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Real Estate Appraisal Terms & Definitions: A Plain-English Glossary
Residential Appraisal Reference Guide Appraisal Jargon, Explained in Plain English Appraisal reports contain terminology that can be unfamiliar even to experienced homeowners, attorneys, real estate agents, and other professionals. This glossary explains commonly used residential appraisal terms in practical language, including valuation methods, comparable-sale terminology, property measurements, market conditions, and the standardized condition and quality ratings used in many appraisal reports. Looking at an appraisal report right now? Use the search box below for terms such as GLA, C3, Q4, adjustment, effective age, comparable sale, retrospective appraisal, market value, highest and best use, or USPAP. Search appraisal definitions A B C D E F G H I L M N P Q R S U Z Common Terms Homeowners Ask About Measurement GLA Gross Living Area: generally the above-grade finished residential area reported in square feet. Comparable Sales Adjustment A market-supported change made to a comparable sale to reflect a meaningful difference from the subject property. Condition C1–C6 Standardized UAD condition categories ranging from new/unoccupied to properties requiring substantial repair. A Absorption Rate A measure of how quickly available properties are selling in a particular market. It is often used to help evaluate the balance between housing supply and buyer demand. Accessory Dwelling Unit (ADU) A secondary residential living area located on the same property as a primary dwelling. Depending on local requirements, it may be attached, detached, or located within the main dwelling. Actual Age The number of years that have passed since a structure was originally constructed. Actual age is different from effective age. Adjustment A change applied to a comparable property's sale price to account for a market-supported difference between the comparable and the subject. Adjustments may address location, site, living area, condition, garage, bathrooms, or other characteristics. Adjustments are intended to reflect market reaction—not the actual… Continue Reading
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Pilgrim Colonial Appraisal Services
Pilgrim Colonial Appraisal Services | Professional Appraisal Network Are you seeking an experienced home appraiser? Welcome to Pilgrim Colonial Appraisal Services. Certified Residential Massachusetts appraisers covering Hampden, Hampshire & Franklin counties. We are not just your ordinary appraisal practice. Our mission is to provide the highest quality of real estate appraisal and consultation services. We strive to be the exemplar in our quality of work and customer service. From typical appraisal orders to the complex, we aim to exceed in client expectations. In each order, we consider the scope of work, location and time frame and match one of our appraisers with that criteria. Our clients say "PCAS made the ideal match. The service is very white-glove". Enlist us for your residential appraisal service needs. We work hard to establish a reputation for quality while remaining prompt as we understand the value and the importance of your time. Residential Real Estate FHA Approved Mortgage Refinancing PMI Removal Bankruptcy Estate Planning/Trusts Divorce Appraisals Multifamily Income Properties Appraisers who are in interested in becoming a part of Pilgrim Colonial's network, please inquire today. Every appraiser's style is unique. Preserve your autonomy and extend your professional services by joining our network where your unique skills are valued, revered and rewarded.
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Refinancing
As you know mortgage rates change daily. You may consider the savings in interest by refinancing your mortgage. Pilgrim Colonial works with several lenders in this process. When you apply for refinancing, an appraisal is ordered. Pilgrim Colonial will contact you to set up a time to inspect your property. Note, all federal bank transactions must initiate the appraiser. This cannot be ordered directly through Pilgrim Colonial. We measure your home and note the condition and quality of the property. A thorough data analysis of the market is also done to formulate an opinion of market value for the property. The savings can be worth considering refinancing. There are several refinancing calculators to determine the savings. Speak with a financial adviser to see if refinancing is right for you.
