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One of the easiest things you can do in this regard is to make sure that your yard is well-kept, lush, and green. A brown and dry lawn can be an indication to both homebuyers into the appraiser that the property was not as well-maintained as it should have been. These are professionals who are hired to look objectively at a property. For these reasons, you should not expect them to react emotionally to features in the way that you might hope that a prospective buyer will. Let's take a look at seven ways to increase home appraisal value so that the sale of your house goes as smoothly as possible.
Sometimes a pre-listing appraisal is a helpful tool or supplement to a seller’s pricing strategy. For homes with unique features — like a detached in-law suite, tennis court, generator, solar roof panels, or even a basement bowling alley — it can be tougher to predict how the market will react. And you’re unlikely to find recent sales of properties with those same characteristics as a benchmark. In a sellers market, many buyers are even willing to pay cash to make up the difference between the appraised value and the offer price. The real estate agent can also highlight all the improvements and upgrades in your home and display proportional data to underpin the actual sales price in front of the appraiser. The cost for a pre-market appraisal is about $300- $500 and could save you a lot of headache when pricing your home.
Appraised value
But if you have a cash buyer, they’re not beholden to a lender’s appraisal, so they can offer whatever amount they want. Though not as detailed as a professional appraisal, a CMA provides an agent’s evaluation of the home and market to provide an estimate of value, typically for listing purposes. These tools use a “confidence score” to indicate how close the AVM provider thinks an estimate is to market value. A confidence score of 90% means the estimate is within 10% of market value, for example, though each AVM has its own way of calculating confidence.
The quality and condition of interior features — such as flooring, walls, windows, doors, appliances, countertops, fixtures, and plumbing — greatly affect your home’s appraised value. Appraisers look for high-end materials that homebuyers want, such as hardwood floors, stainless steel appliances, and granite or stone countertops. Today, online home appraisals have a median error rate of around 2% for listed homes and 7% for off-market properties. Still, for homeowners who want a free, fairly reliable appraisal in minutes, online value estimators are a no-brainer. The appraised value is an objective value of a home given by a third party. It is mostly used by mortgage lenders to ensure the requested money is equal to the home’s worth.
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It offers a Find an Appraiser tool, which allows for a simple search for an appraiser by ZIP code, or an advanced search featuring attributes such as languages spoken or different professional specialties. Enter a few details about your home and we’ll provide you with a preliminary estimate of home value in less than two minutes. This won’t replace a home appraisal, but it can be a helpful starting point.
For the most accurate estimate, contact us to request a Comparable Market Analysis . This report is personally prepared to give you a clear understanding of competing properties, market trends, and recent sales in your area. Typically, national AVMs are not a good representation of a home's actual value and have a large margin of error.
Home appraisal overview: Determining your home’s value
The appraiser will look at the property, grounds and condition of the home. They’ll note any visible flaws — like a roof issue or a cracked foundation. Then, they’ll compare the type of home, its size and condition to recently sold homes in the same area. Axtell says that making sure homes receive an accurate appraised value reflective of current market trends is top of mind.
No online home value estimator tool will be a substitute for a home appraisal. But a quick online price check can be a helpful starting point to orient yourself in the process. With thoughtful planning, adding a closet to a home can also help personalize it for future buyers and give an aesthetic boost to the home, increasing its overall value on the market.
Our affordable lending options, including FHA loans and VA loans, help make homeownership possible. Check out our affordability calculator, and look for homebuyer grants in your area. And from applying for a loan to managing your mortgage, Chase MyHome has you covered. We offer a variety of mortgages for buying a new home or refinancing your existing one. Our Learning Center provides easy-to-use mortgage calculators, educational articles and more. And from applying for a loan to managing your mortgage, Chase MyHome has everything you need.
An agent will be able to pull comps from their local MLS, giving them greater insights into the area, and will also offer to do a walkthrough of your home if you’re thinking about listing it. While an appraisal gives you a good idea of your home’s value, there’s no way your appraiser can predict how your home will actually perform on the open market. Maybe it will stay on the market for weeks or months, and you’ll need to do a price reduction. If you’re looking for a listing price estimate that weighs all local market factors, review a comparative market analysis — more on that later. A pre-listing home appraisal is when a professional, licensed local appraiser analyzes your home’s condition in person to determine its value.
No matter what route you take to find an appraiser, it’s critical to pick someone with deep knowledge of homes and price trends in the area. You should hire a licensed and certified residential appraiser with experience appraising properties in your area. Items like clothing and shoes were simply stored in open areas of the home, usually through the use of wardrobes and armoires. As a result, most closets in older homes tend to be on the smaller side, as such items of storage weren’t as big of a focus as they are today. Closets in older houses tend to be smaller than we would find in newer homes today.
You’ll skip this step if you’re borrowing money or refinancing; the lender will arrange for a third-party appraiser. Chatting up a storm could also cause the appraisal process to take longer than it needs to, and you don’t want to overwhelm the appraiser with a hard sell of what you believe your home to be worth. Appraisers are trained to see beyond clutter and dirty dishes in the sink. That said, a little sweat equity and a couple of weekends’ worth of work can help to improve your home’s appraised value. Never hesitate to question the appraiser about their experience, especially in specialized situations such as an appraisal during a divorce or to verify assets. You should also ask about an appraiser’s level of experience with properties specifically like yours in style, age, and layout, such as split levels, bungalows, historical homes, and so on.
While an appraiser is not approaching your home emotionally in the same way that a buyer might, they are still human and will be impacted by the atmosphere of the home. One of the things that is recommended when you're trying to increase the value of your home is toboost your curb appeal. In this article, we are going to be sharing tips to help youincrease the appraisal value of your home. Chase Bank serves nearly half of U.S. households with a broad range of products. For questions or concerns, please contact Chase customer service or let us know at Chase complaints and feedback.
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