Home Selling System for Higher End Properties

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Selling a home is selling a home, no matter if its selling price is $100,000 or $1,000,000. But the secret to selling a home successfully is always in the honestly with which the transaction is conducted. Still, with higher end properties there is more money at stake so owners are equally as more wary prior to listing their home.

One of the ways we combat some of the perceived challenges of selling an upscale home is to be fully prepared by way of an appraisal. Most people do not realize that there are different levels of appraisals that can be performed on a property. They range from a simple one done just to fulfill a paperwork formality to a very complex and detailed one to help investors determine the viability of the purchase. Appraisals that are performed primarily for a bank that is simply processing a refinance will not have as much pull as the ones that are done for lenders looking to determine whether or not to loan money.

When it comes to a high-end home the transaction can get complex. For this reason we strongly advice homeowners to get a professional appraisal done prior to listing the home for sale. Not only does that provide them with the necessary market data but also it gives them an updated snapshot of what the buyers might find when they have an appraisal done.

How An Appraiser Determines the Fair Market Value

Armed with the proper information from an appraisal done through a licensed professional, sellers can then assess their price and also compare the same with other like kind properties in the area. Though there are multiple ways that a professional will determine the fair market value of your home, the most widely used form is reviewing comparable sales. The ideal information is of homes that sold in the neighborhood during the last 6 months – and it is important that the homes listed on the comps report only include homes almost entirely similar to the one being appraised.

Key areas that are considered during an appraisal are the physical condition of the home, area comparable sales from the last six months, the home’s structure, function and performance plus the overall expected life of the home. Of course the higher the appraisal, the greater the potential there is for a higher appraisal value, allowing the seller to realistically price the home for more.

Appraisers and Home Inspectors Play Different Roles

A common misconception is that a home inspector is the same as an appraiser. While the licensed appraiser does evaluate functionality of the home, inspectors are not necessarily always licensed and they are qualified to inspect the home for function, safety and structure.

How To Assist In the Appraisal Process

Though the homeowner will not be able to influence the appraisal process in any way, there are things that they can do to assist in the process. Be sure to keep all functioning aspects of the home that the appraiser would want to view unobstructed and easily accessible. Also, if there are copies of the home’s blueprint or past appraisals, providing them up front will be very helpful to the inspector. Lastly, remember to be respectful and courteous to the professional when they are reviewing your home.
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If you would like to explore selling your home or looking for a new one to purchase – contact us today. We would love to assist you in all your real estate needs!