Back to Blog

What to Know When Having Your Home Appraised

Sammamish Mortgage
Published:
October 29, 2012
Last updated:
February 26, 2021
What to Know When Having Your Home Appraised
In This Article

Summary: Are you planning to sell your home some time soon? Or are you looking to take advantage of financial programs that your home’s equity can help with? Regardless, it’s helpful to know what your home is worth, and an appraisal can do that. This article will discuss what all homeowners should know about having their home appraised.

Home values have risen across the nation over the past year, giving homeowners more equity in their homes. Compared to last year, home prices have increased by an average of 4.1% and now average $248,000. Considering the increase in home prices, homeowners have a chance to make more proceeds during the sale of their home.

But does it really mean that you will sell your home for more?

Today’s Seattle Mortgage Rates Jul, 31, Sat, 2021

Here are a few considerations to keep in mind when you have your home appraised.

The Appraisal May Be Lower Than the Real Market Value

The appraised value and market value are both used when dealing with the sale of homes, but there are some differences between the two that homeowners should know about. While appraised values are determined by experts in the real estate industry, market values are driven by consumers. That means that your own could technically sell for more than what your home is appraised at.

Appraised values are based on information and the judgment of the professional appraiser doing the appraisal. On the other hand, the market value is influence by buyers. At the end of the day, your home is worth what people are willing to pay for it.

Your Appraiser Needs as Much Information as Possible

Appraisers need as much relevant information about your home as possible, especially information that is not publicly available. As such, you would be doing yourself and the appraiser a favor by providing as much relevant data about your home as possible. This will ensure that the appraiser is more accurate with the appraised value.

Foreclosures Can Have a Negative Impact on Your Home’s Appraisal

If there are foreclosed properties on your street or even next door, this could have an impact on your home’s appraisal. Some foreclosed homes could be boarded up, which does little for your home’s value. But even foreclosures that are not as obvious and happen quickly can leave a black mark on the value of the neighborhood.

These are just a  few reasons to be cautious and stay informed during the home appraisal process. Find out more about Seattle home appraisal in the Sammamish Mortgage article, Reasons to Order an Appraisal.

Get an Instant Mortgage Rate Quote Today

Need a Mortgage to Buy a New Home?

If you’re in need of a home loan, Sammamish Mortgage can help. We are a mortgage company serving the Pacific Northwest region including Washington, Idaho, Colorado, and Oregon. We have been providing mortgage programs with flexible qualification criteria to borrowers since 1992. Please contact us if you have any questions or are ready to apply for a mortgage.

Other Blogs You May Like
4 Reasons Home Sellers Reject VA-Backed Offers in WA State 4 Reasons Home Sellers Reject VA-Backed Offers in WA State
July 26, 2021

The VA Home Loan Program is the most important benefit available to veterans who have served our country in the military or who are still serving. But why do sellers often reject offers with VA-backed financing? We’ll discuss this in this article.

Read more
Can The Right Color Help Sell Your Home Faster? Can The Right Color Help Sell Your Home Faster?
April 9, 2021

When it comes to selling your home, you’ve probably thought of the most common staging tricks, such as clearing out the clutter to make your rooms look bigger and bringing in more light to brighten things up.

Read more

Show 25 more posts
from this category

Begin your home loan process today! Our mortgage advisors are standing by. Request a free personalized rate quote. (425) 401-8787