How Can Appraisals Affect Your Denver Home Sale?

Phil Belonger Real Estate Video Blog

A question I get asked all the time by Denver sellers is, “Should I have an appraisal done before listing?” Today, I thought I would answer the question in detail.
Although I don’t think a pre-listing appraisal is a necessity, it’s definitely a good idea and it certainly won’t hurt to get a little more knowledge from a professional who is objectively valuing your property.
However, one thing to take into consideration when you're looking at the appraised value is that there is often a disconnect between that appraised value and a Denver home’s fair market value. The reason being that appraisers are only looking at historical and sold data as it relates to your property. They may be looking online at sold properties and only have pictures as their reference point. They don’t get to see the quality of the finishes or other different nuances. They also don’t take into account the lack of inventory or the competition currently on the market.

“

The fair market value is what you really want to know.

”

To get your fair market value, you’re better off talking to a professional real estate agent. They know the market, they know what homes near yours are selling for, and they understand the different nuances that go into determining a home’s value. They will help you find the perfect price.
A pre-listing appraisal is by no means a bad idea, but it’s not the end-all of where you should price your home. If you have any questions for me, don’t hesitate to reach out and give me a call. I would love to hear from you.