When you have your home appraised, you might notice that the appraisal value is different from what homes in your area are listed at. You don’t need to worry too much about this difference, though. Appraisals and listing prices vary for a number of reasons.
Here are a few things to keep in mind about home appraisal vs. neighborhood listing prices:
- Appraisals reflect how much your home is really worth. There’s some degree of subjectivity in the appraisal process, but most appraisers adhere to standards that help keep this to a minimum.
- Appraisers compare your home to other local homes that have sold in the past three months. They also take a close look at certain factors, such as your home’s amenities, condition and style, to help determine the appraisal value.
- Listing prices have a high degree of subjectivity that comes from the Realtor and the seller. The Realtor will try to help the seller get as much as they can for the house, while the seller might want to include closing costs and Realtor fees in the amount they’re asking for.
- Listing prices might be lower when sellers are trying to sell their home as quickly as possible. Keep this in mind if you notice similar homes in your area that have much lower listing prices than yours. You don’t have to lower the amount you’re asking for to better match theirs, especially if you’re not in a hurry to sell.
Home appraisal vs. neighborhood listing prices can be a confusing issue and even a cause of concern for some sellers, but it shouldn't be. Your appraisal amount will help you determine how much to list your house for.
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