Home Selling Tips: Home Appraisal Value vs Selling Price, What Factors Are Considered : Home : Realty Today
In determining a home’s value for reselling, homeowners may attempt to determine these values on their own, or through an appraiser. However, these values may not always be accurate listing prices, primarily because appraisers leave out some aspects that may also affect the listing value. This is why getting the help of a real estate agent is a better idea, not only in determining home value, but also for the entire process of home selling.
Here are some factors that affect home appraisal value and listing price:
Older Comparable Data May Be The Basis
The lack of accuracy in home appraisals may be due to the fact that these appraisals use older comparable data, which may be at least six months old. Since market conditions can go through dramatic change within a few month’s time, using older comparable data will definitely not give you a realistic listing price.
Client Preference Is Also A Factor
Home appraisals are mostly objective. What is taken into account include property size, age, layouts, and other physical traits. However, clients have many other things in mind that they wanna take into account when looking for a home to purchase, i.e. desirability of location, home style, and any design touches. These client preferences may not always be considered by appraisers, although this can actually impact a home’s listing price.
Special Features Affect Home Value
Some of the special features a home can have that can affect home value include upgraded appliances, heating/cooling systems, security cameras, and the likes. These things may not be included by an appraiser in considering your home appraisal value, but a real estate agent will consider these factors in determining a very reasonable asking price for your property.
The whole point of this is that the appraisal value and selling price may not always be the exact same figures. So if the reason why you want to know your home’s value is for you to get the highest possible asking price, it is best to contact a real estate agent. Not only will the agent help you in determining the best selling price, this person will also help sell your home.