Five Things You Should Know About Home Appraisals

When selling or refinancing your Troon home, you will most likely have to go through the appraisal process. This is a normal part of the home purchase process. Home appraisals can sometimes be difficult and confusing, but understanding how they work can be the key to getting the most out of your refinance or home sale. Here are a few things you should know about home appraisals before you begin the process:

1. Home appraisals aren’t an exact science. Each appraiser may have a different opinion on your home’s value. They base their evaluations on a number of factors, including how your home’s features compare to recent sales nearby. Different values can be assigned to your home based on what different appraisers consider “comparable sales.”
2. There are different reasons for home appraisals. If you are trying to get a home loan, the home appraisal will evaluate today’s market value. If you want to figure out how much you need to insure your home for, you will get an appraisal that calculates how much it would cost to rebuild your home at today’s rates. You may end up with two completely different values.
3. Appraised values aren’t set in stone. The market changes, and home prices change with it. You might get an appraisal that concludes that your home is worth a certain amount, but a few months later, that value may have dropped or risen based on the market.
4. Home appraisals don’t include your personal issues. Say you need to sell immediately for any reason. Home appraisals will not factor in your personal time frame and how that may affect how much money you’ll accept on your home.
5. A second opinion is always an option. If you get an appraisal value that you think is too low, you may want to get a second appraisal from another source. You will have to pay for the second appraisal, but it may be more beneficial to do so if the first value was incorrectly evaluated. However, if the first appraisal is accurate, you may want to change your pricing on the home you are selling.

Having a dedicated and experienced realtor can greatly simplify home appraisals. If you are considering selling your home or would like to view Troon North homes for sale, you will want to choose a Scottsdale realtor who specializes in Troon. You can reach me at (602) 791-0536 or at Carmen@TopScottsdaleHomes.com.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
(602) 791-0536
Carmen@TopScottsdaleHomes.com
www.TroonRealEstate.com