We buy houses in Minneapolis St Paul. If you’re wondering, “Can appraisals affect the selling price on a house in Minnesota ?” then keep reading…
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. You can get a professional appraisal that usually runs about $450 to $600, you can get a BO (Real Estate Broker Opinion) that is a fast over view what the broker thinks the house will sell for while considering other sold houses. Or finally, you can do your own market research and come up with a price
When selling your house, you will be thinking about a lot of numbers!
- There’s the asking price – the price you WANT to sell your house for
- There’s the appraisal or valuation – the price that a real estate professional thinks you should try to sell your house for
- There’s the Brokers Opinion- the price a professional on the street thinks you will actually sell the house for.
- Your private research number- It can be bias because you will grab for higher numbers to make your house worth more.
- There’s the selling price – the price that someone will ultimately pay for your house.
Can Appraisals Affect The Selling Price On A House?
Here’s the answer:
An appraisal or BO should probably affect your asking price but it won’t affect the selling the price. Here’s why…
An appraisal or BO is an educated guess. When you want an appraisal, the professional who gives you the appraisal will usually find the number based on what other comparable houses in the area have sold for recently.
things that Appraisers look for in Value of your home
- Location of the house- number one thing that effects value
- Total Finished Square feet of house. More square feet equals for value
- Number to legal Bedrooms- basement bedroom without egress not not count.
- Total number of Bathrooms
- How many car garage
- Condition of the house
- Updates and quality of the house
They’ll look at all these about to determine the appraisal value of selling price on a house. it’s just an educated guess based on research, and there are other factors that may influence the price beyond the appraisal.
If you’re looking to sell your house fast without an appraisal, get a fair all-cash offer from us. Just click here now to fill out the form or call our office at (612) 444-5088.
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. For example, if you have a two houses with same total square footage, but one has three bedrooms vs the other with 2 bedrooms, the three bedroom house will appraise for more.
The appraisal will then help you select an asking price that potential buyers seem willing to pay. For example, you might choose an asking price that is higher than the appraisal because your house is a better house, or you might choose an asking price that is lower than the appraisal because your house needs some work. The selling price on a house uses an appraisal to be the science behind the asking price while the “my house is a little bit better than the appraisal houses” is the artistic part of the equation.
The Bottom Line
The appraisal is a guide; an science directed educated guess. But you should also be aware that the appraisal is not the end all for the price it will sell for. 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. With all this busy work and how busy you are in your life you might just think what are the ways of working with a professional home buyer that may save you money and for sure time,
Are you thinking about selling your house?
It can take a lot of work and effort to get ready to sell your house. Coming up with the price in reality is the easy part of it. Most likely you have many repairs that should be done, painting the trimming bushes outside. Then there is hiring an agent to list your house. Why bother with an appraisal at all? 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 or even talking to those other home buyers in Minneapolis St Paul. Just pick up the phone and give our team a call at (612) 444-5088 or click here now and enter your information into the form.