Buying A Home
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Appraisal ?

What do appraisers look for in a house?  What determines appraisal value?  What would bring it down?  Is is more the market in the area, or is it house "stuff."  We have had several appraisals in the 10 years we have owned our home...and they are all so very different.  They go along with the economy, but vary wildly.

 Would starting to pack up a house bring the value down?  Stuff off the walls, decorations down, boxes sitting around?

Anyone can be cool, but awesome takes practice!

Re: Appraisal ?

  • None of the stuff you have listed should affect the value.  They are looking at the quality of the house as well as if you have done any updates as compared with the neighborhood and the comparables.  Our appraisal took place in the middle of our moving out.  As in the appraiser came and walked through as we were moving furniture and boxes.  House was a wreck but since it is in great condition it was no problem.  We appraised above the comps of the area because our finishes are nice and everything is in perfect condition.  If you know when they are coming you can make it nice but it shouldn't affect anything.  We had a few hours notice so there wasn't anything we could do!
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  • Good luck in MI on the appraisal.  We just sold our house in August in MI before we moved out of state.  Most of the appraisals are coming back below sale price (in Detroit area).  We were lucky ours didi appraise for the sale price but we priced the home right and we did take a loss.  We were told the things that effect the appraisal are lot, location, structure of home, kitchens/baths (updates), condition of the home and the values of the homes recently sold in your neighborhood that are comparables.  They even include short sales I believe so that will lower your value if they sold short sales for a lower price.  Talk to your realtor if you are planning on listing.  Interesting...we moved to Chicago and the house we just bought appraised for 30K over the price we paid.  It is completely different here with appraisals than MI.  Our realtor says almost all houses come back over sale price here....not the case in metro Detroit. 

     

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