Selling Highlands NC Real Estate, What to Expect From An Appraisal

Selling Highlands NC Real Estate, What to Expect From An Appraisal

Highlands NC real estate

Lynn Kimball, answering all of your Highlands NC real estate questions

Selling Highlands NC real estate involves an understanding of what to expect from an appraisal. While not every contract will include an appraisal contingency, every contract that includes a loan should have one. A lender requires an appraisal for a home loan. The appraisal will either come in right on target, lower than the contracted price, or higher. An experienced Highlands NC REALTOR will be invaluable in helping you navigate any issue that arises with an appraisal.

Home values

Pricing a Highlands NC home for sale is an important step in the selling process. Typically an experienced REALTOR will conduct a comparative market analysis (CMA). This will involve examining recent sales, current listings, and details like the location and condition of a home. The suggested price will be a guide for the seller and should represent fair market value for a home. While a seller can choose the price for a home it is important to recognize that the suggested price comes from experience.

Selling price

Ultimately a home will sell for a price that a buyer is willing to pay. In a seller’s market buyers often pay over the asking price for homes. In this scenario, an appraisal will often be lower and buyers expect to pay over price to secure a property. Likewise, a buyer’s market will give a buyer leverage and often secure a home for less than the appraised price. However, any market can produce appraisal issues. Sometimes this is simply a bad appraisal and a buyer can request a second appraisal.

Appraised value has an impact

An appraisal is an important piece of securing a home loan. An appraisal should come in at the contracted price of a Highlands NC home, or at least very close. A low appraisal can jeopardize a loan because no lender wants to lend more than a home is worth. In this scenario a buyer will have to arrive at the closing table with more money, exit the contract, or negotiate further. When an appraisal comes in higher than the contracted price, a buyer has immediate equity.

Learn more about selling Highland NC real estate

Contact me, Lynn Kimball, today to learn more about selling Highlands NC homes. I welcome the opportunity to update you on the market while sharing a complimentary listing presentation at the same time. Let my knowledge and experience serve as your guide to selling Highlands NC real estate.