If you want to sell your house, you’re probably wondering what your selling price should be. A vital part of that process is getting an appraisal or valuation on your home.
So, it’s no surprise you might be questioning the appraisal process altogether and find yourself thinking, “Can an appraisal affect the selling price of MY house in Miami?”
If this sounds like you, our blog post can help! We’ll be discussing whether appraisals can affect the selling price on a house in Miami.
But before we answer that question, you must remember that when you sell a property, the money can get complicated!
- There’s the asking price – the price you WANT to sell your Florida house for!
- There’s the appraisal or valuation – the amount that a real estate professional judges you should sell your home for (typically in line with the current market)
- There’s the selling price – the end sale amount that a buyer actually pays.
So, Let’s Get Back To The Topic At Hand┃Appraisals?
An appraisal, in most cases, will determine your asking price. But, it won’t affect the end selling the price. To find out why this is the case, keep reading.
An appraisal is an educated guess. When a professional agent evaluates your home they won’t randomly make a number up. They will look at the market and figure out an appropriate amount based on what other comparable houses in the area have sold for recently.
Below is a list of some of the factors that will be taken into consideration:
- Size of the property
- Transport links
- Additional features such as a porch entrance, conservatory, basement, or converted loft etc.
Of course, it’s still an educated guess based on research, and other factors may influence the price beyond the appraisal.
The appraisal will highlight things you need to be aware of.
It will give you a clear idea of what similar properties in the area sold for and often bring attention to any issues that are dragging the amount down. For instance, is your garden is an overgrown mess, or is there still building work to be finished and so on.
The appraisal will help you figure out an appropriate asking price that potential buyers will be willing to pay. For example, you might decide to ask for a higher amount than the appraisal because your property has certain attractive qualities that many houses in the area do not. Or you might choose a lower asking price than the evaluation because your home needs some work.
The Bottom Line
The appraisal is a guide, an educated guess that informs your asking price. But remember, an appraisal is not 100% fail-proof. Sometimes professionals can miss things, or the market can change suddenly. Many factors determine the sale price of a house, so you should look at an appraisal as a starting point. If you gather as much information as possible and set an appropriate asking price, an assessment is unlikely to influence the end sale amount.
Are you thinking about selling your house?
If you want to sell your house but find yourself stressing over all the little things that might go wrong, or perhaps you worry about everything from appraisals and showing strangers around your home to the possibility of waiting months to finally secure a deal.
If that’s the case, we have an option that will let you avoid all the above hassle and stress we mentioned! Check out our website >>> We Buy Houses Fast Florida! You can get a fast, fair ALL-CASH offer from us.
Then you don’t have to worry about getting an appraisal, listing the house, holding open house events and negotiations.