Values in urban areas can go down based on vacant lots or condemned properties in the vicinity, and pricing in rural areas can decline depending on road access and land use nearby.Įven the amount of work your neighbors put into the upkeep of their homes has a positive or negative effect on your property value. In appraising value, professionals consider nearby schools, shopping, and access or transportation to and from the home, as well as comparable prices of homes up for sale or recently sold in the area. It isn't likely that you'll move your house before putting it up for sale, so where it sits is where it will be appraised in relation to other homes and the offerings of the neighborhood. You might even want to consider making minor - or even major - changes to your home so you can get the most out of your appraisal, and ultimately, from a buyer. Maybe you can't do anything about the Day-Glo green house next door or the plunging real estate market, but you can show off the love and care you've put into your home sweet home over the years. The price your appraiser sets can make or break the sale of your home, so it is an extremely important step in the home sale - and buying - process. Though appraisers work off of checklists that measure real values in a property, they also have experience and training in raising or lowering the home price based on what buyers want and on how sellers have cared for or neglected their properties. He acts as a kind of middleman who assesses homes by their condition and by how they compare to other similar homes in the area. ![]() ![]() And when it comes time to sell, it would be great to set a price based on what you think your own home is worth, but the bank will likely want something more objective before it's ready to match that price with a mortgage for a homebuyer. Paying someone several hundred dollars to tell you how much - or how little - your home is worth may not be the best part of selling a house, but having an appraiser review and record all of the upgrades and improvements you've made to your property can be rewarding.
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