What Sellers Need To Know About Appraisals

What Sellers Need To Know About Appraisals   Answering three common questions about appraisals to prepare sellers. Are you thinking about selling your home? If so, how exciting! This process means a fresh start and new beginnings. However, before you list your property, it is important that you completely understand appraisals. An appraisal is an opinion of value, where an expert appraiser will come to your house and estimate how much it is worth. They will provide a written report based on their inspection of pertinent information that determines your home’s value. This could greatly affect the success and price point of your sale, so it is crucial to be prepared. Here are three common appraisal questions and their answers:  1. What are appraisers looking for? They consider a wide variety of factors, like the floorplan, quality of construction, finishes, number of bedrooms, and square footage. They will compare your home to the listing to make sure the features are accurate. Also, they’ll take note of any upgrades that have been made to the house and if there were the proper permits for them, so make sure you have all of that in order beforehand. Last, they will be looking at comparable home sales in your area. 2. Why does an appraisal gap occur, and what should I do if it happens? Home prices are rising rapidly, which increases the likelihood of appraisal gaps. That happens when the value the appraiser provides is less than the agreed-upon price. There are several things you can do if this happens, so make sure you have a professional on your side to guide you through your options.  “Make sure you have a professional on your side to guide you through your appraisal process.” 3. Should I get a pre-appraisal done? This is when sellers get an appraiser to look at their home before they list. I understand why people might think to do this, but I wouldn’t recommend it. First, the appraisal is normally seen as the buyer’s responsibility since it is typically a requirement for them to get a loan. Also, some lenders won’t even accept the appraisal you get because they’ll want it to be done by someone they deem as an impartial third party. Selling your home can be expensive, so you don’t want to pay for things that are unnecessary. Appraisals can be a confusing part of the process for many people, so don’t hesitate to ask me any questions that you have. Call or email me anytime; I am here to be your real estate resource. I look forward to helping you through the selling process!   Written by Ruby Miranda on March 30, 2023. Posted in Home Appraisals, Sell Your HomeTags: appraisals, home sellers Trackback from your site. Leave a Reply

View more

Can You Trust Your Zestimate?

    Can You Trust Your Zestimate?   You might think that a Zestimate is an accurate portrayal of your home’s value, but it’s not, and here’s why. Selling in the greater Houston area? Get a market analysis report Purchasing in the greater Houston area? Get full MLS access   Today I’m here to answer a very common question that I hear all the time: Can I trust Zillow’s Zestimates? The truth is that a Zestimate is created by using an algorithm to compare your home to others that have recently sold in the area. However, Zillow doesn’t know about any remodels or upgrades you’ve made to the property that could have a significant impact on your value. Zestimates are typically between 5% and 15% off of a home’s true value, which can end up costing homebuyers and sellers a lot of money. Even Zillow’s CEO had his home overvalued by 40% based on its Zestimate. Zillow is an app that runs on a code, while Realtors like us live by a code and can give you a true valuation of your home. If you have any questions about home values or would like an accurate estimation of your home’s current market value, feel free to reach out to me.   Written by Ruby Miranda on June 17, 2019. Posted in Home Appraisals, Seller TipsTags: Estimate, Houston, Real Estate, Texas, Zestimate, Zillow Trackback from your site. Leave a Reply  

View more

Why Consider Buying in a Seller’s Market?

Even though we are in a seller’s market, it’s a great time to buy. Here’s why. Looking to buy in the Greater Houston Area?  Get a full MLS accessLooking to Sell in the Greater Houston Area?  Get a free home market analysis If we’re in a seller’s market, why would you consider buying a home in 2017? Well, according to Forbes, home prices appreciated beyond expectations in 2016 and mortgage rates were flirting with record lows before inevitably passing 4% for the first time in two years. Home prices rose in every month of 2016, with the largest increase being in the last half of the year. According to experts, prices will continue their climb in 2017, but at a lower rate. This means you can take advantage of the slowdown in appreciation right now. Mortgage rates are going up, too. Economists predict that they will increase by at least 1% by the end of 2017. If you wait to buy a house, you might not be able to afford the same home you could now. Why would you wait to save up and have less buying power? Economists predict interest rates will go up by 1% this year. More and more millennials are transitioning from renting to buying, but the inventory of homes is limited and probably won’t grow significantly in the next few years. Home builders aren’t building enough homes to make up for the shortage, either. With mortgage rates and home prices increasing, affordability will become a problem in the near future. If you’re thinking of buying or selling a home, give me a call or send me an email. I look forward to hearing from you soon. Contact Us   Written by Ruby Miranda on September 23, 2018. Posted in Buy A Home, Buyer Tips, Financing A Home, First Time Home Buyers, Home Loan Process, Market SnapshotTags: Buy Your Home, Buyer Tips, Financing A Home, First Time Buyer, Market Snapshot Trackback from your site. Leave a Reply

View more