Serving Wake County, Durham County, Johnston County, Orange County and Chatham County
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| Raleigh-Durham Appraisals A leading provider of Knightdale values Phone: 919-379-3833 Fax: 1-866-480-1483 Cell: 919-810-0033 for Patrick Jones info@raleighdurhamappraisals.com |
KNIGHTDALE, NORTH CAROLINA -- One of the best decisions a home seller can make is to have a professional appraisal of their property. The nominal fee spent ($300 to $400) for an appraisal can pay back in huge dividends. Pinpointing the right selling point is the CRITICAL element in the home selling process. First, you don't want to give away your home for less than it is worth, But the more common and HUGE mistake that a majority of homeowners fall into is asking more than their property is worth. This oftentimes lead to extended days on the market, significant dollars lost in extra marketing time and the frustrations that come with having to have your home ready for strangers to stroll through on a moment's notice, and then hearing back -- aghast -- nothing!
Home is a castle - just don't expect a big return on the moat you dug
The home is the homeowners' castle and it is easy for any homeowner to get caught in overestimating its value. Unfortunately, the addition of a flower bed does not add up in relation to the love and sweat that went into it.
Real estate brokers are fine professionals, but homeowners should realize that there is a competitive field trying to land their listing. It has happened that an agent has told a homeowner exactly what they wanted to hear regarding their home's value. That cannot hurt their chances of landing the business. Adjustments to the selling price can always be made after the listing contract is signed. The point is that real estate brokers have a vested interest in your home. The more it sells for, the more commission they make no matter how you want to slice it. Brokers should produce a Comparative Market Analysis (CMA) when determining a starting listing price for your home, but its detail and underlying agendas greatly differ from that of a home appraisal.
Appraisers tell you what you need to know -- even if sometimes it's not exactly what you hoped to hear
Certified appraisers are independent, impartial and objective with no vested interest in the property or the final outcome of its sale or selling price. The job of the appraiser is to be not concerned with how much you paid for your home, how much you might owe on it, how much you might want someone to pay you for it, or which ex-President slept in the guest bedroom. A professional appraiser's job is to tell you in black and white, whether you love it or hate it, what your home is worth -- its valid and true market value as of the effective date of the appraisal. This dose of data-crunching and emotionless reality can save you thousands of dollars (marketing costs, missed selling chances) and months, if not years, of frustration in ultimately selling your home and, let's face it, getting on with your life.
Much more rarely, homeowners have occasionally been thrilled to learn that their home's value is more than they thought -- particulary for homeowners that have been in their homes for decades and have just not paid that much attention to real estate trends, rezoning, etc. until it is time to sell. An appraisal can make them aware that their returns may be more than they were aware.
The Price Is Right: The key to a fair and quicker sale for For Sale By Owners (FSBOs)
For Sale By Owners should be commended for their willingness to tackle the sale of a home to save on a commission. It can, and frequently is, successfully done. Savings can add up to an approximate average of 4% to 7% of the selling price. That is significant cash kept in the pocket.
But, again, the HUGE KEY to selling a home FSBO is to price it correctly from the start! FSBO sellers are already on the road to saving themselves a lot of money, but they should not scrimp on the minimal investment required to have a professional appraisal performed on their home. As mentioned, all homeowners understandably get emotionally attached to their house and have difficulty coming to grips with its market value. It bears repeating that a professional appraiser's job is to tell a homeowner in black and white, whether they love it or hate it, what their home is worth -- its valid and true market value as of the effective date of the appraisal. Any experienced appraiser can share stories of homeowner reactions when they are told not what they want to hear, but what they truly need to know. Appraisers can take the heat if it helps a homeowner sell their home in a timely fashion for the fair market value. And remember, unless a buyer is paying cash, the home must appraise for what the market says it should, not what the homeowners feel it should. Lenders of the money are very interested in getting all of their money back if they have to turn around and sell the house for any reason.
Appraisers, homeowners and agents can team together on prelisting pricing
A large majority of home sellers choose the services of a qualified real estate agent, and that is also a very wise decision. A competent agent can guide you through the maze of requirements and tasks that must be constantly addressed, monitored and completed. An agent will provide you with the CMA when determining the listing price. Hopefully, it will sell the same day it goes on the market at the initial asking price. Wouldn't that be sweet!
Closer reality is that, even when using the premier real estate agent in the area, it is wise for the homeowner to seek out a more objective third party -- that would be an appraiser, and hopefully us -- to help the homeowner choose the most realistic listing price. Appraisers -- and agents as well -- have access to most recent sales data that best determines a home's value. An appraisers expertise is to take that information and analyze it to n-th degree to come up with the best estimate of value. Appraisers, and appraisers only, are certified to make those detailed analysis and provide an opinion of value appraisal. Many real estate agents, in fact, forego CMAs and hire a professional appraiser themselves to help determine the best listing price.
The additional benefits of a preappraisal include using it as a negotiating tool when you have an interested buyer and discovering issues that might slow down negotiations and, ultimately, the closing processs.
Here is what you can expect when you order an appraisal from Raleigh-Durham Appraisals
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- We will provide you with quick and courteous service in response to your phone call or e-mail: Let's talk and we'll let you know what we can do for you and how long it will take (inspections are set as quickly as possible and reports usually take a maximum of 48 hours to deliver). Reports are normally delivered via e-mail in PDF format, but can be delivered through the postal service if requested. Feel free to call and discuss any questions you may have after receiving the report. Your business is always appreciated!