Kristi Ramella Real Estate Agent in Mission Bay Boca Raton FL – Page 2 – The Ramella Group

What are the Reasons Your Mission Bay, Boca Raton FL Home Appraisal Is Low? Low appraisals can be upsetting for both home buyers and sellers. The good news is low appraisals for your Mission Bay, Boca Raton FL home are avoidable. Steer clear from low estimates by knowing the reasons why they happen. This article will discuss the factors that cause appraisers not to see your home's value the way you do. The factors that cause low appraisals can either be uncontrollable or controllable. Home sellers have no control over factors such as the opinions of the appraiser and the ever-changing economy. A home seller has a higher chance of getting a good appraisal when he focuses on controllable factors instead. Three (3) controllable factors might affect the assessment of your Mission Bay home: The number of comparable propertiesThe appearance of your home.High seller expectations. Now, how do these factors affect your appraisal value? What is a home appraisal? Let’s start by knowing what a home appraisal is. An appraisal is simply an assessment of the home’s value. Whether you're buying or selling a house, you will have to undergo an evaluation before the deal closes. The transaction can collapse if the property appraises for less than the price you set for the house. The price agreement between the buyer and seller does not matter at this point. The appraiser considers a list of factors to determine the worth of a home. For the seller, a low estimate may mean their Mission Bay house may take longer to sell. The low appraisal makes it hard to get a buyer at your desired price. For the buyer, it influences the lender's approval of their mortgage loans. Lenders rarely approve an amount higher than the appraised value. Are there things you can do to avoid getting a low appraisal on your Mission Bay, Boca Raton, FL home? Of course, you can start by knowing the reasons why this happens. The number of comparable properties. A Mission Bay, Boca Raton, FL home should neither be on a cold or hot real estate market. It is one common reason why home values become less than your selling price. Appraisers use comparable home sales around the area or "comps." It is the main component of the appraisal process. A hot real estate market means there are many home sales to compare with around the area. See if the listing around your area gets sold the same day. It's one of the tell-tale signs you are in a hot real estate market. When most of these sold listings near you have lower prices, your home value becomes lower too. Being in a cold real estate market location can be an issue as well. It affects your appraisal if there are not enough closed sales in the area to choose from. You might live in a neighborhood where sold listings are rare. Or, you might be in a new part of town that is still under development. Good comps age very quickly when home sales slow down. Many times, they leave no comparables to choose from and cause a low appraised value. Typical appraisal comps only go back from two to three months. You can take advantage of this fact to improve your odds. You can check out the number of home sales in your area per season. Assess what time of year will be best for you to sell your house. If you can wait, try selling your home during those periods of the year. In Regatta, Mission Bay, for example, they have a booming real estate market from November to May. The appearance of your home. First impressions are everything, even with getting your Mission Bay home appraised. The appraisal report includes the exterior building sketch and photographs of the house. The photos contain the front, back, and street scene pictures of your home. These are some of the details that appraisers will check first. A little roofing construction and a clean-looking lawn can do the trick. Your home's appearance plays a significant role in making your home value higher. Most appraisals are not prominent in checking the interior. That's because a separate assessment called home inspection covers that. However, you still need to stage the interior of the house when preparing for the home appraisal. The standard is to get your home in a "move-in" condition." Take every detail into account, from the doors to the color of the paint. You want the appraiser to give the highest value possible for your home. The appraiser may notice any small issue, so do what you can to fix them. Repair everything you can. Spending a few bucks or sparing a few minutes for repair will no doubt make a difference. Fixing dents on the kitchen counter can impact the value that the appraiser will give your home. High seller expectations. High expectations are one of the top reasons why appraisals come in low. When sellers invest too much emotion in setting their home value, they tend to price their homes too high. It may also be because of a lack of research. Always take note that a big part of the basis for the appraisal is the similar home sales around the area. Price your home well so that it relatively matches the appraisal value. Don't make these mistakes when pricing your home: Pricing it higher based on home improvement. Many sellers think that spending to improve the home gives them a license to increase their costs. Keep in mind that the appraiser will not value the renovations higher than the other houses. Spending $10,000 on siding replacements does not mean you have to increase your home's value by $10,000. Check the similar Laguna, Mission Bay homes for sale and see how their prices differ from yours.Pricing your home way higher because it is better than the others. For appraisals, being above the others may not be beneficial. The appraisal value of the other home listings in the area drags down your home's value. Pricing your three-bedroom house for $500,000 may not be smart if the rest of the three-bedroom properties in the area are half that price. Many homes in Laguna, Mission Bay, for example, are extensive but reasonably priced. A little research on the other neighborhood home sales will help you set the right home value.It's good to have the best lighting fixtures or interior design within the neighborhood. Being the top home still poses many benefits for a home seller. You have to keep in mind that it isn't a license to set your home value too far from the others.Taking sentimental value into account. You can't put an extra $5,000 in the home's worth because you had a celebrity visit the property once, or it's where you had your tenth wedding anniversary. Appraisers do not take those things into account. When sellers base the price on personal reasons, they make the mistake of overpricing. The appraisal amount is highly essential for both the buyer and seller in a real estate deal. Work with the best real estate agent in Mission Bay, Boca Raton so you can set a price that matches your home's Schedule an appointment today. Call me, Kristi Ramella, at 561-206-2507. With my experience and knowledge of the area, I can guide you in making the best choice. https://www.youtube.com/watch?v=CzjiKIdH0as In case you cannot view this video here, please click the link below to view What are the Reasons Your Mission Bay, Boca Raton FL Home Appraisal Is Low? on my YouTube channel: https://www.youtube.com/watch?v=CzjiKIdH0as