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Appraisals
An appraisal is simply the opinion—about the value of your house—of a trained professional. Appraisals are used primarily to protect the lender's interest in the property. That’s because lenders want to be sure they don’t underwrite properties for more than they’re worth.
Appraisals also are used when other factors—such as a lack of real-estate activity in your area—make it difficult to assess your property's value.
Appraisals are based on past sales data, the home’s location and condition, and the lot size. If the buyer's mortgage is insured through the FHA, the appraiser must disclose potential problems relating to the home’s physical condition. There are no similar stipulations for non-FHA mortgages.
Stacy can recommend an appraiser. Also, feel free to check the status of California appraisers’ licenses through the Office of Real Estate Appraisers.
The National Association of REALTORs® suggests some other steps to help you set your home’s list price. After analyzing sales data, you may want to conduct some market research. You can do this by attending one or two open houses. Make an impartial assessment of how those homes compare to yours in terms of size, location, amenities and condition.
Because she has expertise in real estate, Stacy Eder can be a resource in analyzing all pertinent information to develop a realistic list price. Trust her judgment. However, the final decision on list price is yours to make.
Proceed to Tax Implications | Return to Market Analysis
Back to Selling Your Home Intro.
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