So you’ve finally made the big decision and are all set to sell your house. From this point onward, there are a few things that you must ensure to be able to sell your house profitably. The appraisal, the marketing, the staging or repairs, all need to be done right to be able to sell a property for a good profit unless of course, it’s a seller’s market and the force is with you.
Appraisal and the Myths Surrounding It
Setting the right price is the first step in selling your house profitably. The process known as appraisal can be a tricky one and often the very thing that you get wrong, which make things difficult for you right from the start. There are certain myths surrounding the appraisal that sellers tend to buy into quite frequently. Let’s dispel this one by one.
The Appraiser Sets the Final Price
Appraisers, despite their skills in valuing the house, shouldn’t necessarily have the final word. The seller might have a fair idea about what their house is worth on the market based on the offers received or based on the prices of similar houses in the neighborhood. If your heart is not content with the appraiser’s value, you can always follow your hunch.
The Higher the Investment, the Higher the Appraisal
Dispelling this myth can save you from losing money with wasteful Investments around your house way earlier. The swimming pool or spa may in fact be a nuisance for a prospective buyer who has toddlers and would never want to pay a dime extra for it. Neither will a buyer pay you for a decorated garage when all they need is simply a place to park the car. The earlier a seller dispels this myth, the better.
The Appraiser Serves the Seller
The appraiser is actually there on the lender’s behalf and wants to make sure that they do not end up paying above the value of the house.
Appraisal Value, Market Value, Assessed Value, and Online Value Are the Same
Well, they are not exactly the same things.
- Appraisal value – The value set by the appraiser
- Assessed Value – That given by the local tax assessors (used for covering operational expenses)
- Market Value – The value going around in the market for similar houses categorized according to the area
- Online Value – The evaluation provided by the websites and online portals
Be sure to remember that the market value is the one value that should matter the most.
The seller should really consider staging to get the best selling price for their property. The point is to make it look more appealing to the buyer so that it is valued more. Research shows that staging allows for faster and more profitable house sales.
For all the aforementioned reasons including the myths surrounding the appraisal process, sellers are not able to sell their property for the maximum profit. However, if you’re looking to buy or sell property anywhere in Orlando Florida, visit Megan Dowdy Realty can make the process seamless for you.