The Role of Appraisals in Home Selling

Bend, OR Real Estate Podcast with Christine Browning

Appraisals aren’t just important for homebuyers. They’re just as important for home sellers.

Home appraisals are typically ordered by lenders who want to determine the value of a home before they decide to approve a loan to purchase it. They also need to know the value just in case the buyer defaults and they have to take over the property and sell it.

An appraiser looks at three to six recent comparable sold properties in order to determine its value. One of the problems with this method is that appraisers don’t have a chance to walk through any physical properties—they just have online data. That data may or may not be accurate.

While appraisals are typically thought of in terms of buyers, sellers need to be aware of them too. There are a few different ways in which you can help your home appraise to where you want it to.

Make sure your home presents as well as possible.

The easiest way is to make sure the home presents as well as possible. This involves opening blinds, turning on lights, and making sure the yard is perfect, among other things.

Another thing that could be helpful is leaving out a list of features and upgrades that you’ve made to your home to show how it’s unique. This could potentially increase the home’s value in the appraiser’s mind. If they don’t know if something is new or remodeled, they will assume that it’s not and you’ll miss out on the added value.

If you have any questions for us about appraisals or if we can provide assistance of any kind, give us a call or send us an email. We look forward to hearing from you.