When you’re selling your home, you want the appraisal to come in high – that way, the buyer’s lender will have no problem giving him or her the money necessary to buy the house.
But sometimes appraisals come in low. Aside from obvious reasons, like the home’s condition, here are three common reasons appraisals come in low.
3 Common Reasons Appraisals Come in Low
#1. You have upgrades that aren’t worth what you paid.
Things like swimming pools, tennis courts and in-depth landscaping cost more than they appraise for – that’s just the way it works. If you spent $150,000 on a pool, you’re not going to get all that back in the value of your home – especially if all the other homes in the neighborhood have $50,000 swimming pools.
#2. You have the nicest house on the block.
Appraisers look at several factors when determining the value of a home, including its location. If yours is the nicest home on the block, that doesn’t mean it’s going to appraise for more. In fact, it can actually hurt your appraisal value – that’s because square footage and home size also plays a big role.
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#3. The appraiser doesn’t have enough data on your neighborhood.
If the appraiser has to compare your homes to others that aren’t in your neighborhood, he won’t have a completely accurate baseline. That’s particularly true if your neighborhood is more desirable than those around it.
Are You Selling a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
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