Appraisers play a critical role in determining the value of a property. Not only that, but their findings have significant implications for buyers, sellers and lenders. As a seller, you’ll want to know what appraisers look at so you can get the most value from your property. If the appraiser finds that your house is worth less than your asking price, the buyer will have to come up with the difference or pass on the property.
Below are five main factors that appraisers look for when assessing properties in Las Vegas.
A property’s location is a critical component of its value. Appraisers consider the surrounding area, the proximity to amenities and the quality of the neighborhood when assessing a property’s worth.
Location is especially important if you plan to sell a property near Las Vegas, as not all areas are considered safe or desirable. A house located in East or West Las Vegas is going to appraise for less than a home in Summerlin or Henderson.
The condition of a property is another essential aspect that appraisers consider. They examine the home’s age, its level of maintenance and any repairs or renovations that are needed. A home that is in good, well-maintained condition is going to appraise for more than one that needs a lot of work.
If you know your Las Vegas property needs some work, you may want to address this before the appraisal. Tackle things like damaged flooring, broken windows and outdated appliances. If you don’t have the time or money to do this, consider selling your Las Vegas house for cash.
3. Comparative Market Analysis
Appraisers also use a comparative market analysis to determine the value of a property. This process involves examining sales data of similar properties in the area and factoring in market trends. CMAs can change dramatically in a short amount of time, as they are based on very recent data.
An appraiser will look at similar homes that have sold near you in the last six months, though preferably three months. You can get a feel for what the appraiser will be looking at by seeing which properties have recently sold by you, and for how much.
4. Size and Layout
The size and layout of a property also play a role in determining property value. Appraisers assess the square footage, the number of bedrooms and bathrooms, the number of rooms and the layout of the property when appraising a home.
Generally speaking, the bigger your home is and the more desirable a layout it has, the more it will appraise for. If you decide to sell your house for cash, this won’t matter, as most cash buyers renovate the home and update it to feature an open floor plan.
5. Features and Upgrades
Appraisers also consider any features or upgrades that can add value to a property. This includes amenities such as a pool, patio or landscaping, as well as upgrades such as new appliances or upgraded flooring. If you’ve put a lot of work into your home over the years, it will be more desirable to buyers, making it worth more.
Appraisers look at a variety of factors when appraising a property. By understanding these factors, you can better prepare yourself for the appraisal process. If you’re concerned about this process due to your home’s condition, consider selling it for cash. We Buy Any Vegas House will buy your house for cash, and we require no inspection or appraisal. Contact us today to learn more about this type of home sale!