Home Appraisal

If you are planning to sell your home, determining its value may be the most important step in the process. Home appraisals will ensure that your home is properly priced.

Home appraisals are imperative to the selling process because if your home is overpriced, it is unlikely to sell very quickly and if it is priced too low, you won’t make any profit.

What is an appraisal?

An appraisal is an unbiased estimate of a home’s overall worth done by a licensed professional who has an adequate knowledge of the real estate market and can estimate home values based on several different factors.

First, the appraiser must inspect the home to see the features and amenities that it offers, along with the condition that the home is in. Most importantly, the appraiser should look for any defects that may affect the home’s value. The inspection may also include a sketch of the property to ensure the square footage and the layout of the home. Once the appraiser has evaluated the home and has done a considerable amount of research in order to compare sale prices of similar homes in that particular area, he or she can accurately estimate the overall value.

What affects the value of a home?

The two most important features that will considerably affect the home appraisal are size and location.

Size

The square footage of a home is often the first question a buyer asks because it is important to have adequate space to accommodate specific living needs. In relation to the square footage, the number of bedrooms is essential to the value of the home. However, the preference of the number of bedrooms varies with each buyer. Some prefer fewer bedrooms so they have more floor area, while others are looking for several bedrooms to fit large families or accommodate many guests.

Location

Two identical homes can be significantly different in price depending on their location. Perhaps location is such an important factor because it doesn’t only include the quality of the neighborhood that the home is in, but it also includes how close it is to schools, shopping venues, business districts, etc. However, location can be very subjective depending on the buyer. Some buyers may prefer a home that has proximity to freeways and other major roadways in order to facilitate a quicker commute, while other buyers may have children and would prefer living in a quiet neighborhood that is far from any heavy traffic.

How to find a good appraiser

There are hundreds of appraisers in most cities, so when you look for an appraiser in your area, look for their experience level and their customer service. Although many real estate agents can be qualified to give you a home appraisal, find one that is willing to answer all of your questions and help you through every step of the process.

Is it worth the money to get a home appraisal?

Typically, an appraiser charges a few hundred dollars to estimate the value of a home. Although a professional appraisal is not cheap the benefit is that you have written professional documentation of the value of your home that you can show to potential buyers. Having a Home appraisal can be a beneficial tool that may help you sell your home more quickly and at the price you want.

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®