Selling Your House
If you’re selling your home in a hot market, be sure to pay attention to sales prices. Most homeowners choosing to sell traditionally want to get more money for their purchase price, and if that’s your situation we have some expert tips that will have you receiving multiple offers at the same time!
Official Home Appraisal
Traditional sales also mean home buyers will likely need financing, which means lenders are involved. And they require an official home appraisal, which the buyer typically pays for. But everything about how much money you can potentially get depends on your home’s appraisal. The buyer may be pre-approved, but there will be a home appraisal contingency until it gets done.
Determining Fair Market Value
There are several ways to determine the market value of your house if you don’t have a skilled real estate agent yet. Home valuation websites are a good basic guide or place to start, but an even better option is to do your own research, starting with comparable properties.
Take information from comparable sales of similar properties recently sold in your neighborhood, to come up with a good idea of how much money your home sale price should be. Tip: in a highly competitive market, real estate agents are excellent at this.
Appraisal Value
The home appraisal process is sometimes nerve-wracking and intense, but it’s part of the mortgage loan requirements that banks and other lenders use to determine how much money they are willing to loan. In addition, if your appraised value is a lower value than your listing price, you may have to come up with a new price that matches that value. And since your appraisal value is basically non-negotiable, let’s go over some home appraisal tips.
3 Major Tips for Increasing Appraisals (Home Values)
Home values, thus appraisals, can be increased before the appraiser visits with certain home improvements. If you really want to increase your home’s value, there are specific projects known to particularly affect appraisals and impress house appraisers! Most of these appraisal tips will cost you a bit, but you will get the majority of your money back with the sale. And while there are no guarantees, these are as close as you can get.
Tip #1 – New Roof
If your roof is questionable, or if it has been on the house for 10 years or more, investing in a new roof can add more than $15,000 to your house’s overall value. This home improvement puts an average of 70% of the cost back in your pocket, where it belongs! A new roof is considered one of the top improvements on a house to add value.
Tip #2 – Add Square Footage
One of the best bets for a sure way to increase home value is to add liveable space to it. This doesn’t have to be adding on to the house, but instead can be accomplished by using existing unused space in your attic or basement! Turn this space into another guest bedroom for the most value. Adding a bedroom with existing square feet can easily add $15-30,000 to your overall and appraised value.
Tip #3 – Improve Your Curb Appeal
One of the most important things to remember is how crucial the first Impression is for potential buyers of your house. This is what is meant by ‘curb appeal’ – how appealing your house is from the curb when people pass by. It’s detailing your home’s exterior. So what do you do to improve it? Start with a fresh coat of white or light-colored paint, and paint it! Landscaping is another vital area.
Creating a neat, well-manicured lawn and home makes a terrific first impression for buyers, and later when the appraiser arrives. This is a good start and goes a long way towards the final appraisal report.
Additional Information
Remember, when a buyer is applying for a mortgage loan before the official purchase agreement is negotiated, but after they have already put earnest money or a down payment on your home – that’s when the appraisal is done. So you know that the person is serious, and they’ve already made you an offer. Don’t let a low appraisal or appraisal contingency ruin the entire deal.
What About a Cash Buyer?
In the case of opting for selling your house to a cash home buyer like Sell Your House Fast – Las Vegas, you don’t have to worry about appraisals or home inspections, no repairs necessary! And, you can get a free, no-obligation cash offer by filling out the short form right here on this website. One of our cash buyers will be in touch soon to schedule an appointment to see the property in person.
At that time, they will be prepared to make you a cash offer on the spot. The best part? You get to keep all the cash from the sale, instead of paying all the costs and fees that come with selling a house. If you want to avoid all the time and hassle of a traditional sale, get a cash offer from Sell Your House Fast – Las Vegas. What have you got to lose?
