The Holden Team's Blog
If you want to maximize your home sale profits, it generally is a good idea to conduct a property appraisal before you list your residence. That way, you can receive a property valuation from an expert home appraiser. And with this property valuation in hand, you can set a competitive initial asking price for your residence.
A home appraisal may prove to be a stressful experience, particularly for a seller who is unsure about the value of his or her house. Lucky for you, we're here to provide insights into the home appraisal process and ensure that you can prepare for this evaluation.
Now, let's take a look at three tips to help you approach a house appraisal with confidence.
1. Understand How a Home Appraisal Works
Although you've allocated significant time and resources to upgrade your house, it is important to remember that the condition of your residence is one of several factors that a home appraiser considers. In fact, an appraiser will evaluate the current state of the housing market, the prices of comparable houses in your area and other factors to provide an accurate property valuation.
Oftentimes, it helps to work with a real estate agent if you plan to sell your home. Because if you have a real estate agent at your side, you can receive immediate responses to any of your home appraisal concerns and questions.
2. Establish Realistic Expectations for Your Home
Let's face it – what you initially paid for your house is unlikely to match your residence's current value. If you set realistic expectations for your residence prior to an appraisal, you may be better equipped than ever before to accept the evaluation results.
It may be beneficial to look at the prices of houses in your area prior to an appraisal. This information can help you understand whether the housing market currently favors buyers or sellers – a factor that may influence the valuation of your house from an appraisal.
3. Explore Ways to Boost Your Home's Value
There are always options to bolster a house's exterior and interior. Therefore, following an appraisal, you should plan to complete home repairs that could help enhance your house's value.
As you search for ways to upgrade your residence, you may want to reach out to a real estate agent too. This housing market professional can offer recommendations and tips to help you improve your residence, even if you're working on a tight budget.
Of course, a real estate agent provides extensive assistance throughout the home selling journey. He or she will promote your residence to prospective buyers and host home showings and open house events. And if you receive an offer to purchase your house, a real estate agent will help you determine the best course of action.
Ready to conduct a home appraisal? Take advantage of the aforementioned tips, and you can boost the likelihood of a successful house appraisal that leads to a fast, profitable home selling experience.
A home appraisal is paramount for a house seller. If a seller enters the real estate market with an appraisal report in hand, he or she can use the report's property valuation to determine the optimal price for a residence. Then, this individual can set an aggressive price for his or her house from day one of the home selling journey.
Ultimately, not all home appraisers are equal. Some of the key factors to consider as you weigh the pros and cons of hiring a home appraiser include:
1. Industry Experience
Hire a home appraiser who knows the ins and outs of the real estate industry – you will be happy you did. If you have a real estate expert at your side, you can receive a data-driven appraisal of your house.
Oftentimes, it helps to perform lots of research before you hire a house appraiser. If you reach out to an appraiser directly, you can learn about his or her industry expertise. Plus, you can use this opportunity to receive immediate responses to any home appraisal questions.
2. Client Referrals
Although it may be tough to determine exactly how an appraiser will analyze a house, it generally is a good idea to explore how past clients feel about this professional. If you request client referrals, you can get in touch with an appraiser's past clients. You then can receive firsthand insights about what it is like to work with this appraiser.
Typically, a home appraiser can provide client referrals upon request. If you allocate time and resources to request client referrals and connect with an appraiser's past clients, you could increase your chances of hiring a top-notch appraiser to assess your residence.
3. Your Home Selling Timeline
There is no guarantee that a home appraiser will be available on short notice. If you are operating on a tight home selling timeline, you may want to reach out to multiple home appraisers in your city or town. That way, you can find a first-rate home appraiser who can review your residence right away.
As you get set to add your house to the real estate market, you may want to hire a real estate agent, too. This housing market professional can put you in touch with the top home appraisers in your area. Also, he or she is happy to lend a helping hand at each stage of the property selling journey.
Let's not forget about the assistance that a real estate agent will provide after you list your house, either. At this point, a real estate agent will promote your residence to potential buyers. And if you receive an offer to purchase your house, a real estate agent will help you make an informed decision about whether to accept, reject or counter this proposal.
Ready to add your house to the real estate market? Hire a home appraiser, and you can receive a property valuation that you can use to price your residence competitively from day one of the house selling journey.
Ready to purchase your dream home? Before you finalize a home purchase, it may be worthwhile to schedule a home appraisal.
With a home appraisal, a property expert will examine a residence both inside and out. The home appraiser then will offer a property valuation.
In some instances, a home offer may be appraisal-contingent. And if the home appraisal valuation falls below the amount of a buyer's offer, the buyer may request a renegotiated price.
A home appraisal may prove to be an important part of the homebuying process. As such, it is paramount for homebuyers to understand what an appraisal is all about and determine whether to conduct an appraisal.
To better understand home appraisals, let's take a look at three home appraisal facts that every homebuyer needs to consider.
1. An appraiser's valuation is his or her opinion of what a residence is worth.
Typically, a home appraiser will use a broad assortment of housing market data as part of a home assessment. The appraiser also will look closely at a residence as part of the home evaluation process.
Although a home appraisal is based on housing market data and a home assessment, it is essential to note that a home valuation is an appraiser's opinion. Therefore, two home appraisers may examine the same housing market data and the same house and come up with two different home valuations.
2. The homes in a neighborhood may affect the valuation of a residence.
Believe it or not, a home's value may be impacted by those around it. Thus, if you intend to buy a home, it often pays to evaluate the neighborhood to better understand whether a house's value will decline, stay the same or increase over time.
Furthermore, what you spend to improve a house is unlikely to raise a house's value proportionately. And if you spend $20,000 on home improvements, there are no guarantees that these home improvements will add $20,000 to a home's valuation.
3. A home appraisal and a home inspection are two very different things.
A home inspection often is considered a must-have during the homebuying process, and perhaps it is easy to understand why.
During a home inspection, a property expert will ensure there are no structural issues with a home and identify any problem areas. Then, a homebuyer can move forward with a home purchase, rescind a home offer or submit a counter proposal based on a home inspection report.
On the other hand, a home appraisal enables a property expert to evaluate the house in its current state. A home appraiser will compare and contrast a home in relation to others in the area and offer a valuation.
If you need help determining whether to conduct a home appraisal, a real estate agent is happy to assist you. With a real estate agent at your side, you can determine whether to set up a home appraisal prior to finalizing a home purchase.