Whether you’re planning to buy or sell a home, you need to ensure that the price of the listing is a fair representation of the home’s value. That’s why a home appraiser plays an invaluable role in the real estate process. Below is a comprehensive overview of a home appraisal and the importance of scheduling one before you buy or sell a house.

What Is a Home Appraisal?

A home appraisal is a professional evaluation of a property to determine its market value. This estimate is based on a variety of factors, which include location, the interior and exterior condition of the property, renovations, and amenities, such as a deck, outdoor pool, and energy-efficient appliances. The appraiser will also note the recent sales of other comparable homes in the neighborhood, as well as the demands of the market. 

Why Are They Important for Sellers?

Selling your home at the right price is key to minimizing the amount of time it spends on the market without losing money. For instance, if you price a home too low, you could lose a significant amount of money on it, while pricing it too high may deter buyers from making an offer. Scheduling a home appraisal before listing will help you set an agreeable price. 

Why Are They Important for Buyers?

Appraisals are required by mortgage lenders to ensure that you don’t pay more than what the home is worth. If the house is priced higher than what it’s worth, the lender may refuse to issue you a mortgage. This provides you with more negotiation power before you sign the contracts and close the deal on the home. 

If you’re in the preliminary stages of buying or selling a home, hire a seasoned real estate agent to guide you through every step of the process. Hensley Realty is the premier real estate firm in Russell, KY, with a team of professional agents who have the expertise and tools to help you land the best deal on a home. Give them a call today at (606) 836-9770 to schedule an appointment with one of their agents or visit them online to browse their current real estate listings.