If you’re thinking of selling your Kansas City home, you’re probably wondering what price to sell the home at. Getting an appraisal is part of the sales process, where they determine the actual value of the property. So, if you’re wondering, “Can appraisals affect the selling price on a house in Kansas City?” then keep reading…
Selling your property involves considering a lot of different numbers!
- First is the Asking Price – this is how much you’re wanting to sell the home for.
- Second is the appraisal price – this is how much a real estate appraiser values the home at versus comparable sales in the area
- Finally, there’s the selling price – how much the home actually sells for
Can Appraisals Affect The Selling Price On A House?
Here’s the answer:
An appraisal should probably affect your asking price but it won’t affect the selling the price. Here’s why…
An appraisal is an educated guess. They look at what similar homes have sold for in the area recently (also known as comps or comparables) and then make some adjustments to make the best guess as to your home’s value.
They will look at different factors such as the number of bedrooms, bathrooms, square footage, whether the basement is finished, etc. They may also make some adjustments based on the finishes in the home, but at the end of the day the valuation is just an educated guess.
The appraisal will let you know things you should be mindful of. It will let you know what others are willing to pay for a similar house in your area.
The appraisal will then help you select an asking price that potential buyers seem willing to pay. The appraisal is more like guidelines for the valuation. They are very good guidelines, but guidelines none the less. You may choose to price your home more or less depending on your strategy and you opinion of the home. Perhaps you have nicer finishes and believe that a buyer will pay for those for instance.
The Bottom Line
The appraisal should be thought of as guidelines. They are real estate professionals supposedly trained in making great guesses to values, but the selling price of the home may be vastly different from an appraisal. In fact, every home that I’ve purchased, the appraiser managed to come in just ever so slightly (like a few hundred dollars) below or above the contracted price. So will it is good information, I wouldn’t put my entire stock in it.
Are you thinking about selling your house?
In fact, why even bother with appraisals? If you’re just ready to sell the home quickly, we can provide you with a no-obligation cash offer and save the time, effort, cost, and hassle of dealing with appraisals and the entire sales process. Just pick up the phone and give our team a call at 816-800-9238 or click here now and enter your information into the form.