With real estate continually evolving, technology has a pivotal role in bringing drastic changes in the industry. Looking back at the times, property visits were an integral part of property appraisals. But now with comfort at your fingertips, we can have a 360-degree view of every corner of the property. Yes, we are going to discuss the two types of appraisals in this blog: virtual and traditional property appraisals.
The Comfort of Virtual Appraisals
Individuals prefer virtual appraisals for the high level of convenience that they offer. By using recent market sales data, advanced tools & algorithms one can estimate the property’s value without the need for an on-site visit.
Similarly, this method is best suited for investors/ buyers who reside in remote areas and demand a quick valuation. The ease and accessibility of virtual assessments make them an appealing option for anyone looking for a hassle-free experience.
The Reliability of Traditional Appraisals
While virtual property appraisals are convenient, traditional appraisals remain the premier standard of accuracy. In this method, a licensed appraiser visits the property onsite and examines every detail of the property. It includes quality of construction and surrounding neighbourhoods providing a fair valuation.
Whereas, traditional appraisals are time-consuming and may require scheduling flexibility.
Both of the appraisals are good and bad in their ways. When it comes to choosing any one of them the ultimate decision lies on the buyer, seller & lender’s specific needs. Property type, condition, lender requirements, speed & accuracy are some of the factors that should be taken into consideration.
At Sapphire Real Estate we understand the importance of accurate property appraisals. Our team of professionals can assist you in determining the best appraisal strategy to meet your requirements.
Whether you’re buying, selling, or refinancing, we’re dedicated to providing outstanding service and experienced assistance.
Contact us now to discuss your property value needs!
