subject: Selling Real Estate? Understand Your Appraised Price [print this page] Selling Real Estate? Understand Your Appraised Price
Setting your listing price is one of the most important things in the home selling process. Knowing the value of your home helps you determine your listing price.But how do you know the value of your home? Who decides the value and how do they decide? Many factors influence the value of a home, such as square footage and number of bedrooms, bathrooms and garages, interior and exterior architectural features and extras like a swimming pool or a storage building. Historically, larger homes with more bedrooms and bathrooms increased a home's value, but in the current market place a larger, more expensive home can be more difficult to sell, which can decrease its value.Besides the size and special features, many other things influence the value of your home. Is there a lovely view? Could it be inside a gated neighborhood, near to public shopping and outstanding educational institutions? Is it old, and needing updating? The features and circumstances affecting the value of your home are also subject to the opinion and preferences of each individual buyer. School districts can greatly affect value, and the age and condition of the home are also factors. Other properties on the market at the same time affect the value of your home. Supply and demand can make your home worth more when there are fewer properties available in your area, and worth less if there are many homes similar to yours on the market, that can lower the value, especially if there aren't many buyers.Appraisers are professionals who are often hired by lenders and occasionally by homeowners to provide an opinion as to the market value of a home. All the items listed above influence an appraiser, most importantly the value of other, similar homes that have recently sold and homes that are currently listed for sale. More and more homeowners are relying on the services of an appraiser to provide them with a market value prior to listing a home for sale. When you hire an appraiser to work for you, to provide his or her professional opinion based on the condition of your home and the market conditions, you know you are more likely to sell your home in a difficult market. Knowing the appraised value of your home is the starting point for a successful sale.
