Selling your home? Refinancing? Using your property as collateral? Whatever your reason, there’s one crucial factor that can make or break your success: the real estate appraisal.
But unfortunately, most real estate professionals are focusing on the wrong things! They’re missing out on the huge impact that appraisals can have on the size of your check and the amount of property taxes you pay on an annual basis.
In fact, appraisals are so important that they can even determine whether or not you get to sell your house at all! That’s right, folks. The appraisal process is a big deal, and it’s time to start paying attention.
So, what is a real estate appraisal, and how does it really work? Simply put, it’s an estimate of your home’s value at a specific point in time. But here’s the kicker: appraisals are VERY subjective. That means the value of your home can vary widely depending on who’s doing the appraisal and what factors they’re considering. Even their mood can play a role!
That’s why it’s critical to get this ONE FACTOR right! You don’t want an appraiser having a bad day, rushing to meet a deadline, or being more conservative in their valuation. You want to stack the odds in your favor by preparing strategically and understanding the nuances of the appraisal process.
Just how much can appraisals vary? Well, a Canadian news station hired six different appraisal services to value the same home during the same week, and the results varied by a whopping $350,000! That’s a huge difference, and it could mean the difference between selling your home for top dollar or settling for less.
But don’t despair! There are ways to stack the odds in your favor and increase your chances of getting on the higher end of the appraisal value range. Here are some key takeaways:
An appraisal is just an opinion and estimate, and it’s very subjective. Don’t take it as gospel truth.
Appraisers can be influenced by a variety of factors, such as their mood, workload, and even the cleanliness of your home. Try to make your home as appealing as possible.
There can be a wide range of valuations for the same property, depending on who’s doing the appraisal. Shop around and find a reputable appraiser.
It’s important to get your pricing right and increase your odds of getting on the higher end of the appraisal value range. Do your research and understand the local market.
So if you’re involved in the real estate market, don’t overlook the critical role that real estate appraisals play in determining your success. With some strategic preparation and a bit of luck, you can increase your chances of getting a higher appraisal value and achieving your goals.
Bert Molner
Bert Molner grows profits by multi-millions of dollars. He uses the power of networking to help people develop relationships and deliver the right message at the right time. Bert is a people-crazed, passionate storyteller, but ultimately, a business sale closer.