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How Do I Determine My Home's Value?
How Do I Determine My Home's Value?
When going through the process of buying or selling a home, you may be wondering how to find the value of the home. The first step selling a home is determining an appraisal. Although many are familiar with the meaning of appraising a house, new home buyers are worth noting the steps and explanations behind the concept. Some may find frustration when appraising a home, due to the ever-changing process because of new Federal Guidelines. When buying or selling through Choice Properties, it is our priority to ensure the buying/selling process is smooth, free of frustration. If you find yourself asking, "How do I determine my home's value?", here is what you should know.
Appraisals Take Longer
Unfortunately, appraisals take longer than what they used to, meaning the process now takes a couple weeks rather than a few days. It used to start with mortgage brokers who would then hire their own appraisers to determine the value of a house. Following the financial crisis, the federal government decided the arrangement was not the most efficient. Issues between appraisers and sellers disagreeing on pricing made it so appraisers weren't getting hired, therefore determining the Home Valuation Code of Conduct, which are a set of rules that strictly determine how appraisals should be made.
Cost of Appraisals
Not only do appraisals take longer than they used to, they also cost more. The cost of appraisals have gone up a couple hundred dollars, and are leaving sellers with an overwhelming amount of frustration. Those within the industry have mentioned the new crop of appraisers are inexperienced and unfamiliar with the selling market. The appraisal management companies will send appraisers anywhere from 50-100 miles away from the property, leaving them clueless on market trends.
Get Engaged in the Process
We recommend involving yourself in the appraisal process rather. Making it clear that you are interested in every step, and that you are willing to answer any questions while the appraiser is walking through the house. Clearing up mishaps, such as mistaking a countertop for laminate rather than granite, will definitely pay off in the long run. Afterall, your home deserves to be sold at the highest value possible.
Choice Properties understands your needs and desires when it comes to the home search. We are here to help you define what you want, seek the best property and move forward feeling educated and able to make good decisions throughout the process. You can trust us to help you navigate it with the best real estate agents working for you. Call us to get started on your dream home search today.