3 Things Sellers Need To Know About Appraisals

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Home appraisals can be a factor in any home buying or selling deal. An appraisal is a professional, unbiased opinion of the value of your home. As a seller, an appraisal is recommended when deciding how much to list your house, but it is not mandatory. Your real estate agent can give you an estimate of what they believe the value of your house is. However, appraisers are licenced professionals who will examine your house and can give you a more precise opinion. To give you a better idea of the ins and outs of appraisals, here are the 3 most important things you need to know.

What Are Appraisals Based On?

Appraisals are based on a variety of elements of your house and surrounding property. To begin, an appraiser will look at the interior and exterior of your house, the value of any secondary structures on the land and the lot size. They will also consider any upgrades or renovations that were recently made to the property. They will then look at comparable properties in the neighbourhood that have recently sold. The appraiser may also take into account what the cost would be to build your house today.

How Can You Boost Your Appraisal Value?

A good way to raise the value of your home thereby improving your appraisal value it to start by fixing any minor problems in your house. Oil the hinges on doors, fix the leaky taps, remove the wallpaper from the guest bedroom and declutter everything. Small fixes like these can go a long way. You should also take some time to improve the exterior of your home such as mowing the lawn, pruning the trees and removing the weeds. Of course, you can consider much bigger upgrades to your house like renovating the kitchens and bathrooms.

How Long Do Appraisals Take?

Depending on the size of your house and surrounding property, an appraisal can take anywhere from 30 minutes to 3 hours. It may also depend on the condition the property is in. For example, a house in poorer condition may take longer to evaluate. After the inspection, appraisers will take time to compare properties and determine a fair market price. So overall it might take a few days to get the final report back from the appraiser.

As we mentioned above, appraisals are not mandatory. Most home sellers will rely on their real estate agent’s listing price estimate. The only real downside to not getting a home appraisal is if your real estate agent lists the property too high and the house stays on the market for a few months. This is one of the many reasons why picking the right agent is so important. A seasoned agent will be able to give you their best estimate of the house's property and very likely get the same number as an appraiser.

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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
j oshua@knowledgebroker.ca
249 Avenue Road • Newmarket, ON L3Y 1N8
289.231.0001