The Reality of TODAY's Appraisal!

At one time in your history of home refinance, home buying, or home selling, you've been discouraged because your appraiser has valued your home as this. . .

Your lender see's your house as this. . .

 and yet, your buyer sees your home as this. . .

and you see YOUR own home like this. . .

meanwhile YOU will most likely go to battle because your assessor will see your home as this. . .

With the current market conditions, I've observed sellers who cannot sell their home, home owners who cannot refinance or home buyers who cannot purchase due to the numerous appraisal challenges.   Here are just a few items that can make a difference in the success of an appraisal. . .

1- Make your home sparkle. . .This doesn't mean rebuilding your home to new construction.  This means paying attention to the 'obvious' deferred maintenance.   Dark, dingy and spotted walls,  worn carpets, broken windows or damaged flooring, just to name a few items of appraisers consideration.  Appraisers will assign an 'effective age' after considering these items that are not corrected and will obviously and significantly reduce the value of your property.  

Be mindful to correct things that give you the HIGHEST return on your investment (ROI).  It is highly recommend that you hire a reasonably priced home stager who will do their best to make your home look like a model home!

2- Paying attention to curb appeal by having tidy landscaping.  Obviously, this is a challenge with distressed properties, foreclosed or short sale homes.  Because of the current market conditions, it is even more important as a re-sale seller to pay attention to this item.

3- Make sure appraiser is aware of all upgrades and remodels.

4- Location, Location, Location of the subject property. . .It does matter!  

5- Have comparable sales available for the appraiser to consider.  This is extremely important for newly constructed homes!  When new homes are sold, the builder's sales office has these records, the broker's multiple listing services (appraiser depend on this service for their comparable sales) does NOT!  

Buying, Selling or refinancing in this market is a "team" concept.  The proactive homeowners, sellers and buyers who believe in this attitude will most likely see positive results!