free. On tight markets when listings are difficult to ob- tain, salespeople will sometimes inflate their opi- nions in order to bid for listings. You should be wary of this appraoch and ask any salesperson how they arrived at their opinion of value. - True appraisals are carried out by professional ap- praisers. An appraisal can cost. upwards of $200. The appraiser measures your pro- perty..and inspects the buiidings for structural defects. ‘Then he reviews re- cent’ sales in your neighborhood and makes ad- justments. He then provides you with a written report. The old adage ‘‘you get what you pay for’ is surely no more evident than here. However, appraisals are not necessary when selling your home. What is needed by homeowners when they wish to place their house on the market is a competitive market analysis. A com- petitive market analysis is simply a summary of recent sales and current competitive listings for sale. This infor- mation can be supplied so you can get an immediate feel for the market. In discussions with the salesperson you should be adie to establish a reasonable listing price and an expectation of what your house should sell for. Any responsible sales- person should be happy to supply that information in a presentation to you when asking for your listing. An appraisal is needed when you require an estimate of value on a_ property without putting the property on the market for sale. !t is only when a property is ac- tually sold that a true value is established. An appraisal can then be defined as only an estimate of valuc. Appraisals are primarily used for in- surance purposes, for mor- tgages, to settle estates for tax reasons, and for reloca- tion assistance programs. While a replacement cost method for establishing a value is easiest, it is only rele- vent for insurance purposes. The most accurate method for residential evaluation is a market comparison of previously sold properties. However, the most difficult problem is determining the comparability of properties. Each property is unique in terms of its location and Structure. Since the selection of com- parable properties, and the necessary adjustments are based on opinions, then it is not surprising that dif- ferences can occur from ap- praiser to appraiser. Thus, even though com- parable real estate sales are the best yardstick for residen- tial appraising, the need to make subjective judgements still exists. Thus the homeowner must realize that there is no right or wrong Jpraisal value nor can a true value really be established, until the in- dividual property is actually placed on the market for sale. The true and final test of value must always be the market itself, 925-1135 INGLEWOOD AVE. CEDARDALE Charming 4 bedroom family home on a .8 acre estate-like property situated at the end of a quiet cul-de-sac. Highlights include 3 fireplaces, open beamed ceilings, upgraded heating system and double garage. Asking price in low $200’s. OPEN SUNDAY NOON - 2:30 APT. 403 747-17th ST., WEST VAN. $169,800 Deluxe 2 bedroom apart- ment in adult oriented con- crete building. 3 sundecks, FIP, 7 appliances. Ocean and mountain views. Owner will assist with financing or consider smaller apartment as part payment. QUEENSBURY AVE. Custom built 3000 sq.ft. home with skylit en-- iry and spiral staircase. Huge.formal dining room, sunken living room and 2 family rooms. Numerous top quality extras, $198, 500.. ee 2p SS HANDYMAN SPECIAL $105,000 1200 sq.ft. home on quiet Lynn Vailey street. 3 bdrm., fireplace, basement. Hurry. ACRES WATERFRONT ESTATE A truly unique oceanfront estate in the picturesque village of Sechelt. Set amonast the totally private and superbly landscaped grounds are a Stately 3500 sq.ft. main residence, guest house, multi- Car garage/workshop and boat house. All 3 acres and 300 ft. wif are level and offer panoramic south and west views, Creative financing avait. Asking $550,000. RON CHUNICK 988-1375 HE SI “CLIFF SADLER -TERRY SADLER 988-3556 929-4373 SUNSHINE COAST 14 ACRE COUNTRY ESTATE Appealing to those who are ab- solutely unwilling to compromise on quality. 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Fabulous view of surrounding mins. Super ski chalet! VADIM KOBASEW __925-1135 (off) 922-3452 (ros.)