5 Things Appraisers Wish Sellers Knew
When you want to sell your home, one of the first considerations is usually, “What should the list price be?”
This critical and often under analyzed price can leave your home sitting on the market too long or cost you thousands by leaving equity money on the table. This is when an experienced valuation consultant is helpful.
Here are five things that will help your appraiser give you the most accurate marketing value for your home:
1. Curb appeal
Walk outside and view your home as a perspective home-buyer will see it. Is there clutter in the yard? Weeds along the paths? Dead or dying plants that need to be watered more or removed? Children’s toys or other miscellaneous items that might distract from the curb appeal? Do what you can to clean up and declutter the yard. And, check the backyard too.
2. List of updates
Make a list of updates and major improvements you’ve made to the home. Have you updated the bathroom or remodeled the kitchen? These two areas have proven to add the most resale value to the home. Have you replaced the roof or HVAC system in the last 5-10 years? Make a list with the improvement, the date completed, and the amount spent (or the closest approximation). Send it to your appraiser or leave it on a counter where they can find it.
This critical and often under analyzed price can leave your home sitting on the market too long or cost you thousands by leaving equity money on the table.
3. Be available to answer questions
If you are home when the appraiser visits, let them focus and do their job but be available in case they have questions. They will almost always have questions.
4. Take care of small repairs
If there are repairs such as leaky faucets, chipped paint or caulk on window sills, doors that don’t open or shut correctly, consider repairing these before the appraiser’s visit. Make sure burned out lightbulbs are replaced. These little repairs can add up and factor in to the overall appearance and maintenance of your home. This applies to your safety equipment as well. Make sure your smoke and carbon monoxide detectors are functioning. Don’t let your home be classified with small deferred maintenance items if you have the time and ability to make these small repairs.
5. Neighborhood updates
Have there been changes or additions to your neighborhood that might affect value? Such as roads repaved, a new restaurant or shopping area, a community center, or employment center? Point these out to the appraiser or add them to your list as neighborhood updates.
The most important thing you can do is to work with a trusted, knowledgeable appraiser who understands your needs to provide an objective value your property. A great place to search for professional valuation consultation resources is FindMyAppraiser.com where you can search by state, town, or zip code to find the most reliable and professional appraiser near you.
Certified Residential Appraiser, Gynell has a diverse appraisal background covering Commercial, Residential, Rural, Complex and Luxury Properties as well as National Appraisal Review work in the secondary Market. She began her Appraisal training in Oklahoma in 2001 covering Rural and Commercial Properties. With several years as a National Review Appraiser at Fannie Mae and other big banks, Gynell has keen insight into the secondary market guidelines and requirements.