Appraisals: What You Need to Know
In order to sell your home, you need to have it appraised. An appraisal is an estimate of your home’s value, conducted by a professional appraiser. The appraiser will look at your home and consider a number of factors in order to come up with a fair estimate. However, there are a few things that can harm your appraisal and reduce the value of your home. Let’s take a look at a few of those things.
One factor that can reduce the value of your home is the presence of repairs that need to be made. The appraiser will take the cost of those repairs into account when estimating the value of your home. This can obviously lower the appraised value of your home, since the repairs will need to be made before the sale can go through.
Another factor that can cause problems is recent foreclosures or short sales in your neighborhood. This can give the impression that your neighborhood is losing value, which in turn lowers the appraised value of your home. The appraiser may also have difficulty finding comparable homes in your area if there have been no recent sales, which could also lead to a lower appraisal.
It’s important to be aware of these factors that can Impact your home appraisal. By being aware of them, you can take steps to avoid any potential problems. Repair any damage to your home before putting it on the market, and try to find comparable homes in your area that have recently sold in order to give the appraiser a better idea of what your home is worth.
