Do I Need an Appraisal in Today's Market?

Whether you’re buying a home with a mortgage or paying for the home in cash, an appraisal is a necessary part of the buying and selling process. They’re also important for sellers to get an unbiased estimate of the fair market value for their homes. Buyers, sellers, and those refinancing should understand the appraisal process and what to expect when you get your home appraised.

Selling your home in Massapequa? Visit our website to learn more about the process and how to ensure your property sells quickly and for the highest amount possible.

How do appraisals work?

Appraisers are professionals who have gone through extensive licensing requirements to have the certification to appraise homes, and they're obligated always to provide an unbiased estimate for the appraised value.

The process starts with the lender ordering the appraisal that the borrower pays for. During the process, the appraiser looks at several different factors when determining the home’s value, including:

● Current living conditions. Appraisers investigate all parts of the home to assess the

condition and if there are any safety hazards present. They’ll count the number of

bedrooms in the house and ensure that the home systems are functioning properly.

● Comparable properties. Appraisers don’t just look at your house alone. They’ll look at

“comps,” which are other homes in the area that are similar in size and condition to your

home. They’ll use the sale prices and current property values in their determination of

the value of your home.

● Home improvements. Appraisers also consider any improvements you’ve made on the

home since you purchased it. Redesigning your kitchen, adding bedrooms, or finishing

the basement are all factors that an appraiser takes into account during their inspection.

Do you need an appraisal?

Lenders always order an appraisal when you buy a home. However, you may not need one if

you're refinancing.

How much does an appraisal cost?

Since there are so many different appraisal companies across the United States, the typical

price of an appraisal varies. It also depends on several attributes of the appraised home. Homes

or properties with unusual characteristics may need an appraisal that costs the borrower

between $600 - $1,000. However, the national average for an appraisal is about $700.

Final Thoughts

While an appraisal may seem like an added expense in addition to all the costs associated with

buying and selling a home, it’s necessary to determine the fair market value of your home.

Visit my website if you’re looking for an experienced real estate agent in Massapequa to assist

you with your real estate needs whether you’re selling or buying in today’s market!