How Homes Are Appraised in Westchester, The Bronx, and Queens

When buying or selling a home, one of the most important steps in the process is the appraisal. Many people know it’s required by the bank, but few fully understand how it works and why it matters, especially in areas as diverse as Westchester County, the Bronx, and Queens.

An appraisal is essentially an unbiased estimate of a home’s market value. Licensed appraisers are hired by lenders to ensure that the loan amount requested by the buyer reflects the property’s true worth. In Westchester, where single family homes and larger estates dominate, appraisers consider square footage, neighborhood comparables, and lot size. In the Bronx and Queens, where multi family homes, co-ops, and condos are more common, factors like building amenities, monthly maintenance fees, and rental income potential can play a much bigger role.

What Goes Into an Appraisal?
Appraisers use several methods to determine value:

• Comparable Sales (Comps): They look at recent sales of similar homes in the area. For example, in Yonkers or Scarsdale, an appraiser might compare colonial style homes on similar streets. In Queens, they’ll compare co-op units in the same building or block.

• Condition of the Property: Updated kitchens, renovated basements, or modern HVAC systems can add value. On the other hand, outdated interiors or deferred maintenance can bring the value down.

• Neighborhood & Location: Proximity to public transportation, schools, shopping, and even local tax rates can all affect how much an appraiser thinks the home is worth.

• Market Trends: In fast-moving markets like Queens and parts of the Bronx, appraisers weigh whether prices are trending upward or leveling off.

Why It Matters to You
For sellers, the appraisal determines if buyers can secure financing at your asking price. If the appraisal comes in low, it could mean renegotiating or even losing a deal. For buyers, it’s a safeguard to make sure you’re not overpaying.

In competitive markets like ours, knowing how appraisals work can give you an edge. Whether you’re listing a Tudor in Bronxville, a co-op in Riverdale, or a multi-family in Flushing, understanding the appraisal process helps you set realistic expectations.

If you’re considering buying or selling in Westchester, the Bronx, or Queens and want guidance on how appraisers will view your home, give me a call at (646) 427-3035. I’ll be happy to walk you through the process and help position your property for the best possible value.