Buying or Selling
Whether you are buying or selling, it is critical to know what the value of your home is! Private sellers or FSBO’s need an accurate market value so that they can position their property in the marketplace at a level consistent with current market conditions. A term that you might hear often while selling is “CMA” (Comparative Market Analysis). This is a tool that a real estate agent or broker might use to determine sell price, but generally is not as accurate or defensible as an appraisal performed by a professional state certified licensed appraiser. Make sure that you have the essential tool in your toolbox so that you are not leaving money on the table or pricing your home too high and costing yourself time and money!
If you are a buyer, do not rely on a lender’s appraiser to confirm the value of the property! The lender is strictly interested in finding out if there is sufficient collateral, not necessarily what the property is truly worth! Be prepared and have the arrow in your quiver to ensure that you do not overpay compared to similar properties in the area.