The Home Appraisal: Why It’s Important
Listing your home at the right price is crucial to its eventual sale.
We’ll provide you with a Comparative Market Analysis to show how your home competes with other similar homes in your area. Then he or she will help you set a fair price that should meet the buyer’s bank appraisal.
An appraisal is a professional estimate of your home’s market value by a certified appraiser. It focuses on market value and on price – the amount of money a buyer will pay. The appraisal protects the bank from overextending its risk.
When you put your home up for sale, prospective buyers (and the lenders who hold or insure their mortgages) expect that your home is worth your asking price. To meet lending guidelines, your home must appraise for the asking price. If it appraises for less, you may need to lower the price if you want the sale to close.
We can provide the appraiser with a record of comparable area homes, including those that are actively listed, expired or sold. This record will complement the appraiser’s visual inspection of your home, including the home’s improvements and its condition, which will help the appraiser’s accuracy.
