An appraisal is a good way to get an unbiased estimate of how much a property is truly worth. Most people don’t start thinking about appraisals until after they have buyers placing offers on the property. However, it can be beneficial to get an appraisal early on in the process. When you get your house appraised before you even have any interested buyers, you can enjoy these great perks.
1. Know How Much to List the Property For
As a homeowner, you’re normally too close to the situation to see the true value of your home. One of the biggest mistakes sellers make is incorrect pricing. Too high a price will scare away buyers, while too low a price will mean you’re just losing out on valuable profit. A pre-listing appraisal gives you a solid estimate of how much you should be asking when you list your home for sale in Irvine, CA.
2. Have Realistic Expectations
You can never know exactly how much you’re going to get for a property you’re trying to sell, but an appraisal gives you a decent idea of what you’ll make from putting your property on the market, which is useful if you’re trying to budget for other purchases, such as buying a new home. It keeps you from making financial mistakes because you’re assuming you’ll get an impossibly high amount from selling the property. Before you go through the hassle of staging your property and marketing it to buyers, the appraisal can tell you if the end result will be worth it.
3. Know Which Real Estate Agent to Work With
When you first look into selling your home, you should probably have a few agents take a look at it and tell you what they think the home will sell for. Most Irvine real estate agents will give fairly similar estimates, but every now and then, you might get an agent with a wildly high or low listing suggestion. Having an appraisal that gives you a less biased look at the property’s value can help you figure out whether real estate agents are giving you an unrealistically high estimate just to get you to work with them.
4. Avoid Hassles When Closing
One of the common reasons a closing doesn’t go through is because the home is appraised for significantly less than the amount the buyer offers. In these cases, banks often refuse to approve a loan because they worry they cannot sell the property to recoup their costs if the buyer fails to pay the mortgage. Having the property already appraised is useful because it gives buyers an idea of how much they can afford to offer for a home without the risk of having their mortgage application fall through.
Getting your home appraised before you sell is one of the smartest decisions you can make. It’s also smart to work with experienced real estate agents who have in-depth knowledge about pricing homes for sale. Trust the professionals from Irvine Residential Living to help you sell your home quickly and for the highest price. Call one of our friendly agents today at 714-454-6304.