When preparing for a home appraisal, your Real Estate Agent can provide information relevant for the appraiser to ensure a full picture of the property’s value. Proper preparation can help maximize the appraisal value, which in many situations is crucial for the sale. Here’s what your Real Estate Agent can be:
1. Provide Relevant Comparables (Comps)
Your Real Estate Agent can prepare a list of recent comparable sales in your neighborhood, often referred to as “comps.” These are similar homes that have sold recently in your area, providing a benchmark for pricing. Appraisers rely on these comps and will most likely pull their own, but this way you are better ensured that the comps relevant to your home are seen. The comps must be recent (ideally within the past 3-6 months), geographically close, and similar in terms of size, features, and condition.
2. Highlight Recent Upgrades and Improvements
Your Real Estate Agent should create a list of any upgrades or improvements you’ve made to the home. Whether it’s a new roof, updated kitchen, or landscaping improvements, all upgrades should be clearly documented with receipts, permits, and before-and-after photos if available. This helps ensure the appraiser knows about improvements that might not be immediately visible.
3. Prepare a Home Fact Sheet
A detailed fact sheet or property information packet should be provided to the appraiser. This document should include:
- Square footage of the home and lot.
- Number of bedrooms and bathrooms.
- Year built and any major renovations.
- Special features like fireplaces, decks, pools, or energy-efficient appliances.
4. Enhance Curb Appeal
While it’s true that appraisers primarily rely on data, first impressions matter. Your Real Estate Agent should advise you on enhancing your home’s curb appeal. Ensuring the lawn is maintained, the exterior is clean, and any minor repairs are made can help improve the overall perception of the home’s condition.
5. Ensure Easy Access for the Appraiser
Your Real Estate Agent can ensure that the appraiser has easy access to all parts of the home, including basements, attics, and outdoor areas. As a homeowner, you should make sure there’s no clutter and that every area of the home can be thoroughly reviewed.
6. Provide the Appraiser with Neighborhood Insights
In addition to providing comps, your Real Estate Agent can give the appraiser a detailed overview of the neighborhood, particularly if it has experienced significant changes such as new developments, increased demand, or improvements in local amenities. Any factors that make the neighborhood more desirable are good to communicate.
7. Attend the Appraisal
It’s common practice for Real Estate Agents to attend the appraisal. This allows them to provide clarifications, answer any questions, and ensure that the appraiser is aware of all the relevant details that can affect the valuation of the home.
8. Prepare for Potential Low Appraisals
If there’s a concern that the appraisal could come in low, your Real Estate Agent should be prepared to challenge it by:
- Requesting a reconsideration of value.
- Presenting additional comps.
- Highlighting overlooked upgrades or features.
In summary, your Real Estate Agent should be proactive in preparing for a seller’s appraisal by gathering relevant comps, documenting upgrades, preparing a home fact sheet, working with you on ideas to enhance curb appeal, and attending the appraisal to answer questions. These efforts help ensure the appraiser has all the information needed to accurately assess the property’s value.
