When buying or selling a property, understanding its true market value is crucial. Real estate agents often provide a comparative market analysis (CMA) to help determine a property’s listing price. However, you might wonder if you can still get a professional real estate appraisal for a property being sold through a real estate agent. The answer is yes! An appraisal can provide an unbiased, expert opinion of a property’s value, which can be beneficial for both buyers and sellers. In this blog, we’ll explore why you might want an appraisal, how it differs from a CMA, and when it’s a good idea to get one.
What Is a Real Estate Appraisal?
A real estate appraisal is a professional assessment of a property’s value conducted by a licensed or certified appraiser. Unlike a CMA, which is typically prepared by a real estate agent and based on recent sales of similar properties, an appraisal takes a deeper dive into the property’s condition, location, and market trends. Appraisers use standardized methods to ensure accuracy and neutrality, making the appraisal a trusted valuation tool in real estate transactions.
Why Get an Appraisal for a Property Sold Through a Real Estate Agent?
- For Buyers: Ensuring You’re Paying the Right Price
As a buyer, you want to ensure that the property you’re purchasing is worth the asking price. While a real estate agent’s CMA can give you a general idea of market value, an appraisal provides a more precise valuation. This is particularly important if you’re securing a mortgage, as lenders typically require an appraisal to confirm the property’s value before approving the loan. - For Sellers: Confidence in Your Asking Price
Sellers benefit from an appraisal by gaining a clear understanding of their property’s worth. While real estate agents are skilled at pricing homes, having an independent appraisal can provide added confidence that your asking price is realistic and competitive. It can also help avoid overpricing or underpricing, which could either delay the sale or leave money on the table. - When There’s Disagreement Over Value
If there’s a dispute between the buyer and seller about the property’s worth, an appraisal can serve as a neutral third-party assessment to resolve the issue. This is especially helpful in competitive markets where bidding wars or emotional decision-making can lead to price inflation.
How to Get an Appraisal
If you decide to get an appraisal, hire a licensed or certified appraiser with experience in your local market. The appraiser will inspect the property, evaluate its condition, and analyze recent comparable sales. Afterward, they’ll provide a detailed report with their findings and the property’s estimated value.It’s important to note that appraisals are often required by lenders during the mortgage process, but you can also order one independently if you’re a cash buyer or seller looking for additional assurance.
Conclusion: A Smart Move for Both Buyers and Sellers
Yes, you can absolutely get a real estate appraisal for a property being sold through a real estate agent, and in many cases, it’s a wise decision. An appraisal provides a professional, unbiased valuation that can protect both buyers and sellers from overpricing, underpricing, or disputes.
Whether you’re looking to secure financing, gain confidence in your asking price, or simply ensure a fair deal, an appraisal can be a valuable tool in the real estate process.If you’re considering an appraisal, reach out to a licensed appraiser in your area to get started. With the right information in hand, you can move forward in your real estate transaction with confidence and peace of mind!