Pre-Listing Appraisals A
Good Idea in Big Bear
If you’re working with a realtor to list your property, most
likely they will provide you with a CMA (comparative market analysis) that
identifies recent comparable closed sales, properties in escrow, current listings
and expired listings. This is an
important step in getting the most for your property at sale and minimizing the
home’s time on the market. A pre-listing
appraisal can provide an “objective” third party opinion of value giving you
confidence that you are listing your home at an appropriate price.
A pre-listing report will provide a full sketch showing the
accurate square footage and may reveal inconsistencies with public records that
can be explained or corrected before the sale.
In addition to providing you with a realistic list price, a pre-listing
appraisal can be a valuable tool in negotiating with a potential buyer, and
decrease the chances of unknown problems that cause sales to be delayed or fall
Some people are surprised to find out their home is worth
more than they thought, others have an unrealistic opinion of the value. A well priced listing attracts buyers and
helps to sell in a timely manner.
When arriving at a list price, it’s important to compare
your home to what has recently sold and is currently listed in your
neighborhood, because potential buyers will be making these comparisons. Remember, why would someone buy your home if
they could buy something similar for a lower price?
Get a Pre-Listing Appraisal in Big
Bear if you have:
the largest or smallest home in the
neighborhood, because if you take the average price per sq ft and multiply your
living area, you will most likely over price a large home and under price a
comparable sales nearby, because an appraiser with local knowledge will know
where to go, even if it is 1 or 2 miles away, for properties similar to yours;
made extensive renovations, because most sellers will want to recoup the
$50,000 in home improvements that they have made, and a professional appraisal
will indicate what a buyer will pay for those improvements;
your home on the market for a long time with no showings or offers, because
there are many factors that go into a home being properly priced, a pre-listing
appraisal will take into consideration, location, condition, and appeal as well
as current market conditions.
When You Don’t Need a Pre-Listing
If your home is located in a neighborhood with homes of
similar age, style and size, with lots of recent sales and current listings,
then it is easier to estimate the value without an appraisal.
Don’t let the fact that you are using a realtor prevent you
from getting a pre-listing appraisal if the situation calls for it. The cost of the report will be well worth the
time saved in selling your home at the right price. When making financial decisions as important
as selling a home, it’s always a good idea to get as much information as
possible, and from as many sources as possible. (except Zillow, see my next
post coming soon).