Home values are on the rise, and so are median prices of home sales. Compared to last year, home prices have increased by an average of 17% for new home construction and 10% for existing homes. As the home market improves, it means that there is a chance to make more proceeds during the sale of your home. But does it really mean that you will sell your home for more? Check out this quick video from NBC’s The Today Show to get some key insights about the home appraisal process: How low appraisals are hurting real estate.
A few of the key takeaways from the video include:
- When having your home appraised, the appraisal value may be lower than the home’s real market value.
- Give appraisers as much relevant information about your home as possible, especially information that is not publicly available.
- Short selling or foreclosures can have a negative impact on your home’s appraisal.
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.