Zeroing in on the value of your home is an important part of the selling process. You don’t want to leave any money on the table, but you also don’t want to price yourself out of finding a buyer. Some will argue that a home is worth what somebody is willing to pay for it… true, if they are paying cash. Keep in mind, if a buyer is getting a loan, the lender won’t lend more than what an appraiser will say the home is worth.
A big challenge in a market when prices are on the rise is finding comparable sales to support the increase in value. Appraisers look at comparable sales as one indicator of value, and this is looking backward. So how do values increase if appraisers don’t have sales to support the value? It’s a conundrum.
If an appraisal comes in low and you feel further discussion with the appraiser is warranted, AmeriTitle can possibly help. We have the ability to search for comparable sales.* Sometimes we are able to come up with a comparable sale (or sales) that the appraiser might have missed. You can then pass this information along to them to see if it will assist in their research. For some additional ideas, this article from interest.com shares 4 smart moves to challenge a home appraisal.
Keeping Current Matters shared an interesting visual of a widening gap between homeowner’s and appraiser’s opinions of home values. Read more about Appraiser Home Value Opinions Compared to Homeowner Estimates. They close this article with the best advice you can get, “…meet with an experienced professional who can guide you through this…”
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*Connect with your local AmeriTitle office to verify availability of products and services in your area. Comparable sale information is not available in all locations.
This content is provided for informational purposes only and is not to be construed as legal, financial, or real estate advice.