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 Baton Rouge?” then keep reading…
There are several key numbers to keep in mind when selling your house.
- First is the asking price – How much would you love to receive for selling your house?
- There’s the appraisal or valuation – This is typically more reasonable than what you want because it comes from an emotionally detached third party – an appraiser or realtor
- Last is the selling price – This is what you actually get for the home from the buyer
Can Appraisals Affect The Selling Price On A House?
An appraisal should probably affect your asking price but it won’t affect the selling the price.
An appraisal is an educated guess. I hardly look at them because since I know the market, I can come up with an equal or better guess. The typical appraisal method for residential houses is based on what other comparable houses in the area have sold for recently.
These professionals look at several factors (including, but not limited to the number of bedrooms or bathrooms, whether the basement is finished or not, etc.), if there is a pool or deck, and then adjust the comparable properties to make them more similar to yours. They can be very accurate, but it still is just an educated guess based on research, and there are other factors that may influence the price beyond the appraisal.
The appraisal will highlight things you want to be aware of. It will show you what other people are willing to pay for a house and often what they consider to be important factors in the area. It also could help you figure out if you can add a bathroom to make your house more valuable, or help you figure out other renovations.
The appraisal is great for showing you the ballpark of what your house is worth. You then can adjust your asking price based on your houses condition and how quickly you want to sell.
The Bottom Line
Appraisals should be used as guides since they are just an educated guess. You should also be aware that the appraisal is not always correct, because like all professionals, the skill of the appraiser varies. There are many factors that determine the sale price of a house and an appraisal is only a starting point. It won’t likely influence the selling price unless you share it with the buyer and they don’t have an agent working with them.
Are you thinking about selling your house?
You don’t need an appraisal. Why bother with showing your house to a bunch of strangers, and waiting month while they 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 (225) 366-7679 or click here now and enter your information into the form.