The Value of Real Estate Appraisals
Whether you're buying or selling a home, it's important to know the value of real estate appraisals.
Appraisals estimate the dollar value of a property. They are opinions, but opinions based on a good deal of evidence, including details about the property itself, information about the surrounding neighborhood and comparable sale and listing prices of other homes in the area.
What factors affect the property value?
Homes tend to be valued higher if they are well-maintained both in and outside. The appraisal value is also influenced by the number of desirable features in the home, such as extra bedrooms, parking space, back yard, energy saving appliances and expansion opportunities. Finally, the location of the home may impact the value, since the appraisal reflects the condition of other homes in the neighborhood and the proximity to commercial centers and highways.
When do you need an appraisal?
If you're buying a home, real estate appraisals are required by most lenders in order to secure a mortgage loan. Appraisals can also be helpful for a potential buyer to gauge the accuracy of a listing price. On the seller's side, when you're trying to determine a listing price for your home, it's helpful to have an appraisal that compares your home's value to others recently sold or added to local listings.
How do I get an appraisal?
Since the appraisal has such a great impact on the determination of the property's value, make sure to find someone who is well-qualified for performing the appraisal. Your Realtor can recommend a licensed or certified appraiser who is experienced and knowledgeable about the value of properties in your area.
Overall, real estate appraisals are an integral component in understanding a home's value.
Valerie Demerski is a Realtor with Barbara Demerski Real Estate in Northampton Massachusetts.
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