If you’re thinking about selling your house then you are probably trying to figure out what your selling price might be. Part of that process is getting an appraisal (or valuation) on your home. So, if you’re wondering, “Can appraisals affect the selling price on a house in Knoxville?” then read on…
If you’re thinking about selling your home then you need to be aware of several numbers!
- Asking price – Generally, this is the desired price you want for your home.
- The appraisal – the price that a real estate professional thinks you should try to sell your house for
- Selling price – This is the end result of back and forth negotiations that you eventually feel comfortable with.
Will the Appraisal Affect The Price I’m Asking For My House?
Here’s the answer:
What you’re asking for your home & what you will end up selling it for are probably two different things. Let me explain…
An appraisal preformed by a licensed professional is an educated guess.If you decide to get an appraisal, the individual who preforms the appraisal will usually determine the number based on what other comparable houses in the area have sold for recently.
A licensed appraiser will look at the features & condition of your home in addition to several other factors (including, but not limited to the number of bedrooms or bathrooms, whether the basement is finished or not, etc.). Of course, it’s just an educated guess based on other home sales in your area. Don’t forget, they’re other factors that could influence the price well beyond the appraisal.
The appraisal should point out important factors that you need to be aware of. How desirable is your neighborhood? Are there a significant number of distressed sales a few streets over? The price other people are willing to pay for a house In your neighborhood is a direct result of demand for that particular area. If you decide selling to an all cash house buying company like East Tennessee home buyers is a better fit, then an appraisal is not necessary.
After the appraisal is completed it can be a road map in helping you determine an appropriate an asking price. Maybe you think a higher asking price is justifiable because you did a significant amount of updates. For example, let’s say a majority of the comparable sales in your neighborhood are older homes that appear less than modern, or you may choose an asking price that is lower than the appraised value because your house need’s updating and a number of repairs . Remember, East TN home buyers will purchase your home “as-is”. If you not in a position to make the necessary updates yourself, give us a call 865-935-8680
The Bottom Line
Remember, appraisals are an opinion of value or an educated guess. But you should also be aware that the appraisal is not always correct. There are many factors that determine the sale price of a house and an appraisal is only a starting point. Therefore, it won’t likely influence the selling price.
Are you thinking about selling your house?
Why bother with an appraisal at all? We buy houses Knoxville can take the stress out of showing your house to a bunch of strangers, and waiting months for them to decide whether or not they want to buy. You can get a fair all-cash offer from us to buy your house fast… and then you don’t have to worry about getting an appraisal, or listing the house, or showing your house, or negotiating. Just pick up the phone and give our team a call at (865) 935-8680 or click here now and enter your information into the form.