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.