If you’re trying to sell a house, it may be worth it to spend a little extra time and money on hiring a home evaluation professional.
Although it’s certainly not a requirement for a seller to obtain a professionally conducted evaluation before a home is listed for sale, there are some occasions when it’s appropriate.
Here are five reasons you should get a home evaluation before selling your house.
What is a Home Evaluation?
First, let’s define what exactly a home evaluation entails. A home evaluation can be likened to a combination of an inspection and appraisal. In normal circumstances, it’s performed by the seller’s realtor to understand the market value of the home being prepared for sale, although there are also dedicated home evaluators for hire, as well.
Everything from neighborhood outlook to commute times to public school systems to neighborhood amenities, like retail and dining options are taken into account. Additionally, it evaluates the state and age of the home’s infrastructure, like foundation, walls, floors and general repair needs. The final consideration in an evaluation is the home’s curb appeal, style and general quality.
The home evaluator examines prices of properties that are similar to your home in terms of size, features and condition throughout your suburb or city that are currently on the market or that have sold within the past 12-24 months. These properties are called “comparables.” Then the evaluation professional adds or subtracts value to your home when cross-checking amenities that might not be found in the comparables. For example, an extra garage space adds value to your home’s worth, but a dilapidated siding usually takes away from it.
At the end of the process, an entire picture is developed, showing the evaluation of the home against similar homes that are currently on the market or that were recently sold. It is an opinion of value based on the realtor’s knowledge of what’s happening in the marketplace.
Reason #1: You will get the Best Price for the Home
It makes sense that you’d want to get the best price possible when selling your home – that way, you can afford to move into a higher end home. A home evaluation will help understand the best selling points to communicate to the market and which unique value propositions may help push the final closing price higher.
Reason #2: You Don’t Think the Realtor’s Evaluation is Right
As stated before, a realtor normally takes on the task of the initial home evaluation. If he or she returns an inspection report that shows extensive damage or a home appraisal that’s at too low of a price point, you may want to consider reaching out to an evaluation professional before putting your home on the market. A third-party opinion will put your mind at ease and help you obtain the best price for your home as possible.
Reason #3: Your Property is Too Unique
For sellers that own a one-of-a-kind property, one that’s so unique that the listing agent is unable to conduct a comparative market analysis, a home evaluation conducted by a third party may be necessary. Property types could include lake homes in remote locations or luxury mansions, among other types, and are harder to determine a price for.
Reason #4: You Want Your House on the Market for a Shorter Time
With a professional evaluation, you can price your home competitively for your city, making it much more likely that you’ll sell quickly. A home that stays on the market longer becomes harder and harder to sell over time.
Reason #5: You Want to get a Lower Tax Rate
Many states base property taxes on the fair market value of homes. If your property has decreased in value, then you can request a reappraisal of it. This might lower your annual property tax and give you a stronger selling point for your audience of home shoppers.
Get a Home Evaluation and Get a Higher Selling Price!
While it isn’t essential for you to get a home appraisal before selling your house, it makes it much more likely that you’ll get more opportunities to sell and a higher price at the end of the deal. If you are starting the process of selling your home, call a principal member of the A.D. Hays Group team to provide a free home evaluation, and share with your our list of qualified professionals. Our team is dedicated to serving you, no matter what your needs are. We are ready to help you get started today!