For most people, whether they’re selling a condo at the Mayan Princess or a luxury home on North Padre Island, it doesn’t make sense to hire an appraiser—but the question often comes up.
The bottom line is that your buyer’s lender is most likely going to require an appraisal, and an appraiser will probably not be able to tell you the information you need to price your home correctly. That means, in a nutshell, that you should save your money and talk to your Realtor® about pricing. Your Realtor will determine what your home is likely to sell for based on a comparative market analysis, or CMA.

Why Won’t an Appraisal Help You?

An appraisal is designed to show the lender whether it’s making a good investment. The appraiser will evaluate your home, but he or she is giving an estimate; this estimate helps the lender figure out whether your house will be worth enough to recoup their losses if you stop paying your monthly mortgage.

Why You Need a Comparative Market Analysis

Your Realtor will evaluate your home’s features and compare it to other, similar properties in the area. She’ll look at properties that have:

• Sold and closed over the past 6 months
• Active listings
• Pending sales
• Expired listings (homes that didn’t sell during the listing period)

Your CMA will give you a snapshot of the entire area so you can settle on the right asking price for your home.
The bottom line: Save your money and don’t hire an appraiser unless your house is truly so unique that there’s nothing nearby to compare it to.

Are You Selling Your Home in Port Aransas or North Padre Island?

If you’re selling your home, we’d love to help you do so quickly and at the right price. We’ll be happy to give you a free comparative market analysis so you know exactly how much your home is worth. While you’re here, you can also download our free home-selling eBook and read our useful tips for selling your home faster.
When you’re ready, call us at 361-563-7788 or contact us online to find out how we can help you sell your home in Port Aransas or North Padre Island.
 

Filed under: Appraisal, Blog, Selling by Julie Woodward
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When your home is on the market, lenders typically want to see a current appraisal—but for many homeowners, that’s a nail-biting, edge-of-your-seat experience.
While we all know our own homes, what will an appraiser see when he or she walks in? How will the appraiser judge its appearance, state of repair, and value?
The good news: if you’re prepared for the appraiser, you don’t need to lose any sleep.
But how do you ensure your home is ready for an appraisal?

How to Ensure Your Home is Ready for an Appraisal

Double-check all the maintenance around your home. Is there chipped paint? A stain on the carpet that you’ve covered with a rug? A loose tile in the bathroom?
The appraiser is going to look at how well your home is maintained, and everything that could use some work is going to chisel away at the value.
Other things to check:

• Make sure appliances are in good, working order
• Trim bushes and clean up flower beds
• Find and repair cracks in sidewalks and driveways
• Tidy up your yard
• Repair damaged or loose fence slats
• Check the roof for loose shingles
• Check your gutters for blockage, bowing or other damage

Does Cost = Value?

Cost doesn’t equal value.
What that means is that if you spent thousands of dollars on a master bath makeover, you may not recoup it all when you put your house on the market.
(It’s always a good idea to think about resale value when you’re making home improvements, and if you’re not sure—or if you’re thinking about making improvements just to sell—talk to your Realtor® to be certain you’re making the right choice.)

Are You Selling Your Home in Port Aransas or North Padre Island?

If you’re selling your home, we’d love to help you do so quickly and at the right price. We’ll be happy to give you a free comparative market analysis so you know exactly how much your home is worth. While you’re here, you can also download our free home-selling eBook and read our useful tips for selling your home faster.
When you’re ready, call us at 361-563-7788 or contact us online to find out how we can help you sell your home in Port Aransas or North Padre Island.
 
 

Filed under: Appraisal, Blog, How-To, Selling by Julie Woodward
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