As you prepare to sell your home, you want to ensure that you list the property at a fair price. This will help you attract the right buyers and optimize the home’s value. To determine this price, a home appraiser can perform a full assessment of your home. While real estate appraisals may seem confusing, they are an essential step in the home selling process. 

What to Know About Real Estate Appraisals

What is an appraisal?

During a real estate appraisal, a certified home or commercial appraiser will come to the property and assess its value. They will consider factors like home size, number of rooms, acreage, style, age, and overall condition. In addition to this assessment, they will compare the home to other property sales within the last six months in your area. This will help determine the home’s property value.

Why are appraisals necessary?

Home appraisals ensure that a property is listed at an optimal price and are essential in helping buyers secure a mortgage. It should be low enough to compete in the market but high enough to sell at its true value. These assessments can also help buyers obtain a loan and fight for accurate taxation. 

How is this different from a home inspection?

Home inspectors are primarily concerned with the physical condition of the house. They will look at the roof, foundation, electrical work, HVAC systems, plumbing, and insulation. Their report will primarily concern the integrity of the home’s structure, while the home appraiser’s report will take the housing market into account. 

What if I don’t think the appraisal was accurate?

If a home seller disagrees with the appraisal, they can talk to their home lender about challenging it. However, before you challenge an appraisal, be sure to collect documentation to prove your case. For example, if the appraisal report suggests that your roof is in poor condition, make copies of the receipt of your recent roof replacement. You can also ask your lender if they would accept an independent appraisal.

Can I do anything to boost my home’s value?

To ensure that your real estate appraisal prices your home as high as possible, you want to ensure that your home’s features are as updated as possible. Consider which renovations will hold the most value in your area. For example, if you live in a colder climate, you might consider updating your heating system or switching to double pane windows. Your real estate lender will have other suggestions for preparing for the appraisal. 

When you are ready to sell your home, make sure that your property is listed at the right price. Galvin Realty Group, Inc. has been helping individuals and businesses in Monroe County, NY, buy, sell, and manage properties since 1987. Their qualified team specializes in real estate appraisals, consulting, leasing, and traditional management. To learn more about their services, call (585) 546-1290 today.