Getting your home appraised is just one of the many steps in getting your home sold. Even though almost every home gets appraised during the selling process, you'd be surprised how little people know about appraisals. On today's show, Robert and Dave go over some of the basics. See a short explanation below and listen to the show for more details, especially a call-in from James Pulsipher who explains more about the relationship between mortgage lenders and appraisals.
Appraisers will take a walk around and inside your home, then use either a sales comparison or cost approach to determine your home's value. The sales comparison approach is used for 98% of homes in the valley. The appraiser uses similar, recently sold homes in your neighborhood plus the condition of your home to determine your home's value.
What appraisers look for:
- Materials that were used to build your home
- Condition of your foundation
- Any obvious signs of disrepair
- Overall upkeep of your home
- Your home's amenities that set it apart from other properties
- Major upgrades in your home