As a seller, you usually have a price in mind for what you NEED or WANT to get for your home. It is an emotional attachment that you have and many times also an amount you need to pay off your mortgage. Sometimes the seller(s) have spent various amounts of money on improvements, etc.
My job is to also show the seller(s) what is reasonable based on the market and also based on what their home will appraise for. The timeline that appraisers use is 90 days. They are looking at similar sales in the past 90 days. They will consider pending sales as well however, those that have sold will hold the most impact on value. If you have had improvements done to your home, make sure to SAVE any documentation you have so that you can give this to your Realtor to present to the appraiser. Appraisers go by the numbers and, they need concrete proof of anything to count it in the value.
Remember, anyone obtaining a loan to buy your home (which is most home buyers in the current market unless they are investors) will need to have the home appraise at or above the contract sales price in order to obtain the loan. This is true no matter how much they are putting down.
If you need a free Comparative Market Analysis to see what your home is worth, contact me and I will be happy to help.
