New windows will help sell your home faster through marketability. The improved energy efficiency, aesthetics, and functionality of new or updated windows will appeal to many buyers. In fact, a 2017 survey by the National Association of Home Builders (NAHB) found that energy efficient windows were seen as desirable by 89% of home buyers. A more marketable home helps with the home's value by allowing it to spend less time on the market.
This is where the expertise of Appraisals By Michael plays a huge role—no computer can tell you how much your home’s value increases because of your new windows or other home improvements. The answer depends on your neighborhood, the market, and numerous other factors. In order to get the most accurate appraisal, contact Appraisals By Michael to hire a local and professional appraiser who understands the specifics of your neighborhood and market.
Whether you are a home seller or looking to buy, a low home appraisal could cost your deal to fall through.
Here’s a common scenario: You list your home for $350.000, you receive an offer of $275.000, you end up setting at a price of $300.000. An appraisal is done before closing and it comes in at $255.000. That’s $20.000 less than what the seller offered and $95.000 less than what you expected to receive. Not to mention that the $255.000 appraisal price is the maximum amount of which the lender is willing to lend.
Now, $35.000 is hanging in the balance. Does the seller pay the difference in cash? That would mean they have the extra cash laying around and are willing to pay above the appraised value of the home (not likely). And after you’ve already come down on the price in negotiation with the seller, you may not be willing to come down again so drastically.
Needless to say, the deal is shot and its back to the drawing board for you both.
Here are a few steps that could save you from the aforementioned scenario as a buyer or seller:
If you are a buyer, have your lender hire an appraisal from your county or neighborhood. An appraisal familiar with your area and knowing your area well could mean life or death to your deal.
Make sure the appraiser is qualified. Your appraiser should be certified by the state’s national board of real estate appraisers. An appraiser who belongs to a professional organization such as the Association of Georgia Real Estate Appraisers (AGREA).
Provide any information regarding your home, the neighborhood, and any recent comps you know of. This information won’t promise to change your appraisal value but it could be welcomed by your appraiser. The more information, the better.
As a seller, consider obtaining a pre-listing appraisal before you even list your home.
A pre-listing appraisal will provide you with a much more realistic market value and could save you from wasted time, energy and money in the future.
Low appraisals are typically seen during a declining housing market because of the lack of comparable homes in the area. Not having “comps” to compare your home to makes it difficult to determine the most accurate true market value. When the market is slow, good comps age fast, and with a rise in foreclosures, can result in appraisers have a hard time justifying the price you set.
To get in touch with an appraiser in your area or for more information click on one of the areas below closest to you:
Alpharetta|Brookhaven|Buckhead|Cobb County|Dekalb County|Dunwoody|Fulton County|Gwinnett County|Marietta|Sandy Springs
Getting an appraisal
Whether you’re moving off your friend’s couch or finally leaving the apartment you left your mark on throughout college, buying your first property is a huge step. Kudos to you! Almost identical to the first day of school, it’s extremely important to prepare, educate yourself, and be patient. Because it can be difficult to know what to expect, we're here to help you with your homework.
Here are 5 tips every first time home buyer should know: