Why You Need An Appraisal in a Flux Market
Why an appraisal is even more important than ever in today's fluctuating real estate market.
These days the media is full of a myriad of stories about real estate market trends from interest rate hikes to new tax laws to declining retail sales numbers, all impacting real estate values. Looking at the various real estate industries across residential, commercial, special purpose and even real estate investment trusts (REIT), the numbers all appear to tell a different story most days depending on the vertical. It seems that the one and only constant in the real estate market is that it is in a constant state of flux.
Deloitte recently published their Commercial Real Estate Outlook 2018 white paper with the headline of “Optimize opportunities in an ever-changing environment.” According to Deloitte, “The real estate industry seems to be on an accelerating disruption curve highlighted by rapid changes in tenant dynamics, customer demographic shifts, and ever-increasing needs for better and faster data access to allow improved service and amenities.”
That accelerated disruption curve makes being educated about the value of your real estate crucial in an environment such as this. “It is never the role of a real estate appraiser to make predictions about the real estate market,” explained Charles Argianas, Founder of Argianas & Associates. “However, now it is as important as ever, if not even more so, to obtain a current appraisal in order to have a comprehensive understanding of the estimated value of your property and its assets.”
A current appraisal will arm you with the most valuable tool you will need to navigate this market – information. A comprehensive appraisal report includes data such as general real estate trends and economic reports for the local economy. It will include statistics and benchmarks on the rise or fall of local real estate which may vary widely from what is being reported nationally or in the news. And, of course, it provides you with a value you can use for making financial decisions. And that is invaluable in an ever-changing market.
According to Alexander Argianas, the Associate Appraiser and Corporate Client Liaison at Argianas & Associates, “By using the tools of the valuation trade, such as a sales comparison, we provide you with data on factors including how your property compares with similar properties sold in the area. That helps you make informed decisions on whether or not to invest more capital, sell or keep your property.”
Argianas & Associates is at the ready to help you navigate these disruptive times with your next real estate valuation. Or sign up for the Argianas & Associates mailing list to receive e-newsletters featuring case studies, industry events and news, as well as informational real estate valuation topics.