Real Estate Q and A

Q. Would an appraisal be helpful in getting my home sold?

(See below for answer)

A.  There is no question that a home must be priced right, especially in these tough economic times. A price higher than market price just will not get the showings that a properly priced home will. When you list your home with me, I use sold data from the last year to give guidance on pricing, which is usually very close to what the market price should be.

However, a professional appraisal can have a couple of good advantages. Appraisers are licensed professionals and follow strict guidelines about how they can establish value (especially these days). Appraisers, by law, can only use homes sold as a basis of comparison. This assures that their opinion will be based on prices that were actually paid by a willing and able buyer.

They are also trained to compensate for the subtle differences between one home and another, so their appraisal will include the most accurate data possible in comparing “like for like”.

An appraisal can carry a lot of weight with a potential buyer. When you can show them a professionally prepared document, they will not usually question its accuracy and it will have a lot of credibility. It also answers any questions about how you arrived at your price.

And, if you are highly motivated, an appraisal gives you the opportunity to offer an even better deal on your home. Offering your home for sale at a price that is “below appraisal” and is backed up on paper, can be a big advantage in getting it sold faster than normal.

An appraisal will cost $350-$500 and is not a guarantee that you’re going to get the price at which your home was appraised. A myriad of other factors come into play, and you could end up selling for more or less depending on the current market, the number of buyers on the market, current interest rates and more.

I’d be delighted to discuss this in more detail or answer any other questions you may have about real estate. Feel free to call me!

– Brad (323-449-7416)




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