When you’re buying or selling a home, the #1 thing you need is accurate and current information. House prices vary dramatically from city to city and neighborhood to neighborhood, and are influenced by four key factors:
  • Marketing time – What is the typical marketing time (period between listing and sale) for homes in this area? Under 3 months, 3 to 6 months or over 6 months?
  • The competition – Your home will be competing for the same buyers as the other homes in your neighborhood. This is where condition, updates, room count and quality of construction come into play. If your home offers multiple recently updated features, then you can expect it to compete at the top of the value range of homes in your market.
  • Property values – Are the property values in the area increasing, stable or declining?
  • Supply/Demand– Is there a shortage, balance or over-supply of homes for sale in this market area?

All of these factors must be considered when valuing a home.

There have been cases where, before entering our office, someone had been quoted a price by a real estate agent that was off by thousands of dollars. Realtors use BPOs (Broker’s Price Opinions) to estimate market value, and these estimates are not always accurate. Ordering an appraisal will provide you with current market information that can help you select the right broker or realtor.

Having an appraisal prior to listing your home can potentially save you thousands of dollars by identifying the appropriate price. We are in a market where most homes sell in less than 30 days. Many experts consider this inadequate exposure time, as it can lead to you accepting a below-market value on your home. If you under list your home and it sells within the first week, you may have accepted an offer well below the fair market value of your home. This is why a full asking price offer on an under-listed home is not in your best interest.

Having a pre- listing appraisal completed will provide you with crucial market information needed to sell your home. Spending a few hundred dollars up-front on a pre-listing appraisal will arm you with the right information and keep you from making a misinformed decision.

An inaccurate market value estimate can result in major mistakes, including:

Selling for too low a price

Buying for too high a price

Leaving a property on the market for months or years without being able to sell it

An appraiser can identify a price that reflects the true value of a home. The prices you see quoted on real estate websites are not always reliable; in many cases, these quotes are based on mass sales studies and area averages, which may be off by thousands of dollars. No two homes are identical, so you can’t rely on an average to identify what your home is worth. An estimate that’s just a few percent off can cost you thousands of dollars.

Appraisal Experts Delivers High-Quality, Accurate Residential Real Estate Appraisals In Detroit And Throughout Southeast Michigan

We adhere to the highest quality standards in every appraisal we undertake.

Our appraisers are trained, licensed and certified in the art of real estate appraisal. The appraiser assigned to you will be an expert in your market area, having several years’ experience appraising properties in or around your area.
Whether you’re buying a home or a condo, we can supply you with an accurate appraisal that will enable you to make an informed buying decision.

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