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Today, we’re going to discuss the current state of the market in New Rochelle and what sellers should know about appraisals.
First, let’s talk about the market. Inventory has significantly decreased compared to previous years. Every well-priced home that enters the market receives numerous appointments and visits. For instance, we listed a home on Mother’s Day weekend at 46 Standish. We conducted extensive advertising and marketing, resulting in 43 families visiting the property on Mother’s Day. We received multiple bids and accepted an offer well above the asking price by Monday afternoon. This is just one example, but the trend is that homes tend to sell quickly when marketed effectively.
Next, let’s focus on appraisals. Essentially, an appraisal is an opinion of value provided by a licensed appraiser. They visit the home, examine various aspects both inside and out, and evaluate the many factors to determine the home’s value.
There are three common questions sellers often have about appraisals. Firstly, sellers wonder what appraisers look for during their evaluation. Know that appraisers assess the finishes, construction quality, floorplan, kitchen, bathrooms, flooring, lighting, and more.
“I can help you navigate the market and appraisals.”
Secondly, sellers are concerned about what happens if there is a gap between the appraised value and the contract price. If a seller accepts an offer significantly higher than comparable homes in the area, it can pose challenges during the appraisal process. Appraisers might struggle to appraise the home at the contract price. Therefore, it is crucial to price the home in a range that can be supported by an appraisal.
Lastly, sellers often ask whether they should obtain a pre-appraisal before listing their home. It is generally not recommended to hire an appraiser before listing because it can be an additional expense. The buyer’s bank will order an independent appraisal, regardless of any previous appraisals. Furthermore, different appraisers can have varying opinions, as appraisals are subjective.
If you have any questions about appraisals, your home, or its value, or if you’re interested in receiving a free market report, please feel free to call or email me. I’m always happy to help.
