You’ve decided to sell your North Shore home, you’ve prepared the property for the market and decided on a listing price. But then comes the home appraisal and you’re confused about what that number means for the sale— What are you missing? As your local real estate expert on Chicago’s North Shore, I am here to help clear up some of your questions!
Below are three things you may not know about your home appraisal in Northbrook, Winnetka, Glencoe, Deerfield, Highland Park and the surrounding areas:
1. The home appraisal is not the same as the inspection
While the home inspection and appraisal are both designed to provide protection for the buyer, they are drastically different from each other. The home inspection points out flaws in the property, what is currently wrong and what may cause problems in the future. The appraisal takes into account a variety of factors including comps in the area, location, condition and more to determine the market value.
2. The appraisal does not decide what the buyer will pay
The appraisal will determine the property’s market value, but it by no means says how much the buyer will pay for your home. Another point worth noting is that if the appraisal comes in lower than what the buyer has agreed to pay via financing, the lender will likely not be so willing to come up with the difference.
3. More amenities and more square footage equal a higher appraisal
The appraiser will take into account certain factors like the condition of the property, its location, square footage and compare it to similar homes in the area, but know that more does not always signal a higher appraisal value. For instance, if your property has a home theater, but others in the area do not, don’t be too quick to expect a spike in your value; buyers probably aren’t looking for that specific feature in your neighborhood.
Have more questions about selling your home on the North Shore or ready to get started with listing your property? Give me a call today!
Janie BressYour North Shore Real Estate ExpertNorth Shore Real Estate
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