If you’re thinking about selling your house, then you are probably wondering can appraisals affect the selling price on a house, and how are you ultimately supposed to price your home? Part of the pricing process is getting an appraisal (or valuation) on your home. So, if you’re wondering, “Can appraisals affect the selling price on a house in Dallas / Fort Worth?” then keep reading…
When selling your house, there are lots of numbers to juggle!
- There’s the asking price – the price you WANT to sell your house for
- There’s the appraisal or valuation – the price that a real estate appraiser thinks you should try to sell your house for
- There’s the selling price – the price that someone will ultimately pay for your house.
Can Appraisals Affect The Price You Sell Your House?
Here’s the answer:
An appraisal should probably affect your asking price but it won’t affect the selling the price. Here’s why…
An appraisal is an educated guess. When you get an appraisal, the real estate appraiser who gives you the appraisal will usually find the number based on what other comparable houses in the area have sold for recently, and they also look at other homes similar to yours that are currently on the market that haven’t sold yet.
They’ll look at several factors (including, but not limited to the number of bedrooms or bathrooms, whether the basement is finished or not, etc., and what type of finishes you have in the home such as granite countertops, hard wood flooring, etc). Of course, it’s just an educated guess based on research when comparing your home to others nearby. There are also other factors that may influence the price beyond just the appraisal.
The appraisal will highlight things you want to be aware of. It will show you what other people are willing to pay for a house in your neighborhood or within the closest proximity possible and often what other buyers are considering to be important factors in your particular area.
The appraisal will then help you select an asking price that potential buyers seem willing to pay. For example, you might choose an asking price that is higher than the appraisal because your house is a better house than others that recently sold, or you might choose an asking price that is lower than the appraisal because your house needs some repairs, and you’re wanting those repairs to be the responsibility of the new buyer.
The Bottom Line
The appraisal is a guide; a best educated guess by a real estate professional that does appraisals for a living. But you should also be aware that the appraisal is not always 100% accurate. There are many factors that determine the sale price of a house and an appraisal is only a starting point. It certainly doesn’t mean that you have to list your house for the exact amount on the appraisal. It is definitely something to use as a guide to help you through the pricing process.
Are you thinking about selling your house?
Then why bother with an appraisal at all? Why bother with showing your house to a bunch of strangers, and waiting months or longer while you’re waiting for the right buyer to come along? You can get a fair cash offer from us to buy your house fast… and then you don’t have to worry about getting an appraisal, or listing the house, or showing your house, or negotiating, or any of the things that come along with listing your house traditionally. Just pick up the phone and give our team a call at 972-945-7299 or click here now and enter your information into the form.