Appraisal Information

Posted by dagmar | |

WHAT APPRAISERS CANNOT TELL YOU

These Factors Will Definitely Affect the Price and the Length
of Time It Will Take To Sell Your Home

  1. On a main thoroughfare. Minus 10% off the normal sales price.
    Add 20% more time than average days on the market before it sells.
  2. Very steep driveway up to house. Minus 5% off price.  Add 10% more selling time.
  3. Driveway down incline to house. Minus 5% off price. Add 10% more time.
  4. Gully or very steep drop-off behind house. Minus 5% off price.  Add 4% more time.
  5. Creek behind or beside house. Minus 3% off price.  Add 3% more time.
  6. No tall trees around house. Minus 2% off price.  Add 2% more time.
  7. Electric heat.  Minus 10% off price.  Add 15% more time.
  8. No self-cleaning oven.  Minus replacement cost.
  9. Spanish architecture.  Add 15% more selling time.
  10.  House facing school or business property.  Minus 8% off price.  Add 20% more time.
  11.  Power line behind or in view of house.  Minus 7% off price.  Add 25% more time.
  12.  Bedrooms with different color carpet.  Minus cost of replacement.  Add 5% more time.
  13.  Living room or family room with bright red carpet. Minus cost of replacement.  Add 5% more time.
  14.  Cat or dog odor.  Add 10% more time.
  15.  Terrain in backyard unsuitable for children to play on.  Minus 2% off price.  Add 10% more time.
  16.  Two-story drop-off from deck.  Minus 3% off price.  Add 25% more time.
  17.  House exterior needs painting.  Minus 3% off price.  Add 5% more time.
  18.  Interior needs painting.  Minus 2% off price.  Add 5% more time.
  19.  Bright colored or flowery wallpaper.  Minus replacement cost.  Add 3% more time.
  20.  Cluttered messy basement.  Minus 1% off price.  Add 5% more time.
  21.  Swimming pool.  Add half of cost.  Add 33% more time.

 A WORD ABOUT OVERPRICING YOUR HOME

These Factors Will Definitely Affect the Price and the Length of Time It Will Take
To Sell Your Home

Buyers seldom look at only one house, and often spend weeks and months comparison
shopping.  If your property is overpriced relative to your competition, the following
unfavorable results may occur.

Properties receive the best response from agents and buyers when first listed.  
An overpriced property goes stale in the first weeks on the market and not even a later price
reduction will rekindle the original interest.

Real Estate Agents who are sensitive to buyers’ requests will not show property priced over
an amount the buyer can afford.  Overpriced properties will not be shown to prospects who
would otherwise be interested if the property were competitively priced.

Even if a purchaser agrees to pay a price above the listed comparable properties, an
appraiser will not be able to justify the sales price to the lender.  The lender will not grant
a loan based on any figure higher than an appraised value.

A house realistically priced and properly marketed from the beginning affords the seller
the best opportunity to maximize profits.

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