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During the sale of a home, a buyer is required to have the home and property appraised if a home loan (and therefore a bank) is involved. However, in the absence of that situation, there are many times when it makes sense for a homeowner to individually request an appraisal. During a FSBO scenario (for sale by owner), an appraisal is often a helpful and necessary step in achieving the best outcome for the sale of your home. Here are a few things to consider.
Given the fluctuations of the real estate market, an updated recent appraisal is essential for understanding the value of a home or property. In as little as one year, the value of a property can change drastically due to the number of homebuyers in the market, the interest rate environment, a recession, and more.
If you are selling your home as a FSBO, it is essential to price your property correctly. Without an appraisal, you will need to come up with a price on your own, and you may even price it too low! You could sell the home for thousands of dollars less than it is worth! Residential real estate appraisals only cost hundreds of dollars, but an appraisal could save you tens of thousands of dollars in the sale process. Additionally, you can show a prospective buyer your real estate appraisal certificate, which will increase their confidence in your asking price.
Did you know that one of the biggest costs in the real estate sales market is the cost of holding onto a property for too long? Appraisals have been shown to speed up the sale of FSBO real estate by increasing asking price confidence for the buyer and seller. Imagine your property sitting on the market for three months longer than anticipated due to the lack of a real estate appraisal… and you already moved out. If your monthly mortgage payment is $2,000, you will end up spending $6,000 more than anticipated on a home you no longer live in. Given that an appraisal only costs hundreds of dollars, the cost of having a property sit on the market is far higher! Increase your speed of sale and save money: get an appraisal!
If you are choosing to go the FSBO route, and save thousands of dollars on real estate agent fees, do yourself a favor: get a real estate appraisal. It will save you time, stress, and money!
AppraiseItNow has a global team of professional real estate appraisers that are certified by NAREA and REAA to issue USPAP-compliant appraisals. Our appraisers are carefully vetted, located in all 50 states (and abroad), and have each been successfully appraising real estate for decades.