appraiser, who evaluates your home’s worth at a specific point in time. This value is often used by lenders to decide how much they’re willing to loan you. It’s also tied to your Loan to Value (LTV) ratio, which can influence whether you need mortgage insurance. • Assessed Value is what local governments use to calculate property taxes. This number often differs from the market or appraised values, and in fact, about 60% of U.S. properties are assessed at higher values than their current market worth. Understanding these values helps you avoid overpricing, ensuring your home is attractive to buyers from the start. Professional Appraisal: A Key Step in Pricing A professional appraisal can be incredibly helpful when determining the value of your home. Appraisers take into account a variety of factors, such as the size of your home, its condition, location, and recent sales of comparable homes. They also consider any upgrades or improvements you’ve made, but it’s important to remember that some updates will add more value than others. Appraisals are valuable for several reasons. As a seller, you can use the appraisal to set a realistic price. Buyers use it to guide their offers, and lenders rely on appraisals to determine how much financing they’ll provide. Here’s what appraisers typically look at: • The type of dwelling (one-story, two-story, split-level, etc.) • Features and materials used in construction • Any improvements or updates • Comparable recent sales in the area • The age and size of the property • The condition of the home
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