Selling your house? Do you know what it’s worth in today’s market?
Thinking of selling your home? Before you put your home on the market with a Realtor, or put it up for sale by owner, it is in your best interest to get an appraisal from a LOCAL certified real estate appraiser.
There are alternative ways that provide an estimate of your homes market value. Zillow.com can provide you a “Zestimate.” Listing agents may provide a comparable market analysis also known as a CMA. CMA’s are based on comparable homes in your area prepared by a REALTOR or Broker. However, if you’re looking for an actual appraised value of your home, be sure to hire a certified appraiser that has experience in your local real estate market.
The real estate appraiser acts as an unbiased third party that can help you determine how much you should list your home for.
When you want the most accurate opinion of value, it would be in YOUR best interest to hire Naperville Appraisals before putting your home on the open market.
How does an appraiser determine the market value of your home?
To determine the market value of your home, the appraiser will:
- Note the size, condition, quality, appeal and type of the property.
- Analyze the real estate market in the area and what other similar homes have sold for and are currently selling for.
- Make note of the upgrades done to the property and the extra features around your home.
- Note any factors that may impact the value or marketability of your home.
- Consider how these compare to the nearby, recent sales during the appraisal process.
The real estate appraisal is meant to be objective. It is in the view of a typical buyer and considers what a prospective buyer would pay for a property by reviewing the history of previous buyers motivations in the market area.
Benefits Of Having and Appraisal Before Selling a Home
First of all, you will know the fair market value of your home. If the appraised value from the buyer’s mortgage lender is lower than expected, the transaction may be delayed or even canceled. This could be avoided if your home has been priced correctly.
Hiring a professional appraiser to provide an opinion of value can help prevent surprises later. This sometimes work in your favor when selling your home.
Having an appraisal done before listing for sale will provide you with an understanding of the appraisal process and what to expect.
It is always in the home sellers best interest to have an independent home appraisal completed prior to listing the property for sale.
The appraisal report can sometimes act as a buffer and remove the emotional aspect of negotiating between the buyer and seller. By informing prospective buyers that you hired and consulted with a local appraiser to assist with pricing the home prior to listing it.
The appraiser is an unbiased third party with no interest in the outcome of the transaction.
So, what can you do prior to listing your home?
The condition of your home does affect its market value. You can increase the odds of selling of your home by doing repairs and improvements.
Fix anything that’s broken, and consider doing some minor improvements such as updating the bathroom or putting in new flooring. New carpet and paint can go a long way sometimes.
Also, make sure your home and yard are clean and uncluttered when you are preparing your home to be marketed.
Keep in mind, the buyers mortgage lender will be having an appraisal done to determine what the property is worth. Sellers that have an appraisal
The law surrounding residential real estate appraisals is complicated and the facts of each case are unique. This article provides a brief, general introduction to the topic. As with any legal matter, we highly recommend consulting with an attorney. For more detailed, specific information, please contact Michael Mila, residential real estate appraiser.