Many times I hear this from customers who want to list their home. “…I just had an appraisal, and it was…”
Why doesn’t that make a difference about what the house is ‘worth’? Because we don’t know what your house is worth….what determines worth is what a buyer is willing to bring to the table after your home has been suitably exposed to the marketplace.
This means that you must put the property into the MLS at a good comparative price based on an expert Realtor® opinion, make sure the MLS information is correct, and qualify each and every buyer that comes through the door. The Realtor® opinion is based on what experience and knowledge of the marketplace, what buyers are looking for and the current market mood and conditions.
Even though it is a fact that appraisers will use the same data to come up with a value for the property, that value is based on an “intended user, intended use” theory. It means that most likely you had the appraisal done for the purposes of a refinance or an estate evaluation. The “intended user” was the bank or the estate planner. The “intended use” was for allowing for a distribution of funds to the interested parties.
When an appraisal is done after a buyer is procured and an offer has been accepted, now the use is for substantiation of a purchase offer, and the user is the lender who is lending money for the loan. The market value has generally been determined by the willing buyer/willing seller.
So – when you are going to market your home for sale – the market value is where the buyers find it to be.
Linda DeVlieg Killman
Let me, an Albuquerque real estate broker, help you find your dream home or sell your current home - with a personalized marketing program set up for your needs and expectations. I want to be your first source for real estate information and I am the number one Internet real estate expert in Albuquerque. Specializing in all Albuquerque neighborhoods and the beautiful area of Chama Valley in Northern New Mexico. Contact me today to get started!
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