02 Jan Appraisals: What You Need to Know
Here’s a quick demonstration of how appraisals work.
How do appraisals work? You can follow along in the video above as I provide a quick demonstration using a couple of apples and a few pumpkins, in honor of the most recent Halloween that’s come and gone.
Otherwise, think of it this way: If you’re selling your home, an appraiser will want to compare it to other houses and bracket it. If your house is worth $1.2 million, they’ll want to see nearby homes that are similarly valued. That’s why knowing your local market is critical. It’s also why, when we meet with appraisers at the home being sold, we always bring evidence of comparable properties. If they’re going down the wrong path in terms of identifying the best properties to give the appraisal, we can point it out to them.
It takes expertise to identify homes that have sold on and off the market and give that information to the appraiser, and that’s what we at Shay Realtors specialize in. If you have any more appraisal questions or other real estate needs, don’t hesitate to reach out to me. I’d love to help you.