An appraisal and a Realtor’s evaluation of a property are not the same thing. Here’s what the big difference is.
The difference between an appraisal and a Realtor’s home evaluation is really simple. The big difference is that an appraiser looks at the value of a home based on what’s happened in the past, while a Realtor will evaluate a property based on the past and the present.
Appraisers only look at past sales data and properties that have already closed. In addition to looking at this, an agent will look at the inventory that’s currently on the market. That’s a big difference. When you’re trying to find the true value of a home, you need to focus on all the homes on the market. You can’t only focus on properties that have sold. A true professional Realtor will look at the comparable homes that are on the market right now to see where yours is.
If a buyer only has one home like yours to choose from, that will significantly increase its value. You won’t get that information just based on looking at past sales. If you do have that information, you will get more money for the property.
If you have any questions about the value of your home and what it’s worth in today's market, make sure to look at both angles and always keep in mind that this information can help or hurt you. It can help you in a situation like the one mentioned above. On the other hand, it can hurt you if the inverse is true and there are many properties like yours for sale on the market.
If you have any questions about your home’s value or about the real estate market in general, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.