When buying or selling a home, you will hear the word “appraisal” come up a lot. So, what does it actually mean? 🤔
A home appraisal is a professional opinion of a home’s value, completed by a licensed appraiser. It is typically required by the lender to make sure the home is worth the price being paid. 🏡
Here is why it matters!
✔️ For buyers, it protects you from overpaying
✔️ For sellers, it helps justify your asking price
✔️ For lenders, it ensures the loan amount makes sense
The appraiser looks at things like the home’s condition, location, size, upgrades, and recent sales of similar homes nearby. 📊
If the appraisal comes in at value, you are good to go. If it comes in low, there may be some negotiating involved, and that is where having the right agent really matters.
Have questions about the appraisal process or what to expect? I am always here to help guide you through every step.
