Appraisals set the standard for the buying and selling process, and houses usually aren’t sold for more than the appraised value. When you need to sell your home, contact an appraiser first. Appraisals cost a few hundred dollars, depending on the size of your house and property. This will be a starting point for listing your property, and it doesn’t hurt to know what your home is actually worth.

You’ve taken a job in another city and need to sell your home pronto, but you also want to make sure you are selling it for what it is worth. What should you do and where do you start? There are many factors that affect the value of your house. One of the first things you should do in determining the value of your home is to have it appraised.

Appraisal

Most people who are selling their houses have them appraised by an expert. The appraiser has guidelines when evaluating a home and looks at things such as the location, size of house and property, condition of the house and the surrounding neighborhood (Is it next to railroad tracks or does the neighbor next door have a junkyard for his yard?).

The appraiser determines the fair market value of your house and provides an unbiased, professional evaluation. This not only helps you, but also the lender and buyer. Most lenders will require an appraisal before lending money to the buyer. This helps the lender make sure the borrower doesn’t ask for more money on a loan than what the home is worth.

Market Value

Simply stated, the market value is what the buyer is willing to pay for your home. You may choose to list your house at a higher price than the appraisal. Say the appraisal amounts to $490,000, but you list it as $530,000 and someone is willing to purchase it at that price, the market value is $530,000.

Market value can change over a period of time, depending on how long it takes to sell the house or if there are factors that affect the appraisal such as damages to the house or property. You may list the house at $530,000, but if it’s been several months and still isn’t selling, you may need to lower the price.