Bob Kutschbach, owner and broker of Carleton Realty, covers the appraisal process and what sellers can expect during their home’s appraisal.
One of the main things to understand about appraisals is that appraisers are really verifying the information that is obtained from public records, such as the numbers of bedrooms and bathrooms in the home. More importantly, they are checking for the quality and condition of the home! So, as a seller, when you are preparing for your appraisal you want to highlight the quality and condition of your house.
Many times sellers are shocked at how long an appraiser spends in the basement! A basement is the best place to determine the condition and quality of a home. About half of an appraiser’s time is spent in the basement. A quarter of the time is spent outside, measuring the exterior to verify the square footage. And the other quarter is spent inside, verifying the number of bedrooms and bathrooms and looking at the quality of the finishes.
The appraiser takes the information that they have gathered and then compares the home to other recently sold homes in the area to determine the appraised value. The appraiser is looking at finishes, upgrades, square footage to see if they need to adjust the appraised value accordingly.
If you have any questions about selling your home or the appraisal process, contact us! we are here to help!