Getting your home appraised when you first put it on the market offers many benefits and can help you avoid certain problems down the road.
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If you’re a home seller, why is it so beneficial to get an appraisal for your home when you first list it?
The market is rising, and prices and values are going up. Everyone likes the idea that real estate is appreciating in value, but values rise slower in southwestern Ohio compared to places like California. Still, you can now buy a home with more confidence knowing that it will be worth more when you sell it. You can build equity and personal wealth in a market like this, which wasn’t the case during the long period of decline we’re just now emerging from.
There is a challenge in a rising market, though. The home you’re selling might now be worth more than very similar homes that sold earlier in the year. This can present a problem when your buyer has the home appraised for their mortgage loan. A cautious appraisal may come in low or short because the appraiser can’t find comparables to support your asking price. Many agreements are falling apart because the buyer can’t get a loan for more than the appraised value.
That’s why we suggest that you get your home appraised at the beginning of the marketing period when it’s first listed. There are several benefits in doing this.
First, you know up front what the home will appraise for and you can establish an asking price with that knowledge. Second, this formal appraisal establishes a credible, disinterested, third-party opinion of value to protect you against lowball offers. Any buyer who tries suggesting your home is worth far less than what you’re asking will be shot down once you produce the documented current market value.
We’re expert negotiators, and this gives us a big club to carry during negotiation.
This will also stop any back and forth with a buyer’s agent who might find a couple distressed properties that sold cheaply and try to say yours should be priced much lower. This is powerful ammunition and will likely cause you to net far more than the nominal cost of the appraisal. We’re expert negotiators, and this gives us a big club to carry during negotiation.
The present positive market conditions also offer a few challenges, and the experts on our team are here to help you navigate through those so you can have a smooth transition out of your present home. We want to do everything possible to preempt or avoid the problems that could come up, and an appraisal is one trick we have up our sleeve to make sure your home sells in the least amount of time for the most amount of money.
If you have any questions or are thinking about buying or selling a home, give us a call or send us an email. We look forward to talking to you soon.
