3 Issues Facing Today’s Real Estate MarketLast week, the National Association of Real Estate Editors (NAREE) held their 52nd Annual Journalism Conference in Las Vegas, NV. Among the
How to get your house to appraise
I had a friend call me last night, he had an appraisal on his house to refinance and it came in low. This prompted me to write this blog. First of all, PRIOR to the appraisal call your local Realtor and tell them you are having an appraisal done and to provide you a few comparable sales to support the number you would like to meet. I do this for my clients all the time. Second, make a list of the structural, mechanical, improvements you have made to the home. Things like new windows, new roof, new floors, all these increase your value. Paint and wallpaper, not seen as value add but rather required routine maintenance of the home.
Here are some other tips:
MAKE SURE APPRAISER KNOWS YOUR NEIGHBORHOOD
Make sure the appraiser is familiar with your area, is there a school or transit feature that adds value? If so, make sure they know.
PROVIDE YOUR OWN COMPARABLES
Provide your appraiser with at least three solid and well-priced comparable properties. This is what a Realtor can help with.
KNOW WHAT ADDS THE MOST VALUE
If you're going to do minor renovations, start with your kitchen and bathrooms. I always tell my clients, call me before you begin any renovations that you think may add value. A local Realtor can tell you what will make the difference in price and a quick sale. Many times clients spend too much money on things buyers do not care about.
DOCUMENT YOUR FIX-UPS
A well-defined spreadsheet of what improvements were made and how much was spent on renovations can help an appraiser.
Don't forget to highlight all-important structural improvements to electrical systems, heating and cooling systems - which are harder to see, but can dramatically boost an appraisal.
The house should be “show ready”. Clean and declutter the inside and outside. I just met an appraiser today at a property and one of his comments, “house is well cared for”.
GIVE THE APPRAISER SOME SPACE
Don't follow the appraiser around dur
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