If you are going to begin the process of selling your house then you are probably wondering what your selling price might be. Sometimes people begin the process by getting an appraisal (or valuation) on your home. So, if you’ve asked yourself, “Can appraisals affect the selling price on a house in Salt Lake City?” then keep reading…
When selling your property, you’ll be going over a lot of numbers!
- There’s the listed price – the price or number you WANT to sell your house for.
- There’s the appraisal or opinion of what its worth or valuation – the price that an appraiser or Realtor thinks you should try to sell your house for.
- There’s the selling price – the price that a qualified buyer will ultimately pay for your house.
Can Appraisals Or An Appraiser Affect The Selling Price On A House?
Here’s the answer:
An appraisal may influence your listed price but it won’t affect the amount of money your will get when it comes to the selling price. Here’s why…
An appraisal is an educated guess. When you buy an appraisal, the real estate professional will usually find the number based off square footage, style of house, and what other comparable houses in the area have sold for in the recent months.
They’ll look at several factors (including, but not limited to the number of bedrooms or bathrooms, whether the basement is finished or not, etc.). Of course, it’s just an educated guess based on what they see and find in the market, and there are other indicators that may influence the price beyond the appraisal.
The appraisal will underline things you want to be aware of. It will show you what other people are willing to pay for a house and often what they consider to be important factors in the area.
The appraisal will then help you select an asking price that potential buyers seem willing to pay. For example, you might choose an asking price that is higher than the appraisal because your house is a better house, or you might choose an asking price that is lower than the appraisal because your house needs some work.
The Bottom Line
The appraisal is a guide; an educated guess and is base off of solds in a given neighborhood. But you should also be aware that the appraisal is not always correct. There are many statistics that determine what a house will sell for so keep in mind that the appraisal is only a starting point. Therefore, it doesn’t mean that it will necessarily sell for that price.
Are you thinking about selling your house?
Why bother with an appraisal at all? Why bother with showing your house to a bunch of strangers, and waiting month while they decide whether or not they want to buy. You can get a fair all-cash offer from us to buy your house fast… and then you don’t have to worry about getting an appraisal, or listing the house, or showing your house, or negotiating. Just pick up the phone and give our team a call at (801) 441-2800 or click here now and enter your information into the form.