The Truth About Appraisals When Selling Your Home
This is why sellers don’t need an appraisal when listing their homes.
Do you really need an appraisal when selling your home? As a real estate expert, I can tell you the answer is no. While an appraisal provides an opinion on the value of your home based on recent sales data, usually about as far as three months back, it doesn't necessarily reflect current market conditions.
When pricing a home, we consider factors such as competition, supply and demand, and the velocity of the market at the moment. We also take into account your timeline for selling, which an appraiser never asks about. As a result, our pricing strategy may differ depending on when we put your home on the market.
"An appraisal doesn't necessarily reflect current market conditions."
If you need to determine the value of your home for other reasons, such as a divorce settlement or estate planning, a broker's price opinion can provide the necessary information. The truth is that the only time when an appraisal becomes necessary is when you're buying a home and getting a loan. The lender will require an appraisal to substantiate the value of the property, and you'll need to ensure that it's taken care of and paid for. However, when it comes to selling your home, a Realtor can help you price it correctly for the current market and achieve your desired timeline.
If you're thinking of selling your home or have any questions about the appraisal process, give me a call or send an email. I’m always happy to hear from you.
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