How A Property Appraisal Can Be An Additional Selling Tool
With the increasing inventory of houses in some real estate markets, many home sellers are relying on a property appraisal in order to get an independent, unbiased opinion on the value of their home and as an indicator of any potential negatives that may need to be addressed before putting their house on the market. While a professional agent’s comparative market analysis is usually a good indicator of the suggested sale price real estate agent of your home, a seller might want this second opinion to verify the best sales price. If you should choose to shell out the money expect to pay roughly $200.00 to $400.00 for this report.
Your appraisal- – which could range in length from two or three pages to more than a hundred, depending on its scope — will include details about the house, a description of the neighborhood and side-by-side comparisons of similar properties. It will also contain an evaluation of the area’s real estate market and notations of major problems with the property that will affect its value. Although many Local real estate agents are adept at pointing out problems with a property, a professional appraisal will give the home seller more in-depth information than would otherwise be available. This would enable the seller to determine what he or she is would be willing to invest in repairs or consider as an item to be negotiated with the prospective buyer. This report would allow the seller to determine the best sales price before he places his or her house on the market.
One of the major things you need to note, according to the American Society of Appraisers, “are any items that had a negative adjustment — they might be a good checklist for elements to update or remodel. Examples of issues that could cause a negative adjustment are: less than the typical number of baths for the house’s size, outdated kitchens and baths, or a one-car garage or no garage in a neighborhood where two- and three-car garages are standard.” In a real estate sales market where most people want turn-key properties, investing in this type of report to guide you in the pricing of the sale of your home might be a good idea.