Carter-Isakson Appraisals has an extensive background and history in the Northern Wyoming Real Estate Appraisal market, providing over 30 years experience in all facets of the general and residential appraisal and business valuation industry. Carter-Isakson knows our clients, our clients’ real estate markets, market trends and all of the factors that go into property valuation. Carter-Isakson provides top quality appraisals from Colorado, Montana and Wyoming state certified appraisers at fair and reasonable prices. Carter-Isakson prides itself on its neutral valuation perspective and expertise in providing clients with the information to allow them to make informed decisions.
We cover residential properties all over Sheridan and Johnson counties. Our unique community has a broad range of residences from rural properties to custom homes in a golf community. Your home is evaluated on the overall quality and condition and matched with similar properties to determine a market value.
Over 30 years’ experience with commercial/industrial buildings, hotel & motel valuations, conservation easements and vacant land. Performing work all over Wyoming, and expanding into the Rocky Mountain Region.
Sheridan, Gillette, Buffalo, Casper, Cody, Montana & Colorado
THE APPRAISAL PROCESS
The purpose of this appraisal is to estimate the market value of the subject property. The information gathered is utilized to estimate the value of the site and in each of the three applicable approaches to value (sales comparison, income and cost) that are used to estimate the value of the whole property. Each approach represents an alternative course of action that a typical purchaser takes to determine the price they will pay for a property.
The Cost Approach
In the cost approach, an estimate is made of the cost of reproducing the subject improvements at today’s cost. From this reproduction cost is deducted the estimated loss in value caused by diminished utility from physical deterioration, functional obsolescence and external obsolescence.
The Sales Comparison Approach
The sales comparison approach utilizes the sales and offering of similar property to arrive at an indication of the subject property’s value. Each comparable sale and offering is adjusted for difference in time of sale, location, physical characteristics, financing and special conditions to give an indication of the value of the property being appraised.
The Income Capitalization Approach
In the income approach to value an estimate is made of the market gross potential income which the property being appraised would generate. This estimate is normally based on the rentals of competitive properties in the same market; or rentals of the subject property as appropriate. From the gross potential rent is deducted an allowance for vacancy and collection costs. Any additional income is added giving the effective gross income of the property. Next the expenses which are broken down in fixed expenses, variable expenses and replacement reserves are deducted to produce the net operating income of the property. The final step of the income approach is to capitalize the net operating income into an indication of the value of the property.
After arriving at separate indications of value by each of the approaches to value they are reconciled in a single value estimate with most weight given to the approach with the highest quality and quantity of available data. Your appraisal report will give the user a better understanding of how your property measures in the market area. This will enable the user to have open conversations with potential buyers, renters, or contractors. An appraisal report is a tool for any owner or potential owner in making decisions on their investment.