Although it may appear that sellers and homebuyers don’t have much in common, they do share one concern: ensuring that the transaction goes smoothly. The appraisal process is a perfect example of this comradery. This is only natural as the appraisal results can send the deal spiraling out-of-control.
When determining the value of a property, appraisers take into consideration many factors. Some of these factors, like location, cannot be changed. However, there are some things homeowners can do to make sure their home is valued at its maximum potential.
1. Information is the King
Appraisers rarely spend too much time in a home. Brian Coester (chief executive at appraisal firm CoesterVMS) tells CNBC that an interior inspection usually takes less than 30 minutes.
Ryan Lundquist, Sacramento Appraisal Blog: “After inspecting thousands upon thousands of homes it does become quite simple to assess the amenities in one home.” It takes a lot of time to make a first impression so be prepared. As the appraiser leaves your home after inspecting it, the first one you should prepare is a packet of information. The packet should include information about your home and any other relevant information that can be used to support the buyer’s offer.
A fact sheet detailing the property should include the address, year of construction, square footage, number and type of bedrooms, as well as the lot size. Include a list of recent sales in your area. This is especially important if you have any information about homes that have sold, or homes that sold at a lower price than they should. A home might have been sold to a relative or owners may have moved quickly to get a new job. Although the appraiser can access recent sales data, there is always the possibility that he or she might miss something.
Make a list of all the improvements that you have made to your home. You can list them alphabetically and provide contact information for the contractor.
2. If It’s Broken, Fix It
The appraiser will assign the house with the “effective age” as it is commonly known in the industry.
It is largely determined by the state of the home and how well it was maintained. It may be older than it is actually. “Imagine a broken window, a threadbare carpet, tiles falling off of the shower surround, vinyl torn at the laundry room corner, and a dog that ate the corner from the fireplace hearth. These items could still add up and give the home an overall condition rating. However, your effective age will be lower, which will result in comparables being used which will have the same effective value and have a higher age,” Doreen Zimman, an appraiser in Paradise California tells The Wall Street Journal
Repair anything that would age the property in the eyes the appraiser.
3. Give your home a quick cleaning
Most appraisers will tell a homeowner that cleanliness doesn’t affect its value. However, we know how illusions can sell and so if it gives the impression that the house has been maintained well, then it is worth cleaning it before the appraiser arrives. I know it’s not something I do, but I clean the car before I bring it to the dealership.
Dean Zibas of Zibas Appraisal in San Clemente (California) tells the Wall Street Journal that “things like overgrown landscaping and soiled carpeting, as well as marks on walls, can affect the property’s value.”
Although some factors can have a greater impact on a home’s worth than others, the bottom line is that appraisals are different for each appraiser. Any of the above-mentioned areas can help to speed up the appraisal process and increase your home’s value. These steps will increase the number and quality of buyers who are interested in your home. Selling your home is the ultimate goal.
This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone. Looking for Luxury Homes For Sale In Fort Lauderdale? The Dotoli group has got you covered.
