Your Guide to Home Evaluations and Appraisals

  • 09/29/17

Prepping to sell a house takes more than cleaning the clutter and hiring a realtor.

Sellers need to undergo a home evaluation and know the value of their home before going to market. This may sound confusing, but it’s actually a simple process.

Still, it helps to know the basics of evaluating your home’s condition and its worth when selling for the first time.

Here is a brief overview of what to expect and the terms to know.

The Basics Of The Home Evaluation Process

A home evaluation is meant to determine the current state of your home’s systems.

It decides how well systems, such as the air conditioning, washer and dryer, and other appliances perform. Evaluations are mostly a visual process, rather than an in-depth assessment.

They have nothing to do with the value of the home. However, they offer important details for buyers and sellers alike to understand how accessible a home will be after the deal is closed.

The Four Kinds of Home Appraisals

For a better idea of the selling value of your home, you need an appraisal. There are four main types of appraisals available.

Tax Appraisal

This is a formal approach to home value. It only takes local county tax property records into account to determine the worth of your home.

Comparison Analysis

A comparison analysis equates recently sold homes to homes on the market with similar features.

If a home in your area just received a big offer for its large backyard, clean pool or 2-car garage, you may be in luck if you have these things as well.

The comparison is done on every feature of your home, using as many local homes as necessary. For example, your pool may be compared to one home while your master bedroom is compared to another.

This way, no feature is overlooked and everything has the most accurate estimate possible.

Drive-By Appraisal

Drive-by appraisals are visual assessments of the home’s worth from the outside.

They require paying a visit to the property and the surrounding area. Professionals will look at the condition of neighboring houses and the overall market value of the location. This typically includes researching recent sales in the neighborhood as well.

Walkthrough

This is the most in-depth approach to assessing a home’s value.

A home appraiser will schedule a time to take a tour of your home. They’ll make note of anything already of high value or opportunities for upgrades.

Expect them to take pictures, and probably ask detailed questions.

Go From For Sale to SOLD

No matter what kind of appraisal you get on your home, be sure to start with an evaluation.

Home evaluations can help you make improvements for the appraisal, therefore, ending up with a higher value for your home. This kind of preparation can add thousands of dollars in your pocket once a deal is closed.

Don’t just sell a home to get it out of your hands. Get the most money possible with the right process.

Start your selling journey with professional appraisers.

Contact us today to get started!

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