Seller Resources - How Appraisals affect the sale of Property and the difference between Appraisals and Comparative Market Analysis.

The Sarasin Team Discuss Selling Your Home - Appraisals & Market Value

What is the difference between market value and appraised value?
The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

What's a house worth?
A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. Lenders, however, rely on appraisers to determine a property's value and will not lend for more than the property is worth. So The appraisal is critical for both the buyer and the seller. The seller who does not agree with an appraisal can challenge the appraisal but in most cases, the appraisal value is upheld. Meaning that the sellers must reduce the asking price to the appraised value, ask the buyers to pay the difference, split the difference with the buyer or they may decide not to go through with the sale. The seller will now have to look for a Cash Buyer only because the appraisal sticks with the house for a minimum of (6) months. Sellers most times believe that there home is the best available in there neighborhood and in some cases it may be, but for loan deals the price hinges on the appraised value. So for sellers looking for above market price for their home, as agents we always recommend focusing our sales efforts on finding cash buyers

When Comparing Appraisals to CMA's Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools. Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $300-400.00. A comparative market analysis is a real estate broker's or agent's informal estimate of a home's market value, based on sales of comparable homes in a neighborhood. As your agent, we always provide you a comparative market analysis for free. You can do your own cost comparison by looking up recent sales of comparable properties in public records. These records are available at local recorder or assessor offices, through private real estate information companies or on the Internet.

As South Florida Real Estate Experts, Our goal is to provide as much data when determining what our buyer clients should offer and what to price our seller clients should sell their home for. Our goal is to get the best deal for every client we represent.

Dale Marie and I give honest advice based on current market conditions when determining pricing strategies for every sale we manage.

  

Dale Marie & Jeffrey Sarasin
Dale Marie & Jeffrey Sarasin
Associates