As a homeowner who knows the property and neighborhood intimately, there are things you can do to assist an appraiser.
Knoxville, TN (PRWEB) February 01, 2013
The Holloway Group, the leading Knoxville real estate team at Gables & Gates, REALTORS has posted a new article on their website titled, "How To Get Top Dollar Out of Your Home Appraisal".
Troy Stavros, Broker and Partner with the Holloway Group stated, "With faster price appreciation being caused by low inventory of Knoxville homes for sale, low appraisals could become a bigger problem."
The National Association of Realtors reported on Tuesday that inventories of homes were at the lowest levels since 2001 and the median price a home resale was, at $180,800 in December, up 11.5 percent in a year. Stavros continued, "In a rising market, because appraisals are based on recent sales prices of comparable properties, depending on when the sales occurred, they might not be high enough to support the newest numbers. As a homeowner who knows the property and neighborhood intimately, there are things you can do to assist an appraiser".
Here are some ways to achieve the highest possible appraisal:
- With the assistance of a Knoxville real estate agent, provide the appraiser with comparable sales. Don't just hope the appraiser knows about the house just like yours that sold for the same price, give proof. Preferably 3 or more comparables to support the value.
- Make sure the appraiser knows the neighborhood. With the way appraisers are chosen, there is a chance of unfamiliarity with the area. Supply as much information about the quality of the neighborhood as possible. Including information like neighborhood amenities, new local restaurants and attractions. Anything that can add value to the location.
- Provide the appraiser with documented information on the upgrades and renovations completed on the home. Everything from cosmetic, to structural, to mechanical. It all can add value.
- Clean, clean, clean. Showing the home to an appraiser can be more important than showing it to a buyer (a buyer can walk away if the home does not appraise!) The home should look as good as possible. Turn on all the lights. Light some candles. Clean up the yard. The better the home looks the more perceived value it will bring.
- Either give the appraiser the information on the home upon arrival or prior to departure. Do not follow them around. Not only can this be uncomfortable and distracting for the appraiser, but can raise concerns that there may be issues with the home.
ABOUT THE HOLLOWAY GROUP AT GABLES & GATES, REALTORS
The Holloway Group is committed to bringing the best possible experience to fruition for buyers and sellers of Knoxville real estate. At the Holloway Group we don't believe average is good enough for our clients. At the forefront of the Holloway Group is experience. Our team was created to serve our clients even better with specialization and expertise. We know that individually we cannot be everything to everyone so we have come together as a group, bringing all of our different strengths, so you always work with the best. We pride ourselves on being ahead of the curve on technology and how it can serve our clients. When you are a client of the Holloway Group, you can expect to have our entire team of professionals working to fulfill your individual real estate goal. As a member of Leading Real Estate Companies of the World the Holloway Group and Gables & Gates, REALTORS can assist you with finding the most qualified real estate professional to suit your needs, anywhere in the world! Visit our website to search ALL Knoxville homes for sale. Contact us today for assistance.