Set your asking price too high and your home may sit on the market with little interest. Set the asking price too low and you risk losing money on your investment during the sale. An appraisal can help you balance the line and set the right asking price, but let’s take a closer look at why appraisals matter when selling a house.
🏠 Why do I need an appraisal to sell my house?
Think of an appraisal as part of the research needed to sell a home successfully. Understand exactly what is included in an appraisal and how a pre-appraisal differs from an appraisal ordered by the buyer. Choose an appraiser who is qualified to do the job correctly and allow your real estate agent to help answer any questions.
🔎 What is a pre-appraisal?
A pre-appraisal is done by a licensed appraiser for your area who is trained to look at different factors to help determine the value of the home. Factors they consider include the following but are not limited to these we have listed.
- Square Footage
- Upgrades & Renovations
- The condition of the Property
- Amenities Included
- Location of the Home
- Current Market Area
📝 Why get a pre-appraisal before listing?
We recommend that you lay a foundation for knowing the value of your home using a home valuation calculator. When working with us, you’ll receive a comprehensive home value report that can help you when setting the asking price.
A pre-appraisal is another valuable tool that can be used to help set the asking price, but it can also offer support when it comes to your reasons for setting that amount when it comes to offers that are under the asking price.
💡 What happens during the appraisal?
The appraiser walks through the home and around the property to thoroughly check the conditions and make note of anything that may impact the value of the property. They may point out things that need your attention before listing your home.
Once the appraisal is complete, you will receive a detailed report that can help you as you move forward in the selling process. As we mentioned, this report can be powerful when showing a potential buyer that your asking price was set using solid information from a qualified professional.
⭐️ How do I choose an appraiser?
Check with your real estate agent to see if they have a preferred vendor list that includes trusted appraisers in the area. Remember, the appraiser is not the same as a home inspector, but they do understand building and property details that are needed to do their job properly.
- They should specialize in residential appraisals.
- They should have positive reviews and recommendations.
- They should be open to answering your questions.
- They should be properly licensed and have all certifications.
While cost is important when choosing a service provider in any sale, don’t let that be the deciding factor when it comes to hiring an appraiser. This is an investment in the success of your home sale, so it may be worth it to pay a higher fee if it comes with a more qualified appraiser.
😃 How can a real estate agent help?
A real estate agent is beneficial when it comes to the appraisal process for several reasons. We’ve mentioned that they may be able to recommend a trustworthy appraiser, but they can also inform you as to what certifications are needed for your area.
Your real estate agent can also be a big help once you receive the report from the appraiser. They have experience in reading these reports and often understand the finer points that can help you get some clarity where needed. Give Jason Kay a call today at 720-295-1604 to learn more about local areas, discuss selling a house, or tour available homes for sale.