When selling your home, determining the right price is often one of the biggest challenges. Part of this process typically involves getting an appraisal on your property. If you’re wondering, “Can appraisals affect the selling price on a house in Columbia?” then continue reading for insights from our decade of local real estate experience…
Selling your house means navigating several different price points!
- There’s the asking price – the amount you HOPE to get for your property
- There’s the appraisal or valuation – the figure that a professional believes your house could reasonably sell for
- There’s the selling price – the actual amount someone pays for your home in the end.
Can Appraisals Affect The Selling Price On A House?
Here’s what you need to know:
An appraisal should definitely influence your asking price but it rarely determines the final selling price. Let us explain why…
An appraisal is essentially an informed estimate. When you request an appraisal, the professional evaluating your property typically bases their assessment on recent sales of comparable homes in your neighborhood.
They’ll examine various features (such as bedroom count, bathroom count, finished basement status, etc.). However, remember this is still just a professional estimate based on market research, and numerous other factors can influence the final price beyond what’s reflected in the appraisal.
The appraisal highlights important market considerations. It shows what other buyers have been willing to pay for similar properties and often reveals what features are most valued in your specific area of the Midlands.
A good appraisal helps you set an asking price that aligns with what buyers might actually pay. You might choose a price higher than the appraisal if your home has exceptional features, or you might price lower than the appraisal if your property needs significant repairs or updates.
What This Means For You
While an appraisal provides valuable guidance, it’s important to understand it’s not infallible. Countless factors ultimately determine what a buyer will pay for your house, and an appraisal is merely one reference point. This is why appraisals can influence asking prices but rarely dictate the final selling price.
Are you thinking about selling your house?
Tired of the uncertainty of appraisals? Frustrated by the thought of strangers walking through your home and potentially waiting months for a sale? As a family-owned business serving the Columbia area for over 10 years, we offer a simpler solution. You can get a fair all-cash offer from us to buy your house fast… and skip the appraisals, listings, showings, and negotiations altogether. Just call our team at 803-592-2353 or click here now and enter your information into the form.