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Whether you’re buying or selling, an appraisal will be part of your transaction. If you happen to be selling, it’s important to understand exactly how an appraiser will judge your house. To get an accurate appraisal, the appraiser will compare your homes to other homes that are either on the market or have recently sold. Appraisers take many different factors into account, but there are three main topics that they always start with when comparing your home to the rest of the market.1. Location.
If your home is an urban property within the city limits, the appraiser will only consider comparable homes in the same neighborhood, less than a mile away.2. Square footage or size.
An appraiser will not consider a comparable property that is 20% larger or 20% smaller than your property.3. The age of the property.
Finally, an appraiser will not use a comparable property that has more than a 15-year age difference to your home. If you have an older property, it won’t be compared to a brand-new home.
If your home is an urban property within the city limits, the appraiser will only consider comparable homes in the same neighborhood, less than a mile away.2. Square footage or size.
An appraiser will not consider a comparable property that is 20% larger or 20% smaller than your property.3. The age of the property.
Finally, an appraiser will not use a comparable property that has more than a 15-year age difference to your home. If you have an older property, it won’t be compared to a brand-new home.
Some other things that appraisers will take into account include if you are in a rural environment or you have specific upgrades or features that set your home apart from others, but only after they look at the three criteria above.
If you have any questions, feel free to give us a call or send us an email. We would love to hear from you and answer any questions!