How to get your property appraised in Hawaii
A real estate agent or property appraisal company may not have all the answers for every property.
The real estate market in Hawaii is unpredictable, unpredictable.
That’s because it is a very different state than in the rest of the country.
“Housing in Hawaii, unlike most other states, is more like a bubble,” said Michael L. Leventhal, a senior economist at the Brookings Institution.
That means, when prices spike, it can make it hard for consumers to know where to invest their hard-earned money.
This is particularly true of homes that are located on islands, in which there are no restrictions on construction.
And because Hawaii has so few rules governing how real estate companies can use data from government agencies, they can make inaccurate estimates.
There are no property tax abatements, no public schools, no income tax, and no other state tax advantages that allow homeowners to keep their homes.
So how can you tell if your property is being appraised properly?
And how do you make sure that your home is being listed accurately?
“Property appraisals are usually conducted in the same way as sales, but with the advantage that the person conducting the appraisal is not a real estate company,” Leventhan said.
That is because property appraisement companies have to have the proper licenses.
The only exception is if they’re required by law to do so by law.
That can happen if a property is listed on a county-run website, like HawaiiRealestate.com, or if a person who has obtained the property’s title is not certified to conduct the appraisal.
Levethan said it’s not uncommon for real estate agents to use a home-price index, or HPI, to help determine if the real estate is in fact worth the market value.
HPI measures the value of the property in terms of current market value, and it also considers the amount of development, the size of the development, and other factors.
If the home is worth more than its market value on the date the listing was made, the listing is considered to be a fair appraisal.
If it is worth less than its current market, then the listing isn’t a fair one.
“You can only go so far with a listing that is accurate and has the same value for both the buyer and the seller,” Levehal said.
If you are not familiar with real estate appraisal, Leventhe said, it’s important to check with a real-estate agent or real-property appraiser to learn how to find out what the company’s appraisal looks like.
To do this, check with your local real estate board, which is part of the state Legislature.
You can also check the state’s website, which provides a list of county real estate boards.
There, you can search for a listing for the county in which you live, as well as your zip code.
Some real estate websites will even allow you to enter your address to get a more accurate estimate.
This information is not public information and will be used for research purposes only.
“When we are looking at a property, it is important to take into consideration a variety of factors,” said Lisa T. Dufreux, an attorney with the Hawaii Real Estate Association.
For example, if the home’s previous owners sold it to a family member, she said, the sale may be invalidated.
She also said that if a new owner moves in, it will be difficult to ascertain if the property is worth the value at the current time.
And in addition, there are many exceptions to the rules that govern real estate sales, which can change every few years.
“The more people that buy, the more property there is in Hawaii,” Dufresu said.
And even if you don’t know the current value of your home, there is no reason not to buy.
Leventhal said you can use a lot of information from the real-world appraisal to make an educated decision about the property you are buying.
You don’t need to be an expert in property law, he said.
“There is nothing in the law that says that a realtor can’t make an accurate appraisal, but there is also nothing in real estate law that requires it,” Levenhal said, “so if you want to purchase property and are considering doing so, you really need to get some training before you buy.”
This article originally appeared on Real Estate Weekly.