Deciding on a Listing Price
As appraisers, we are constantly monitoring the real estate market, including recent sales, current pending sales, and active listings. We see many cases of houses that sit on the market for months, due to an initial listing price that was too high. We also sometimes find homes that could have sold for thousands more, if they’d been priced correctly. A pre-listing appraisal can help to maximize the sales price while minimizing the market time.
With a pre-listing appraisal, we can also identify repair items that may negatively impact value or that may slow the loan approval process, especially with a HUD/USDA or VA appraisal. If these repairs are performed before listing a house on the market, they can contribute to value and avoid complications during the selling/closing process. The pre-listing appraisal can be made “subject to” meaning that any planned repairs are included in the opinion of value.
In performing the appraisal, we sketch and measure the home, to accurately determine the square footage. We often find the assessor’s records to be inaccurate, and most realtors rely on the assessor’s records for square footage measurements. An inaccurate square footage makes it difficult to accurately determine the value or best list price.
Even with accurate information, some properties are so unique, with few close, recent and similar comparable sales that they are challenging to appraise or to determine a best listing price for. In this situation, the appraiser’s experience really comes into play. With 34 years of experience, and countless unique and unusual properties we’ve appraised, Remington Appraisals can help estimate the most realistic opinion of market value.
If you’re a realtor with a challenging property, or a property owner looking to get the best sales price, call us today regarding a pre-listing appraisal. An appraisal can also be helpful in bridging the gap when the realtor and homeowner have differing opinions of value.