If you’re thinking about selling your house in CT then you are probably trying to figure out what your selling price might be. Since we buy houses In Connecticut all the time, we know that part of that process is getting a real estate appraisal (or valuation) to determine the true value of your home. So, if you’re wondering, “Can appraisals affect the selling price on a house in Connecticut?” well I hate to spoil the ending, but the answer is, absolutely. The higher the appraisal, the more you can sell your property, and the faster it can potentially sell. So it really pays to find ways to get your home appraised higher. Keep reading…
When selling your home, you’ll be juggling a lot of numbers!
- There’s the asking price – the price you WANT to sell your home for
- There’s the appraisal or valuation – the price that a real estate professional thinks you should try to sell your house for
- There’s the selling price – The price that someone will ultimately pay for your property.
Can Appraisals Affect The Selling Price On A House in Connecticut?
An appraisal should probably affect your asking price but it won’t affect the selling price. Here’s why…
An appraisal is an educated guess. When you want a home appraisal, the professional who gives you the appraisal will usually find the number based on what other comparable homes in the area have sold for recently.
They’ll look at several factors (including, but not limited to the number of bedrooms or bathrooms, whether the basement is finished or not, etc.). Of course, it’s just an educated guess based on research, and there are other factors that may influence the price beyond the appraisal.
The appraisal will highlight things you want to be aware of. It will show you what other people are willing to pay for a home and often what they consider to be important factors in the area.
The appraisal will then help you select an asking price that potential buyers seem willing to pay. For example, you might choose an asking price of a house that is higher than the appraisal because your home is a better home, or you might choose an asking price that is lower than the appraisal because your property needs some work.
The Bottom Line
The appraisal is a guide; an educated guess. But you should also be aware that the appraisal is not always correct. There are many factors that determine the sale price of a house and an appraisal is only a starting point. Therefore, it won’t likely influence the selling price.
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Why bother with an appraisal at all? Why bother with showing your property to a bunch of strangers, and waiting a month while they decide whether or not they want to buy. Sell your house in CT to us. You can get a fair all-cash offer from us to purchase your property fast… and then you don’t have to worry about getting an appraisal, or listing the property, or showing your home, or negotiating.