Dispelling 2 Common Myths About Home Appraisals

Posted on: 23 October 2014

Selling a home is almost always a highly stressful experience for someone to go through. A house is a major investment, and it is important to get the most you can from a buyer. Unfortunately, there are a couple of common myths homeowners may have heard about their home's value, and dispelling these myths can help you better anticipate what to expect from this process. 

Myth: You Always Get Your Home's Appraised Value From A Buyer

Many individuals are under the impression that they will always get the full appraised value of their homes from buyers. While this would be ideal, you should never expect to get the full appraised value of your home. Most buyers will attempt to negotiate the price of the home lower, and depending on market conditions, you may not have a choice but to accept their offer. Interestingly, if the market is strong for sellers, you may get more than the appraised value of the house, but the exact price will largely be determined by your negotiations with the prospective buyer. 

Myth: Your Home's Value Is Only Determined By The Condition Of The House

A common misconception about home value is that it is only determined by the condition of the house. While the condition of the house will play a major role in determining its value, it should be noted that there are a tremendous number of variables that will determine the actual value of your real estate. For example, the local education system, neighborhood reputation and crime rates are just a few of the variables that will determine this valuation. 

When your home is appraised, the appraiser will carefully research all of these factors. Also, they will research the recent selling history of properties that are similar to yours in the nearby areas. This will provide you will a very close approximation of the true value of your home. After this process is complete, the appraiser will provide you with a detailed report outlining the factors that were used to determine the value, and you may be able to use this report to boost your home's value before formally listing it on the market. 

Selling your house can be a very uncertain experience because you may not know what to expect as far as offers from buyers. However, dispelling these two common myths about home appraisals can help give you a better idea of what to expect to receive for your home. To talk with a local appraiser, visit Appraisal Keys.

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