Chester County homeowners want to know the value of their home. Since home ownership is most likely the largest investment a person makes, this is an important issue. With today’s modern technology there are an abundance of websites that are willing to give you a value for your home. While these websites may give you a ballpark range, to find the most accurate value it is best to reach out to a local real estate professional. We have put together some tips to consider when finding a value for your Chester County home.
1. An appraisal isn’t an exact science:
Appraisers give their opinion based on how the home’s features and condition stack up against those of similar nearby homes recently sold. One appraiser may include a recent sale while another may consider that sale not recent enough, the home too different or not near enough to be a fair comparison. If you are a seller, be sure that your real estate agent is meeting the buyer’s appraiser at your home for the appraisal once you are under contract with a buyer. While home values are increasing in Chester County, it is important that your real estate agent is there while the appraisal is being completed to point out all of your home’s best features and give some insight as to why your home is worth more than the recent sales in the neighborhood.
2. Appraisals have different purposes:
Appraisals are also different from CMAs, or competitive market analyses. In a CMA, a real estate agent relies on market expertise to estimate how much your home might sell for in a specific time period. There can be variations between CMAs and appraisals on the same home. In Chester County, many homes are selling quickly and for top dollar but it is the appraisers job to keep the values in check so we do not have another mortgage crisis like in the past. Keep in mind an appraiser will factor in recent distressed sales in your neighborhood and those sales can bring down the appraised value of your home. Again, it is helpful to have your listing agent meet with the appraiser to make sure they take note of your home’s special features.
3. An appraisal is a snapshot:
Home prices shift and appraised values will shift with those market changes. Your home may be appraised at $250,000 today; but in six months, when you list it for sale, the appraised value could be lower or higher depending on how your market has performed. You can check out the most recent Chester County Market Statistics here.
4. Appraisals don’t factor in your personal issues:
You may have a reason why you must sell immediately, such as a job loss or transfer, which can affect the amount of money you’ll accept to complete the transaction in your time frame. An appraisal doesn’t consider those personal factors. They also will not factor in things that are being sold with the home, like furniture for example.
5. You may be able to ask for a second opinion:
Do you think the appraisal came back too low or too high? You can request that a second appraisal be performed by a different appraiser (if bank allows). You, or a buyer who has requested the appraisal, will have to pay for the second appraisal; but it may be worth it to keep the sale from collapsing. On the other hand, the appraisal may be accurate and it may be a sign that you need to adjust your pricing.
Contact info@TheLundmarkGroup.com with help finding out the value of your home today!
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Information courtesy of Suburban West REALTORS® Association
and the National Association of REALTORS®