Kathy A. Torline-Nordstrom
ERA Herman Group Real Estate
Serving Colorado Springs
Do I need to hire an appraiser before I sale my home?
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For some home owners, getting an unbiased home appraisal done before putting their home up for sale can be a good step before they put their home on the market. For others home owners, it’s not necessary.
If you live in a typical suburban neighborhood in Colorado Springs, with a standard floor plan, it’s usually easy to come up a valuation of your home. Your Colorado Springs Realtor can easily pull up information on comparable properties that have sold in the last 6 months. They’ll look for homes in the same neighborhood that have sold in the last 3 to 6 months with a similar floor plan, and similar square footage, and they can make calculations to adjust for differences in square footage, additional bathrooms and more or less garage space, etc.
But, if you have a very unique property, an appraisal may provide some helpful information for you. As an example, I recently listed a townhome for sale in a small complex in Northwest Colorado Springs where nothing has sold for the last 2 years, and it’s a unique area in Colorado Springs with breathtaking views of the mountains and surrounding cliffs. There weren’t hardy any comparable properties I could find that had sold recently, so I suggested an appraisal to the owners. Even though the appraisal came in very similar to what I thought the property as worth, it was a good confirmation for the seller on the value of the townhome.
Since a appraisal typically cost between $300 to $500, it can be a good use of money. Realtor.com has a very informative article about appraisals, including what is included in an appraisal report.
It’s also important to note that even though you may have a recent appraisal done on your property, most buyers will also need to get their own appraisal done which is almost always required by their lender. The lender will want to make sure that the buyer isn’t paying too much for the property and that they aren’t lending too much on the property.
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For even more information, contact Kathy Torline by calling or texting 719-287-1049, or email [email protected]