While there might be circumstances when a homeowner needs to sell a home regardless of market conditions, there are other times when the value of the home will be a deciding factor in determining whether a homeowner moves or stays in the home for a longer period of time. Some homeowners attempt to determine the current market value of their home on their own or they get an appraisal, but these values are not always an accurate depiction of a reasonable selling price. There are some very good reasons it is best to ask for an evaluation from a real estate professional as opposed to an appraisal company or through online websites.
Appraisals use older comparable data
Some homeowners will reach out to an appraiser for a valuation, but these valuations are not always accurate nor do they reflect a listing price that a real estate agent would advise. Among the reasons for this is due to the fact that appraisals commonly utilize older comparable data, and several of these comps might be six months old or older. In many areas, market conditions can change considerably within a few months, so older comparable data will not provide a practical listing price.
Consumer preference is essential to value
Appraisals are typically objective, and they also take into consideration property age, size, layout as well as other physical factors. Nevertheless, consumers that are in the market to buy a new home also think about various other factors like just how desirable the area is, the style of the home, as well as smaller designer touches that the appraiser will not take into consideration. This can impact the actual list price, and these are all variables that a real estate professional will take into consideration when trying to assess a value to your home.
Properties may have unique features that affect value
Appraisers only have access to particular information when looking at comps (comparables), and as a result, may not take into consideration special and unique features that a property has that could affect the value. For instance, upgraded appliances, security systems, new HVAC heating or cooling systems as well as other features that could increase value. A real estate professional will certainly evaluate all facets of the home to establish a fair and reasonable listing price.
Obtaining a home value is an important step when making the decision whether to sell now or wait to sell later on in the future. Those that are interested in learning the value of their property should reach out to their trusted real estate professional for reliable market analysis.