Getting a pre-listing appraisal certainly has its upsides, but it can also come with unexpected effects that you should prepare for. To help out with this, here’s our list of the pros and cons of appraising your home beforehand. If you want to know more about what an appraisal consists of and the timeframe it takes here is more information on that.
The Pros and Cons of a Prelisting Appraisal
Pros
Have a Plan B
Let’s say you’re selling your home and you attract a buyer, but they have an appraisal that appears too low. A pre-listing appraisal gives you a backup plan to rely on to contest any low appraisals and receive a more accurate price.
Know the Square Footage Accurately
One of the most important parts of a pre-listing appraisal is knowing the exact size of your property in square feet. This is a very important piece of data when trying to come up with the exact pricing, mortgage and insurance rates.
Very Useful Under Unique Circumstances or a Lack of Competition
Sometimes you are the only person in the vicinity selling your house. Other times you might have a home that has some one-of-a-kind features that are difficult to put a number on. Pre-listing appraisals are extremely useful in these scenarios when your house is too hard to appraise, for one reason or another.
Cons
They Cost Money
Any prelisting appraisal is going to set you back a bit. The exact price will depend on the size of your home but you can expect it to cost you at least $500, perhaps even more if you live on a particularly large piece of land.
Pre-Listing Appraisal is Not an Exact Science
While prelisting appraisals are based on real estate data and many other factors, there is still a fair deal of subjectivity going on. While you can expect them all to be in a similar range, the odds are that five different appraisers will give you 5 different answers.
Sometimes Buyers will Agree to Disagree
Perhaps the most frustrating con of pre-listing appraisals is when you encounter a buyer who doesn’t agree with your appraisal at all. This can lead to unwanted arguments and end up making the process less smooth than intended.
Contact Us
Get in touch with us at Appalachian Appraisal Services to get paired up with one of our certified experts. Whether you need a pre-listing appraisal right away, have questions about the process or aren’t even certain whether you need one, we’ll make sure to have all your questions answered and give you the top-notch service you’re looking for. We cover West Virginia and Maryland.
