Why Choose SDI Appraisal
Stephen D. Ihrig II, SRA is principal of SDI Appraisal, specializing in the valuation of residential real estate. Steve has been providing appraisal and consulting services since 2003.
The Rich History of Palmetto Florida
Palmetto, Florida nestled along the shores of the Manatee River, has a history deeply intertwined with the development of the region. The city’s origins can be traced back to the mid-19th century when Samuel Sparks Lamb established a plantation in the area. Originally known as “Palmetto Beach,” the town began to take shape as a trading and shipping hub for local agricultural products, including citrus fruits and vegetables. The arrival of the railroad in the late 1800s further facilitated commerce and contributed to Palmetto’s growth.
In the early 20th century, Palmetto continued to thrive as a center for agriculture and commerce. The establishment of the Manatee River’s first bridge in 1924 solidified its role as a vital transportation link between Manatee and Pinellas counties. The city’s rich agricultural heritage was exemplified by the large-scale cultivation of vegetables, fruits, and the renowned Manatee County tomatoes. Palmetto’s waterfront area, with its historic district, became a focal point for economic and community activities.
Palmetto Florida Property Appraisal
Palmetto’s Real Estate Landscape
Palmetto has evolved into a diverse and charming community, preserving its historical legacy while embracing modern developments. The city’s commitment to preserving its historic downtown and architectural heritage is evident in the well-preserved buildings and landmarks that tell the story of Palmetto’s past. Today, Palmetto stands as a testament to the enduring spirit of Florida’s Gulf Coast, blending its agricultural roots with a contemporary atmosphere that makes it a unique and welcoming place to call home.
Understanding Home Appraisals
A home appraisal is an unbiased estimate of a property’s fair market value, conducted by a qualified appraiser. Several factors influence this valuation, including the property’s location, size, condition, and comparable sales in the area. The appraisal process involves a detailed examination of the property, considering both its interior and exterior features. Appraisers also analyze recent sales of comparable properties, known as “comps,” to determine the property’s value. Their findings are documented in a comprehensive appraisal report.
Home Appraisal vs. Home Inspection
It’s essential to distinguish between a home appraisal and a home inspection. While an appraisal focuses on determining the property’s value, an inspection evaluates its structural integrity and identifies potential issues. Various myths surround home appraisals, such as the belief that home improvements always result in a higher appraisal. Debunking these myths ensures homeowners have accurate information about the appraisal process.
Choosing the Right Appraiser
Selecting the right appraiser is crucial. Homeowners should prioritize qualified, experienced professionals who remain impartial throughout the appraisal process. Appraisals play a significant role in mortgage approval. Lenders use the appraised value to determine the loan amount they are willing to extend to the borrower.
Realtors and appraisers often work together for their clients. Effective communication between the two parties enhances the overall real estate experience. In cases of disagreement with the appraisal, homeowners have options for resolution. This may involve providing additional information or formally appealing the appraisal.
Reconsideration of Value
Sometimes you disagree with an appraised value, or you just get a bad appraisal. Before getting a second opinion of value (see below) you may be able to resolve your issues by filing a reconsideration of value with the lender. Download our -FREE- “Reconsideration of Value Request” Template and the Example as a guide showing how to fill this form out. Many Realtors have used this more than once, often with great success, so save these on your computer. A well written reconsideration of value is a powerful tool!
Notable Sarasota Florida Property Appraisals
Palmetto Florida Historical Properties
Residence of J. A. Lamb
Mr. Julius A. Lamb and his wife Lillie A. Mason in their yard at Riverside Drive. They were married in 1895 when the house was built. Lamb also operated a livery stable in partnership with W.T. Chapman around 1893. Along with his father, Samuel Sparks Lamb, the founder of Palmetto, and J.A. Howze, Lamb helped build the City Dock of Palmetto in 1897. J.A. was treasurer of his Sunday School Association in 1898. Around 1908 to 1910 he had a dry goods store, but he sold the store and merchandise to T.A. Howze in July 1911. By 1916, he worked with Lamb and Willis, a real estate firm in the Lamb-Willis Building on Palmetto’s Main Street.
img. source MyManatee.org
FAQ Frequently Asked Questions about Property Appraisals
1. What is a property appraisal?
A property appraisal is a professional assessment of the value of a real estate property. It involves a comprehensive evaluation conducted by a qualified appraiser who considers various factors to determine the property’s market value.
- Key Information:
- A property appraisal is conducted by a certified appraiser.
- It provides an unbiased and expert opinion on the property’s value.
- The market value is determined based on factors like location, condition, and recent sales of comparable properties.
2. Why is a property appraisal necessary?
A property appraisal is necessary for several reasons, primarily to determine the fair market value of a property for various stakeholders, such as lenders, buyers, and sellers. It plays a crucial role in real estate transactions.
- Key Information:
- Lenders use appraisals to assess the property’s value for mortgage approval.
- Sellers rely on appraisals to set a reasonable listing price.
- Buyers use appraisals to ensure they are not overpaying for a property.
3. How is the value of a property determined during an appraisal?
The value of a property during an appraisal is determined through a meticulous process that considers multiple factors. Appraisers analyze recent sales data, property condition, location, and other relevant aspects to arrive at an accurate valuation.
- Key Information:
- Recent sales of comparable properties (comps) heavily influence the valuation.
- The property’s physical condition and any improvements or defects are taken into account.
- Location, including neighborhood and proximity to amenities, is a critical factor in valuation.
4. Can property improvements increase its appraised value?
Yes, property improvements can positively impact the appraised value. Appraisers consider any upgrades or renovations that enhance the property’s overall appeal, functionality, and condition.
- Key Information:
- Renovations like kitchen upgrades, additional bathrooms, or modernized systems can increase value.
- Quality materials and craftsmanship in improvements contribute to a higher appraisal.
- It’s essential to keep records of improvements to provide evidence for the appraiser.
5. How long is a property appraisal valid?
The validity of a property appraisal depends on various factors, but typically, it is considered valid for a specific period. The real estate market’s volatility and changes in property values may necessitate more frequent appraisals.
- Key Information:
- An appraisal is typically valid for a few months, often around 90 days.
- Changes in the market, property condition, or significant improvements may prompt the need for a new appraisal.
- Lenders may require a current appraisal at the time of loan approval.
SDI Appraisal Mission Statement
Committed to empowering our clients with clarity and direction.
Stephen D. Ihrig II, SRA is principal of SDI Appraisal, specializing in the valuation of residential real estate. Steve has been providing appraisal and consulting services since 2003. Currently a Certified Residential Appraiser in the State of Florida, Steve was awarded the SRA designation from the Appraisal Institute.
In today’s ever-changing real estate market, utilize only the best and most qualified individuals to perform your residential appraisals. An accurate value supported by data and analysis, that reflects market trends, can hold up in any court of law, is considered a high-quality report by any lender’s underwriting system, and meets all USPAP (Uniform Standards of Professional Appraisal Practice) standards should be your primary objective when retaining a real estate appraiser.