Find the True Value of Your Home. Many Americans use Zillow Zestimates as their primary way to determine the value of homes that interest them; however, it isn’t as accurate as you might think

Are Zestimates Accurate?

Have you found yourself lying on the couch on a Sunday morning, scrolling Zillow and checking out the Zestimate for your own home or homes nearby? Has your heart rate ever spiked or dropped receiving emails notifying you that your home value has increased or decreased within the past month? If so, you’re definitely not alone. Many Americans use Zestimates as their primary way to determine the value of homes that interest them; however, it isn’t as accurate as one might think. 

While the Zestimate can be a good tool for home searchers or homeowners to spot check potential values, relying on the Zestimate as ground truth can be extremely problematic and ill-advised. Much of this is not Zillow’s fault– the accuracy of their models relies on real time data on the property and sales in the market area, both of which are not often available. The algorithmic ibuyers have gotten torched over the last few years, losing billions of dollars by buying assets at the wrong prices, only to get stuck with inventory they had to sell at a loss. 

Below you’ll find the top five reasons why the Zestimate cannot be trusted as a standalone real estate valuation tool:

Zillow is only informed about a property once it gets updated and is ready to list; however, properties change. They are renovated, new features are added, or new design is done. Zillow does not know that and therefore cannot provide an accurate, real time valuation. 

Consider a beautiful colonial house in Boston. The buyer bought it for $600,000 and it was a real fixer-upper. Over two years, the buyer spent $250,000 to restore the property and add 1,000 square feet in the back. Zillow does not have access to the updated property information. So the house now might be worth $900,000 but zillow thinks it’s worth $650,000 because it’s relying on the information it has on the unrenovated product.

The Zestimate relies on data that has been inputted by an agent or the county. Oftentimes, the county does not have reliable or current property information and the brokers are incentivized to misrepresent a property in a sale process in order to make it look as good as possible; therefore, the data that informs the algorithm can oftentimes be of low quality. 

A broker lists the square footage of a property at 3,150 and the county says 2,900. The algorithm uses dollar per square foot as a main variable in its valuation. Which square footage is used? Why is it used? How do we know which one is accurate? If your house is judged on a dollar per square foot basis, and the square footage is wrong, this can drive a poor financial decision.

The headline price is not always the reality of a situation. Zillow relies on public record information in order to provide comps to feed its valuations; however, not all closing prices are created equal. 

Consider the buyer incentives, mortgage buydowns or unconventional deals that might inflate the headline price of a property, but not actually be the net effective price that the buyer and seller transacted at. This can cause values to look inflated in a neighborhood, and encourage a buyer to overpay for their home. It can also make a seller believe their house is worth more than it is. 

Automated valuations work well in market areas with similar housing stock of similar housing quality in suburban neighborhoods. But when properties with unique features are identified, automated valuations have a harder time determining value contribution. 

This uniqueness is particularly relevant in expensive markets. Consider a property in Los Angeles that was developed by a famous architect. It is almost like a work of art. A sophisticated buyer pool might put a premium on that architect’s work because in their social circle, telling friends that Frank Gehry designed your house is worth a lot of money. Or maybe it used to be Beyonce’s house. There are bragging rights with that! A zestimate will not be able to appropriately factor in factors that are hard to put a dollar amount to. Maybe there is some billionaire who will pay an exorbitant price to live in Beyonce’s old house!

Zillow relies on comparable sales data to feed its algorithm. This data is often 30 to 90 days behind the real time market. 

During COVID, Austin, Texas was accelerating at 4% price appreciation per month! If you relied on sales data (which isn't even publicly available in Texas) that was three months old, you would be 12% off your price. On a $500,000 house, you are talking about $60K!

While Zillow's Zestimate can be a useful reference point, it is not a reliable stand-alone tool for real estate valuation due to its reliance on incomplete, outdated, and potentially misleading data, as well as its inability to assess unique property features and adapt to rapid market fluctuations. For the most reliable and accurate outcomes when seeking real estate valuation, seek the guidance of experienced real estate professionals with access to information beyond what a Zestimate can provide. 
Lenders are NOT the only one who can order an appraisal and here at True Footage, we don't believe in a "one size fits all" model when it comes to helping you gain accurate insight on the value of your home. If you are interested in learning more about what solutions True Footage can provide for you or would like to see our current employment opportunities, contact us today!

Interested in Finding the True Value of Your Home? True Footage Makes it Easy!

Before listing your home for sale, you should consider a pre-listing appraisal to ensure its proper value. Read more tips from True Footage today!

Pre-Listing Appraisal: Tips Before Selling Your Home

As a homeowner, you may be thinking about selling your property and moving on to a new adventure. Before listing your home on the market, it's important to determine its true value to make sure you're receiving a fair price. This is where a pre-listing appraisal comes in handy. In this article, we'll discuss if getting one is the right choice for you.

There are many benefits to getting a pre-listing appraisal. For starters, it can help you set a realistic asking price for your home. If you list your home too high, it may sit on the market for a long time, which can be frustrating and costly. If you list it too low, you may be leaving money on the table. By getting a pre-listing appraisal, you'll have a better idea of what your home is worth and can set a price that's fair and competitive.

Set a realistic asking price for your home

Avoid leaving money on the table by asking too little

Identify issues early that may prevent your home from selling quickly

Potentially create a bidding war for your home, which increases the sale price

Relying too heavily on dated information 

The appraisal can only tell you what has sold, not what a buyer is willing to pay 

The two most common appraisal types for pre-listing appraisals are desktop appraisals and traditional appraisals. 

A desktop appraisal is typically a more affordable option and can be done without an appraiser physically visiting the property.

A traditional appraisal involves a physical inspection of the property by an appraiser. This option may be necessary if there are unique features of the home that can't be accurately assessed through public records.

Two Common Appraisal Types for Pre-listing Appraisals

There are alternatives to getting a pre-listing appraisal done by a licensed appraiser, and that’s to get a free CMA (Comparative Market Analysis) or a BPO (Broker Price Opinion) 

A CMA is typically completed for free by a licensed real estate agent familiar with your specific market. Of course, most real estate agents don’t want to do free CMAs if a homeowner plans to sell their home ‘by owner’ (FSBO - For Sale By Owner), so there may be a small cost associated with a CMA if you plan to sell your home on your own. If you plan to utilize the services of a licensed real estate agent, CMA’s should be provided free of charge. 

Another alternative to a full appraisal is to get a BPO (Broker Price Opinion), although BPOs typically have a fee associated with them. BPO’s are done by licensed real estate brokers who have taken certification courses in the valuation process. 

Getting a pre-listing appraisal can be a smart move for homeowners and real estate agents alike. By having an accurate estimate of your home's value, you'll be able to set a fair asking price and make any necessary repairs or upgrades before listing your home on the market. With the help of a reputable appraisal company like True Footage, you can be confident that you're getting the most accurate assessment of your property's value. Contact us today to order an appraisal today!

Should I Get a Pre-listing Appraisal Before Selling?

Want to know the ins and outs of hybrid appraisals? Learn everything you need to know from the appraisal experts at True Footage!

Hybrid Appraisals: Understanding the Basics

A hybrid appraisal, also known as a Fannie Mae 1004 Hybrid or Freddie Mac 70H, represents a new wave in the real estate industry. It's an innovative approach to property valuation that combines the traditional full appraisal methodology with modern, data-driven techniques. It involves a licensed appraiser utilizing a third-party property inspector to collect on-site data, such as interior and exterior property photos, measurements, and condition details. The appraiser then combines this information with their own market analysis and desktop valuation to deliver an accurate property value.

Hybrid appraisals offer a cost-effective, potentially faster alternative to traditional appraisals.

They're not suitable for every situation – the choice depends on your unique property,  the transaction needs, and the preferences and requirements of the lender. 

Hybrid appraisals involve two professionals – a property inspector and a licensed appraiser.

Promoted by major entities like the Appraisal Institute and the National Association of Realtors.

The purpose of a hybrid appraisal is to streamline the property valuation process. The approach is designed to provide a quick and efficient valuation, typically used for refinance transactions, home equity lines of credit, portfolio valuation, or situations where a full appraisal isn't necessary.

Reduced Costs: Hybrid appraisals typically cost less than full appraisals.

Market Coverage: They can cover areas where local appraisers may not be readily available.

Less Detailed: They might not be as thorough as traditional appraisals, potentially missing critical property details.

Not Suitable for Complex Properties: Hybrid appraisals might not work well for unique or complex properties due to their less detailed nature


The fees for hybrid appraisals are generally lower than for full appraisals. While the cost may vary depending on the market and property type, you can typically expect to pay around 50-75% of the cost of a full appraisal.

Hybrid appraisals are not a one-size-fits-all solution. They work best for conventional properties in stable markets and may not be suitable for unique properties or volatile markets. Consider your specific transaction needs, time constraints, and the complexity of your property when deciding if a hybrid appraisal is right for you.

True Footage embraces hybrid appraisals as part of our commitment to delivering value, speed, and accuracy in our property valuation services. Our process is in line with guidelines established by key industry entities, such as the Appraisal Institute and the National Association of Realtors. We maintain a high standard for third-party inspectors and uphold rigorous quality control measures to ensure the delivery of reliable appraisals.

True Footage’s Approach to Hybrid Appraisals

Discover the essential steps to becoming a successful real estate appraiser with our expert guide. Start your career and thrive in the industry today!

How to Become a Real Estate Appraiser

Real estate is a vast and dynamic industry that offers an array of career opportunities, and one of the most interesting and challenging roles within it is that of a real estate appraiser. As a real estate appraiser, you'll be responsible for determining the value of properties for a variety of purposes, such as mortgage lending, property tax assessments, and even divorce proceedings.

The first step to becoming a real estate appraiser is to complete the necessary education and training. In most states, a high school diploma or equivalent is the minimum education requirement, but many states require some college coursework in real estate or a related field. The coursework usually covers topics such as real estate principles, appraisal procedures, and ethics. Additionally, most states require on-the-job training, either through an apprenticeship or a trainee program. This on-the-job training typically includes working under the supervision of a licensed appraiser and learning the day-to-day responsibilities of an appraiser.

Step One: Complete Education and Training

After completing the education and training, the next step is to pass a licensing exam. The licensing exam, which is administered by the state, tests the candidate's knowledge of real estate principles, appraisal procedures, and ethics. It is a comprehensive exam that covers a wide range of topics, and it is essential to pass it in order to obtain a license and start working as a real estate appraiser.

Once you've passed the licensing exam, completed the necessary training, and obtained a license, you're ready to start your career as a real estate appraiser. To get started in your appraisal career, you’ll have to find a certified appraiser to mentor you through the training process. This can be one of the most difficult aspects to starting your career in the appraisal industry as there are many certified appraisers who are either unwilling to train somebody else, unqualified to take on the supervisory role, or simply unsure of some of the benefits of having a good apprentice to help them in their business. 

A growing option for beginning appraisers these days is joining a larger firm. Since many appraisers are very small, one or two person businesses, it can be a difficult and time consuming undertaking for them to take on the responsibility of a trainee as it often means slowing down their own appraisal production to train someone else. Although having a good appraiser apprentice can lead to more production in less time down the road for the certified appraiser mentor, it can be a frustrating experience trying to find somebody capable of training a newly minted appraiser apprentice who really understands the value of training somebody. Larger firms tend to have more resources in the form of more qualified trainers who can take the time to train an apprentice without worrying about the loss of productivity. 

Step Three: Start Your Career as an Appraiser

Obtaining a license is not the end of the process, as states require licensed appraisers to continue their education by completing a certain number of hours of continuing education each year. This is to ensure that appraisers stay up-to-date with the latest developments in the real estate industry, and that they maintain their knowledge and skills. Additionally, states often require appraisers to pass a background check, which is done to ensure that the appraiser has a clean record and is fit to work in the industry.

Step Four: Maintain Your License Through Continuing Education

Become a True Footage Real Estate Appraiser

What is a reasonable income expectation for an appraiser?

While there is no set minimum salary, commission split, or hourly rate for an appraiser apprentice, if you’re thinking about becoming an appraiser, one suggestion is to secure an apprenticeship with a supervisor prior to entering the industry so that you know what to expect with regard to compensation before starting down the path.

What can one expect with advancement opportunities in the industry?

As with almost any service industry, there are very good advancement opportunities as long as the individual is continuously growing in their education and competency, looking for ways to add value for their supervisor and clients, and helping their company become more efficient and profitable.

Is there flexibility in hours or location as an appraiser?

Depending on your supervisor’s business and coverage areas, there may be flexibility with location as some of the roles within the appraisal industry can be somewhat location independent once one has the competency to complete a full appraisal. The hours of operation are also dependent on the owner of the business and the availability requirements they may have for team members. 

One of the benefits of larger companies like True Footage is the ability to be an analyst who is knowledgeable and competent in a particular geographic location, but living in a completely different location.

What are the common traits of success for an appraiser?

In today’s busy world, the most common success traits of appraisers are the ability to manage their time efficiently, deliver excellent service, manage due dates, be communicative with clients, continuous learning and growth, and keeping their promises. 

At True Footage, we understand that the key to success in the real estate industry is to stay ahead of the curve, which is why we invest in the latest technology and tools to make sure that our appraisals are accurate, reliable, and completed on time. We also have a national network of offices, which allows us to serve clients all across the country.

In addition to our commitment to excellence, we also value our employees and offer a supportive work environment. We provide our appraisers with the tools and resources they need to succeed, and we offer a competitive compensation package that includes benefits such as health insurance, retirement plans, and paid time off. Our goal is to help our appraisers grow and develop in their careers, and we provide opportunities for professional development and advancement.

In conclusion, becoming a real estate appraiser is a challenging but rewarding career. It requires a combination of education, training, and experience, but with the right qualifications and mindset, you can become a successful appraiser. And if you're looking for the best company to work for and with, True Footage is the perfect choice. We offer a wide range of services, and our team of highly skilled and experienced appraisers is second to none. With our commitment to excellence, investment in technology, and supportive work environment, we can help you achieve your professional goals. 

What it’s Like Being an Appraiser at True Footage

Do you have less than 20% for your down payment on your new home? Learn about PMI and its impact on your finances from the experts at True Footage.

What is Private Mortgage Insurance (PMI)?

PMI, or private mortgage insurance, is a type of insurance that is required by lenders when a borrower is unable to make a down payment of at least 20% of the purchase price of a property, or when an existing homeowner does not have at least 20% equity in their home. The purpose of PMI is to protect the lender in the event that the borrower defaults on their loan.

When a borrower makes a down payment of less than 20%, the lender is taking on a greater risk because the borrower has less invested in the property. If the borrower were to stop making payments on their home, which typically results in a default on the loan, the lender would have a harder time recovering their losses. This mortgage insurance is designed to mitigate this risk by providing an additional layer of protection for the lender.

PMI is typically required for conventional loans, which are not guaranteed by the government. However, there are also government-backed loans, such as FHA loans and VA loans, that may also require PMI. These loans have typically different down payment requirements, but they also have a form of mortgage insurance to protect the lender.

PMI is an important aspect of the appraisal process because the lender will use the appraisal to determine the value of the property and the loan-to-value ratio. The appraisal will be done by a licensed and certified appraiser who will physically inspect the property and compare it to other similar properties in the area to determine its value. The lender will also use the appraisal to verify that the property meets the minimum standards for the loan program.

One of the important things to note about PMI is that it is unlikely that your lender will notify you when you have at least 20% equity in your home. They have far too many loans to process and service and typically do not track every property's rising and falling values in their loan portfolios. Furthermore, most lenders sell off their loans to something called the ‘secondary market’ almost as soon as your loan is closed, so they won’t be reaching out to you to remove PMI. We wrote an article about how to get rid of PMI if you wanted to learn more!

The cost of Private Mortgage Insurance varies depending on the type of loan and the down payment, but it is typically a percentage of the loan amount and is added to the monthly mortgage payment. The cost will decrease as the borrower pays down the loan and the equity in the property increases.

PMI can also typically be removed once the borrower reaches a certain level of equity in the property. Typically, this happens when the borrower reaches a loan-to-value ratio of around 78%. The loan-to-value ratio is the amount of the loan divided by the value of the property. Once the borrower reaches this threshold, they can ask the lender to cancel the PMI, and the monthly mortgage payment will decrease.

As an example: If an existing homeowner’s home is valued at $400,000 and the amount still owing on the bank loan is only $300,000, the owner can be said to have $100,000 in equity in their home, or 25% equity based on the loan to value ratio. Conversely, if that same home is valued at $400,000, but the amount still owed to the bank is $350,000, then the owner only has a 13% equity stake in the property and the loan would still require PMI to remain on the loan. 

If you think you have at least 20% equity in your home, it may be worth reaching out to your lender to inquire what the process is to have it removed. True Footage appraisers field calls daily on this topic and always make sure to inform the caller that its best to reach out to your lender first as many lenders will need to order the appraisal directly from True Footage. We would hate to have you pay for an appraisal that you can’t use with your lender in the event that they have to order the appraisal directly.

Get the most out of your valuation by learning what can hurt home valuations from the appraisal experts at True Footage!

What Can Hurt a Home Appraisal?

As the largest and most trusted home appraisal company in the nation, True Footage has seen all sorts of properties with unique features that add value. However, we have also come across properties that do not meet their true potential due to certain factors that hurt their appraisal value. In this article, we will explore some of the common factors that can hurt a home appraisal and how to avoid them.

The condition of a home is a critical factor in determining its appraisal value. Poor maintenance can significantly lower the value of a property. Therefore, it is essential to keep your property well-maintained and up-to-date to ensure that it is in good condition. If you are planning on selling your home or getting a home appraisal, make sure to keep it clean and well-maintained. This includes repairing any damages, repainting, and replacing worn-out features.

The location of a home is another factor that can impact its appraisal value. Homes located in high-end neighborhoods tend to have a higher appraisal value compared to those in low-income areas. Homes located in areas with a high crime rate, pollution, or other negative factors also tend to have lower appraisal values. Additionally, homes that are located far from essential amenities such as schools, shopping centers, and hospitals may also have a lower appraisal value.

The first impression of your home is crucial, especially when it comes to getting an appraisal. A home with poor curb appeal can lower its appraisal value. Ensure that your home's exterior looks attractive and appealing to potential buyers or appraisers. This includes keeping the lawn and garden neat and tidy, adding some color with flowers or plants, and fixing any broken features such as the fence, garage door, or roof.

Homes with outdated features tend to have lower appraisal values. These include outdated appliances, old plumbing systems, and worn-out flooring or carpet. It is essential to keep your home up to date with modern features and appliances to increase its appraisal value.

The size of a property is a crucial factor in determining its appraisal value. Homeowners sometimes make the mistake of misrepresenting their home's size when getting an appraisal. This can significantly hurt the appraisal value of the property. It is important to provide accurate information about your property's size, including the square footage of each room and the number of bathrooms.

Over-improvement is when homeowners spend too much money on home improvement projects that do not add value to the property. This can hurt the appraisal value of the property. Therefore, it is essential to consult with a professional appraiser or real estate agent before undertaking any home improvement projects. They can advise you on the best improvements that will increase the value of your property.

Desktop and hybrid appraisals are becoming increasingly popular in the real estate industry. These types of appraisals are often done without a licensed appraiser physically visiting the property. They are sometimes done using data and information from various sources. However, these appraisals can be inaccurate since they don’t always take into account the property's unique features and condition. 

Factors that Can Negatively Impact a Home’s Value

In conclusion, several factors can hurt a home's appraisal value, including poor maintenance, location, lack of curb appeal, outdated features, misrepresentation of property size, over-improvement, and desktop and hybrid appraisals. While there are several factors that can hurt your home appraisal, True Footage can be a helpful partner with you in all of this by providing helpful information and advice prior to the appraisal. Reach out to us as trusted local real estate appraisers for some helpful tips on what you can do to help the valuation process. 

What Hurts a Home Appraisal’s Valuation?

Save hundreds of dollars each year on your mortgage by removing PMI. Learn how from the experts at True Footage!

How to Get Rid of PMI

If you're a homeowner with a conventional mortgage, you may be paying for private mortgage insurance (PMI) each month. PMI is a type of insurance that lenders require when a borrower puts down less than 20% of the home's purchase price as a down payment. PMI is intended to protect the lender in case the borrower defaults on the loan.

While PMI can provide peace of mind for the lender, it can be a significant expense for the borrower. The good news is that you may be able to remove PMI from your mortgage once you've built up enough equity in your home.

How to Remove Private Mortgage Insurance (PMI)

The process for removing PMI can vary depending on your lender and the type of loan you have, but here are the general steps you should take to remove PMI from your mortgage:

Your LTV is the amount you owe on your mortgage divided by the home's value. To remove PMI, your LTV must be at or below 78%. You can check your LTV by reviewing your mortgage statement or by contacting your lender.

To remove PMI, you'll need to prove that your home's value has increased enough to lower your LTV to 78% or less. The best way to do this is to get a home appraisal. A home appraisal is an assessment of a home's value, typically conducted by a professional appraiser.

Once you have your home appraisal and can prove that your LTV is at or below 78%, you can contact your lender to request PMI removal. You may need to provide your lender with a copy of your home appraisal and proof that you're current on your mortgage payments. It’s important to note that some lenders will allow their clients and members to order their own appraisal through True Footage, while some will require that they order the appraisal for you. You’ll want to check with your lender to see what their specific requirements are. 

Your lender will have specific instructions for how to remove PMI. Be sure to follow these instructions carefully and provide any requested documentation in a timely manner.

Another important aspect of removing PMI is understanding the different types of loans that have PMI. Conventional loans are the most common type of loan that require PMI, but there are also other types of loans that may require PMI, such as FHA loans or VA loans. Each type of loan will have its own specific requirements for removing PMI, so it's important to understand the specifics of your loan.

For example, FHA loans have their own version of PMI called mortgage insurance premium (MIP). Unlike PMI, MIP is required for the life of the loan. However, if you have an FHA loan that was endorsed before June 2013, you may be able to have MIP removed once you've built up enough equity in your home.

VA loans also have their own version of PMI called a funding fee. The funding fee is a one-time charge that can be financed into the loan, but it cannot be removed once it's been added to the loan.

It's also worth noting that some lenders will automatically remove PMI once your LTV reaches a certain level, while others may require you to request PMI removal. Be sure to check with your lender to understand their specific requirements for removing PMI.

In addition, as you work to remove PMI, it is also important to keep an eye on the market trends and fluctuations. Home values can fluctuate over time, and it's important to have an accurate understanding of your home's value in order to determine when it's time to remove PMI.

Removing PMI can save you hundreds of dollars each year, so it's worth taking the time to go through the process. At True Footage, as one of the largest and most experienced appraisal companies in the nation, we understand the importance of accurate and timely appraisals for PMI removal. Our team of experienced and certified home appraisers will work with you to provide the necessary home appraisal for PMI removal, to ensure that you can save money on your monthly mortgage payments.

Curious to know how long it takes to get a home appraisal back? True Footage breaks down all of the factors in our expert guide. Read today!

How Long Does a Home Appraisal Take?

Homeowners often have questions about the process of a home appraisal and how long it takes to complete. As a leading expert in the field of real estate appraisal, True Footage is here to provide some clarity on the subject.

The length of time it takes to complete a home appraisal can vary depending on a number of factors. In general, a standard home appraisal will take anywhere from a few hours to a full day to complete. This can include a physical inspection of the property, as well as research into comparable sales in the area. After the initial site visit to gather important information about the property, the research, the data entry, and a deeper analysis of the details about market value can often take multiple days to complete. 

In this article, we will go over some specific factors that can impact how quickly an appraisal can be completed.

How Long Does it Take to Get a Home Appraisal Back?

One of the key factors that can affect the length of a home appraisal is the size and complexity of the property. A larger, more luxurious home will typically take longer to appraise than a smaller, more basic property. Additionally, older homes or homes with unique features may require more time to evaluate. For example, a historic home that has been well-preserved or a home that has been recently remodeled will take more time to appraise than a simple home.

Another important factor to consider is the availability of comparable sales data in the area. In order for an appraiser to provide an accurate value for a property, they will need to research recent sales of similar homes in the surrounding neighborhood. If this data is difficult to come by, the appraisal process may take longer. However, with True Footage, we are equipped with the latest technology and tools that allow us to access a wide range of property data, making our appraisals more accurate and timely.

In addition to these factors, the experience and qualifications of the appraiser also plays a role in the length of time it takes to complete a home appraisal. A professional and certified appraiser will be able to complete the process in a timely manner, as they have the knowledge and experience to identify key features of a property and analyze comparable sales data quickly.

Factors that Determine Appraisal Turnaround Time

The home appraisal process itself includes a thorough inspection of the property, both inside and outside. During the inspection, the appraiser will take note of the property's condition, size, age, and any unique features. They will also take measurements of the living space and note the number of bedrooms and bathrooms. The appraiser will also assess the condition of the property's systems, such as heating, cooling, electrical, and plumbing.

After the inspection, the appraiser will research comparable sales in the area to determine the fair market value of the property. This process usually involves the appraiser looking at recent sales of similar homes in the same neighborhood. They will take into account factors such as size, age, condition, and location when making their determination.

It is important to note that home appraisals are not the same as home inspections. A home inspection is a more comprehensive examination of a property that is typically conducted for buyers before they purchase a home. The purpose of a home inspection is to identify any potential issues with the property before the purchase is final. A home appraisal, on the other hand, is focused on determining the value of the property for lending or selling purposes.

As a homeowner, you should be aware of the home appraisal process and the length of time it takes to complete. By working with a reputable and experienced home appraiser, such as True Footage, you can be sure that you will receive a comprehensive and accurate appraisal of your property in a timely manner. Contact us today to schedule a home appraisal and get an accurate estimate of your property's value.

One of the benefits of working with True Footage is that our team is equipped with the latest technology and tools to access a wide range of property data. This allows us to provide more accurate and timely appraisals, as we have access to up-to-date information on comparable sales in the area.

Another advantage of working with True Footage is that we offer a variety of appraisal services to meet the needs of our clients. Whether you need a standard home appraisal, an appraisal for a commercial property, or a specialized appraisal for a unique property, our team has the expertise to handle it.

In addition, True Footage understands the importance of clear communication and customer service. We make sure to keep our clients informed throughout the appraisal process and are available to answer any questions they may have.

When it comes to home appraisals, time is of the essence. Whether you're looking to refinance your mortgage, sell your home, or get a home equity loan, you need accurate and timely information about your property's value. With True Footage, you can be confident that you will receive a comprehensive and accurate appraisal in a timely manner.

There are some key differences between a bank appraisal and a real estate appraisal. The experts at True Footage break it down in this article!

Bank Appraisal vs. Real Estate Appraisal

As a homeowner, you may need to have your property appraised at some point, whether it's for refinancing, selling, or simply to know its value. In this process, you may come across two types of appraisals - a bank appraisal and a real estate appraisal. These are two different types of appraisals, and it's essential to understand the difference between the two. In this article, we'll explore the differences between these two types of appraisals and when you may need them.

The Differences Between a Bank Appraisal and Real Estate Appraisal Explained

A bank appraisal is an appraisal that is required by a lender when a borrower applies for a mortgage loan. Banks and lenders require appraisals to ensure that the property's value is enough to secure the loan. Bank appraisals are typically conducted by a licensed appraiser, who is hired by the lender. Bank appraisals are generally more strict than real estate appraisals, as they have more stringent guidelines that appraisers must follow.

One of the primary differences between bank appraisals and real estate appraisals is that the former is mandatory while the latter is optional. If you're buying a home and need a mortgage loan, you'll have to get a bank appraisal. On the other hand, if you're simply curious about your home's value or want to know how much to sell it for, a real estate appraisal is more appropriate.

How Are They Different From Real Estate Appraisals?

A real estate appraisal for non-lending purposes, also known as a property appraisal, is an appraisal that is not tied to any specific loan or financing. It's an optional appraisal that is typically requested by a homeowner or a seller to determine the value of the property for a specific purpose. A real estate appraisal can be useful in many situations, such as when selling a home, determining the value of an estate, or settling a legal dispute. An appraisal can provide a comprehensive report of the property's value, including market trends, comparable sales, and other relevant information.

Real estate appraisals for non-lending purposes are sometimes less strict than bank appraisals, although no less credible or reliable, as they don't have to follow specific lender guidelines. The appraiser has more flexibility to consider different factors, such as the home's unique features, the surrounding neighborhood, and the current market conditions. Real estate appraisals can be conducted in several ways, including traditional full appraisals, desktop appraisals, and hybrid appraisals.

How Are They Different from Bank Appraisals?

At True Footage, we offer a wide range of appraisal services to meet your needs, whether you require a bank appraisal or a real estate appraisal. Our team of certified and licensed property appraisers has years of experience in the industry and are knowledgeable about the latest trends and techniques. We use advanced technology and tools to ensure accurate and reliable appraisals that you can trust.

Why Choose True Footage for Your Home Appraisal? 

Learn more about one of the most common reports in the appraisal industry, a Uniform Residential Appraisal Report (URAR) from True Footage!

Uniform Residential Appraisal Report (URAR) Explained

At True Footage, we believe in providing our clients with comprehensive and accurate appraisal reports to help them make informed decisions about their properties. One of the most common types of appraisal reports we use is the Uniform Residential Appraisal Report (URAR). In this article, we'll delve into what URAR is and how it is used for various types of appraisals.

What is a Uniform Residential Appraisal Report (URAR) 1004 Form?

A Uniform Residential Appraisal Report (URAR) is a standardized report used by appraisers to evaluate a residential property's market value. URAR was developed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) in the late 1980s to provide a consistent format for appraisals on residential properties.

URAR includes details about the subject property, such as its location, lot size, building size, construction quality, and condition. It also includes information on comparable sales in the area, which are used to determine the subject property's market value.

Home appraisal: A URAR report is commonly used for home appraisals, where the appraiser evaluates the market value of a single-family residence. The report provides an unbiased opinion of the home's value based on its condition, location, and comparable sales in the area.

Property appraisal: URAR is also used for property appraisals. The report provides an accurate assessment of the property's value, taking into account factors such as the condition of the property, its location, and the demand for similar properties in the area.

Bank appraisal: Banks and other lending institutions use URAR to determine the market value of a property before approving a loan. The report helps lenders assess the risk associated with lending money to a borrower, as it provides an unbiased assessment of the property's value.

Real estate appraisal: Real estate agents also use URAR to determine the market value of a property. By using comparable sales data and other factors, the appraiser can provide an accurate assessment of the property's value, which can be useful in determining a listing price for the property.

Desktop appraisal: A desktop appraisal is a type of appraisal that can be conducted without a physical inspection of the property. In this case, the appraiser uses public records and other data to evaluate the property's value. A URAR report can be used for a desktop appraisal, as it provides a standardized format for the appraisal report.

Hybrid appraisal: A hybrid appraisal is a combination of a physical inspection of the property and a desktop appraisal. In this case, somebody other than the appraiser analyst conducts a physical inspection of the property to gather data about it. That data is then given to the appraiser analyst to do the market research, selection of the appropriate comparable sales, and then reconciling all of the data into a credible and reliable opinion of value. 

How is URAR Used for Different Types of Appraisals?

Want to know the ins and outs of desktop appraisals? Learn everything you need to know from the appraisal experts at True Footage!

What is a Desktop Appraisal? A Complete Guide

As the largest and most trusted appraisal company in the nation, True Footage understands that a home appraisal is a crucial step in any real estate transaction. Whether you are buying or selling a home, refinancing, or seeking a loan, a home appraisal helps determine the property's value, allowing you to make informed decisions. There are different types of home appraisals, including desktop appraisals, hybrid appraisals, and traditional appraisals. In this article, we will discuss desktop appraisals in detail and their benefits.

A desktop appraisal, also known as a property appraisal, is a type of appraisal where the appraiser determines the value of a property without physically inspecting it. Instead, the appraiser relies on data available from public records and other sources, including Multiple Listing Service (MLS), tax records, and online data.

Desktop appraisals are typically faster and less expensive than traditional appraisals, making them ideal for situations where time and cost are factors. However, desktop appraisals are not suitable for all situations, such as when the property is unique, there are few comparable sales, or when the property's condition cannot be determined from online data.

The appraiser begins by collecting data on the property and the local market. This includes information such as the property's location, size, age, and condition, as well as recent sales of comparable properties in the area. The appraiser may also consider other factors such as zoning laws, the local economy, and any improvements or renovations made to the property.

Using this information, the appraiser can determine the property's value using one of three methods: the sales comparison approach, the cost approach, or the income approach. The sales comparison approach is the most common method and involves comparing the subject property to recent sales of similar properties in the area. The cost approach is used for new or recently renovated properties and involves estimating the cost to build the property and deducting any depreciation. The income approach is used for rental properties and involves estimating the property's potential income based on current rental rates.

Once the appraiser has completed the analysis, they prepare a report that includes their findings and an opinion of the property's value. The report may also include photos of the property and the surrounding area and any relevant market data.

Desktop appraisals offer several benefits over traditional appraisals. These include:

What Are The Benefits of a Desktop Appraisal?

Faster turnaround times - Since the appraiser does not need to physically inspect the property, the appraisal can be completed more quickly, typically within a few days.

Lower costs - Desktop appraisals are less expensive than traditional appraisals, making them an attractive option for those looking to save money.

Greater convenience - Since the appraiser does not need to visit the property, desktop appraisals are more convenient for homeowners who may not want to have an appraiser visit their property.

Increased accuracy - Desktop appraisals rely on data from multiple sources, providing a more comprehensive analysis of the property and local market.

Reduced bias - Since the appraiser does not physically inspect the property, they are less likely to be influenced by factors such as curb appeal, which can affect the appraiser's opinion of the property's value.

Desktop appraisals are appropriate in situations where the property is typical and there are sufficient comparable sales data available. They are also appropriate when the property is in good condition and there are no significant renovations or improvements that have not been reported to public records.

However, there are situations where a desktop appraisal may not be appropriate. These include:

Unique properties - Desktop appraisals may not be suitable for unique properties, such as historic homes or custom-built properties, where there are few comparable sales data available.

Complex properties - Properties with complex features, such as large acreage or extensive improvements, may not be suitable for desktop appraisals.

Properties in declining markets - In markets where property values are declining rapidly, a desktop appraisal may not provide an accurate assessment of the property's value.

Properties with condition issues - Desktop appraisals rely on data available from public records and online sources, which may not provide accurate information on the property's condition. In these cases, a physical inspection may be necessary.

High-value properties - Properties with a high value may require a more comprehensive appraisal, including a physical inspection, to ensure accuracy.

In addition to desktop appraisals, there are also hybrid appraisals, which are a combination of desktop and traditional appraisals. Hybrid appraisals involve a physical inspection of the property by a third-party inspector, who provides photos and information on the property's condition to the appraiser. The appraiser then uses this information, along with data from public records and other sources, to complete the appraisal.

Hybrid appraisals offer some of the benefits of both traditional and desktop appraisals. They are typically faster and less expensive than traditional appraisals, while also providing more accurate information on the property's condition.

A desktop appraisal is a useful tool for determining the value of a property without the need for a physical inspection. Desktop appraisals are typically faster and less expensive than traditional appraisals, making them an attractive option for those looking to save time and money. However, desktop appraisals may not be suitable for all situations, such as unique properties or those with complex features or condition issues.

At True Footage, we have a team of experienced and knowledgeable property appraisers who can help you determine which type of appraisal is appropriate for your situation. If you are searching for a home appraiser in your market, look no further than True Footage for reliable, accurate, and timely appraisals.

The experts at True Footage are here to teach you how to prepare for a home appraisal to make sure you get the most accurate and favorable valuation.

How to Prepare for a Home Appraisal

When preparing for a home appraisal, it's important to understand what to expect from the process and how to ensure that your property is evaluated accurately. True Footage, the nation's largest and most trusted appraisal company, is here to help!

The appraiser will take into account the property's size, location, condition, and features, as well as recent sales of comparable properties in the area. In addition to the condition of the property, the primary details the appraiser will be looking at are:

The quality of materials (kitchen cabinets, countertops, vanities, fixtures, etc.)

Finished areas below grade (finished basement areas)

Any other features that may contribute to the overall market value of the property. 

When preparing for a home appraisal, there are several things that you can do to ensure that your property is evaluated accurately. Here are a few tips:

One of the most important things that you can do to prepare for a home appraisal is to clean and declutter your home. This will make it easier for the appraiser to see the condition of your home and to evaluate its features.

Before the appraisal, it's a good idea to make any necessary repairs to your home. This could include fixing leaks, painting, or replacing broken windows. By making repairs, you'll be able to show the appraiser that your home is well-maintained.

You'll want to provide the appraiser with any documentation that can help to support the value of your home. This could include sales contracts, building permits, or other records. By providing this information, you'll be able to help the appraiser to make a more accurate estimate of your home's value.

Highlight any unique features. If your home has any unique features, such as a pool or a finished basement, you'll want to make sure that these features are highlighted to the appraiser. By highlighting these features, you'll be able to help the appraiser to see the full value of your home.

If you're concerned about the value of your home, you may want to consider getting a pre-appraisal. This is an estimate of the value of your home conducted by a professional appraiser before the home is put on the market. By getting a pre-appraisal, you'll be able to see if there are any issues that need to be addressed before the home is put on the market.

Choosing the right appraiser is crucial for an accurate evaluation of your property. Look for home appraisers who have years of experience in the field, are well-trained, and have a good track record. At True Footage, we have the most experienced and trusted appraisers in the industry.

Appraisers will ask you questions about your home, such as how old it is, what type of heating and cooling systems it has, and whether it has been remodeled recently. Be prepared to answer these questions accurately and honestly to help the appraiser make an accurate estimate of your home's value.