| If you have the money you can get an appraisal done. However a Metro Detroit appraiser does not take into account the amenities or the varying conditions of a home. The three types of homes an appraiser considers are: a poor condition home, an average home, and an excellent home. That affects the appraisal value, but we know that is not the case in the real world. A White lake home could be appraised by three different appraisers on the same day and come up with three different values. |
Exactly what Is Appraised Value?
It's an objective opinion of value done by a licensed appraiser. Appraisals can vary because each appraiser looks at homes differently. They may use different sold home comparables. It is not an exact science, so many appraisals may differ. Appraisal can vary widely in price (value) from one appraiser to another. Very rarely does a home sell for what an appraiser would appraise it for.
For buying and selling purposes, appraisals are usually based on market value-what the property "could" probably be sold for. Could is the magic word. Market factors as how many other homes are for sale, how nice the homes help determine how much a home sells for. property tax purposes. So appraised value is not a constant number. Changes in market conditions can dramatically alter the appraised value.
Appraised value doesn't consider the quality of the house, the special small amenities. Appraisals done by state license appraisers usually put more value on comparing square footage to square footage. The number of bathrooms, and the number of bedrooms are more important than a neutral freshly painted home with nice carpets. That nicely painted White Lake home with new carpet will sell for a similar sized home with similar features. Sometimes a updated White Lake home with two bedrooms may sell for more than a three bedroom home that was appraised for more. Appraisals are great for the banks to determine whether to grant a loan, but a CMA, comparative market analysis is better to determine what to list your house for.
By having an experienced real estate agent do a CMA they will be comparing houses that have sold, all the homes features and downfalls. Just looking at basic square footage and number of rooms will get you the wrong listing price. Your White Lake real estate agent at what is currently on the market and those prices, so your home is competitively priced and does not sit on the market.
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