Learning the Lessons of the PastYou may have heard the proverb, "what's past is prologue." In real estate, the past can indeed determine the future, when buyers choose to restore or preserve a
Understanding the basics of home appraisals
Dated: October 21 2021
Selling your home can feel like an overwhelming task. As a Realtor, I walk my clients through each step of the way, including the process of getting an appraisal. Not knowing who you’re working with can be nerve-racking, and I can recommend trustworthy appraisers to get an evaluation of your property. I’d like to share some of my knowledge about appraisals with you and offer you a complimentary report specific to your neighborhood that I have created.
What is an appraisal?
An appraisal is an opinion of the value of your home based on what similar homes in your area have recently sold for. Since getting an appraisal isn’t an exact science, if you feel as if your home has been priced too low, you have the option of getting a second one done. For example, one appraiser may count a recent sale but the other may think it was too long ago to add into the equation. The result of this would be two different values for your home.
Appraisals can also be used to determine how much to insure your home for. In addition, appraisals are used to figure out property taxes. So, although an appraisal for a loan estimates today’s market value, one for insurance purposes is used to determine what it would cost to rebuild your home with the associated costs of today.
Comparative Market Analysis
Keep in mind that appraisals are different from CMAs (Comparative Market Analysis). Using my knowledge and expertise, I compile a CMA for my clients to determine how much their home will sell for within a certain period of time. I would love the opportunity to do the same for you.
Shifting markets and the personal side of things
Note that home prices change and appraised values will shift with market changes. If your home is appraised for $200,000 today, that could change in three months when you list it for sale depending on the performance of the market. Unfortunately, appraisals don’t take life changing circumstances into account. Job loss or transfer is not considered when coming up with the value of your home.
I specialize in selling homes in your neighborhood. I believe you deserve access to the most current, objective and comprehensive information affecting the value of your home. If I can be of any assistance for your current or future real estate needs, please don’t hesitate to contact me.
Award-winning agent including America's Top 100 Real Estate Agents from 2019 and 2020. A full-time Real Estate Agent since 2003 and a certified negotiation expert. Awarded eXp Realty Icon Agent Statu....
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