Preparing For An Appraisal Before Listing Your Farmington Hills MI Home

Preparing For An Appraisal Before Listing Your Farmington Hills MI Home

Preparing for an Appraisal Before Listing Your Farmington Hills MI Home 

You’ve decided to put your Farmington Hills MI home on the market. Before listing your home, you may want to have it appraised. An appraisal is an unbiased, professional opinion of how much your home is worth. The results of the appraisal will help you determine the asking price for your home. Homeowners often get nervous about the appraisal process and what could end up hurting the appraised value of their home. 

Read on for some tips on how to best prepare for your appraisal: 

Make sure your home looks good from the curb  

Curb appeal is one of the most important aspects of preparing a home for sale and it’s also important when preparing for an appraisal.  Similar to neglected repairs, a home with little or no curb appeal can create a poor first impression for the appraiser and lower the value of your home. 

Houses with high curb appeal receive better appraisals, hands down. Start by walking around your home before the appraisal with a critical eye. Remove any clutter from both the front and backyards like stray toys, bicycles, and lawn furniture.

Also, look for any damage that could decrease your home’s value. Are there loose floorboards? Do the gutters work properly? Pay attention to things like overgrown shrubs and bushes, weed-filled flower beds, and damage to the exterior of your home. Be sure to also address any chipped or peeling paint.

While an appraiser won’t necessarily care what color your house is painted, they will pay attention to the condition of your paint. Chipped or peeling paint, especially on the exterior of your home, can be an invitation to wood rot and other structural issues.  

Take a look at comparable homes in your area

The market value of your home is largely determined by how it compares to similar homes in your area that have recently sold. Your Farmington Hills MI real estate agent will be able to pull information for you on recent closing sale prices in your neighborhood. 

This will provide valuable insight into how your home measures up. Before an appraiser even steps foot on your property, they’ll gather a list of comps to compare your home.

They’ll use the price of similar homes sold nearby, and adjust based on the features and qualities of your home. If homes in your area are selling with new hardwood floors, updated appliances, and fabulous curb appeal, you should consider taking on similar projects to fetch the same value. 

Inspect for potential safety issues around your home

As you prepare for an appraisal, you’ll want to inspect any potential safety issues in your home that could raise a red flag for an appraiser.  A few of the most common repairs that are cited in appraisal reports include peeling paint, missing handrails, and broken windowpanes.

 If you are unsure if you have any potential safety issues, an experienced Farmington Hills MI real estate agent can walk through the home and point out things that might be cause for concern during the appraisal.

Make some smaller home updates to your home 

Outdated décor can have a negative impact on an appraisal, while a more modern appearance can have the opposite effect.  Small things don’t add a lot in an appraisal, but they add up – giving the entire home the appearance of being modern and updated. 

Repaint the walls and hang new curtains. Install shiny new doorknobs or faucets. Update old countertops, paint cupboards, or reface them and replace old flooring, if you can. You’d be surprised how inexpensive flooring can be to replace, especially if you do it yourself.

Laminate flooring and tile will refresh a room, as will updating countertops, even laminate countertops. Keep the looks neutral and adaptable, yet modern.  

Give your home a deep clean 

Give your home a deep cleaning.  A home will appear to have more worth when it’s clean. Pay extra attention to areas that might not be part of your regular cleanings such as the inside of cabinets and the corners of ceilings.

Get rid of any scuff marks on the walls and shampoo your carpets to remove lingering stains or odors. Focus on the exterior of your home as well, such as cleaning out gutters, wiping down the outsides of windows, and even power washing the floor of your garage and the sides of your house.

A spic and span home inside and out looks newer and more attractive to both appraisers and buyers.

Compile a comprehensive list of upgrades

Be sure to inform your appraiser of any improvements you’ve made in your home within the last 4 years. New additions, replaced HVAC units, siding, gutters, a new roof, remodeled kitchens, and updated bathrooms will all positively reflect on your appraisal. Don’t assume the appraiser will notice every updated fixture or siding replaced.  

Make sure everything is in working order

Go through your property and ensure that everything is working how it’s supposed to. Makes sure any safety equipment installed is working properly like smoke alarms, carbon monoxide alarms, and home security alarms. 

Replace burned-out bulbs, turn on any pilot lights that you have switched off, and take care of anything else that suggests something might not be quite right. While an appraiser won’t go into as much detail as the inspector will, it’s best to show that everything is in good working order.

Look beyond your house to the surrounding area 

Are there new schools, parks, highway ramps, stores, or other public amenities that have been added since you bought the house? Point these out to your appraiser. The appraiser may not be totally familiar with the area and amenities such as these can add even more value to your home.  

Farmington Hills MI REALTOR -Tom Gilliam

When you are ready to list your Farmington Hills MI home, contact Farmington Hills MI REALTORⓇ – Tom Gilliam. Tom can help determine the market value of your home and make suggestions on how you can command a higher asking price.  

Tom is proud to be one of the most trusted real estate agents in Farmington Hills – offering his guidance and expertise to home buyers and sellers for the past 20 years. He understands that buying or selling a home is a significant financial and life decision and that you are looking for someone you can trust.

As your agent, Tom will protect your interests, advocate for you, negotiate on your behalf, and guide you towards a smooth and successful transaction. Get the process started today by contacting Tom Gilliam directly at (248) 790-5594 or you can reach him by email.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578 

Farmington Hills Michigan Appraised vs Assessed Prices

Farmington Hills Michigan Appraised vs Assessed Prices

Appraised and assessed prices are regularly mistakened for each other. As a buyer or home seller, it is useful to understand how they differ. Details on Farmington Hills Michigan appraised vs assessed prices is provided below. Farmington Hills Michigan Appraised vs Assessed Prices home questions picture

What Are Assessed Prices

Localities require a property tax on residential real estate. The sum is derived from the tax rate multiplied by an assessed value of the real estate. Assessments are used only for measuring taxes and do not necessarily coincide with the market value. Every municipality formulates assessed value differently. They usually look at land area, interior features, and exterior features such as garages. Municipalities can re-evaluate real estate values and/or elevate the tax calculation at standard intervals.

What Are Appraised Prices

An appraisal is an analysis of the market value of a property by a licensed individual implementing specific calculation methods. Lenders obtain the services of appraisers to validate that a loan is not being provided for higher than the actual market value of a piece of property. It is a means of evaluating their investment given that they hold the majority of financial burdern until you pay down the loan. Appraisers always evaluate several comparable houses that sold recently within a certain vicinity. Since the market conditions will increase or decrease several times, comparing recent sales is important for a valid appraisal.

Details On Farmington Hills Michigan Appraised vs Assessed Prices

The market price of a listing is defined by what a home buyer is willing to pay, which will go up and down constantly based on factors such as the economy. Consumers should use caution when equating assessed figures with the market price of a home because they do not fluctuate the same. Some locations do not often change assessments and increase tax amounts instead. Only an appraisal can offer a true indication of present market price. This article regarding details on Farmington Hills Michigan appraised vs assessed prices was compiled by Tom Gilliam at RE/MAX Classic. For additional details on this and other real estate matters, contact Tom at 248-790-5594 or [email protected]

What is an Appraisal (tutorial)

 

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