If you’re thinking about selling your house in Edmonton, Spruce Grove, Sherwood Park, Leduc, or St Albert, Alberta, then you are probably trying to figure out what your selling price might be. A significant aspect of that process is getting an appraisal or professional valuation of your home. So, if you’re wondering, “Can appraisals affect the selling price on a house in Edmonton?” then keep reading…
When selling your Edmonton area house, you’ll be juggling a lot of numbers!
- There’s the asking price – the price you WANT to sell your house for
- There’s the actual home appraisal or valuation – the value that a real estate professional calculates to determine the value of your home and acts as a guide to determine what you should sell your house for
- Finally, there’s the selling price – the price that someone will ultimately pay for your house.
Can Appraisals Affect The Selling Price On A House?
Here’s the answer:
An appraisal should probably affect your asking price but it won’t affect the actual selling the price. And here’s why…
An appraisal is an educated guess. When you purchase an appraisal from a certified Edmonton appraiser, the professional who gives you the appraisal will usually determine the number based on what other comparable houses in the area have sold for recently.
They will investigate several factors (including, but not limited to, the number of bedrooms or bathrooms in the Edmonton property, whether the basement is finished or not, the square footage of the home, and so on). Of course, it’s an educated result based on research, but there are several other factors that may influence the sale price beyond the appraisal.
The appraisal will highlight details you want to be aware of. It will show you what other people are willing to pay for a house and often what they consider to be important factors and influences in the immediate area.
The appraisal will then help you determine an asking price that potential buyers would seem willing to pay. For example, you might choose an asking price that is higher than the appraisal because your house is a more recently renovated home, or it has a double garage unlike several other properties currently on the market. Conversely, you might choose an asking price that is lower than the appraisal because your house has a basement that was never updated or it has a smaller backyard than other homes for sale in the neighborhood.
The Bottom Line
The appraisal is a guide; an educated guess. But you should also be aware that the appraisal is not always ‘correct’ or flawless. It is a valuable report that should guide your selling price to a large degree. But it is an assessment of value at one point in time that will vary over time and based on external influences, such as other properties for sale in your neighborhood.
There are many factors that determine the sale price of a house, but it would be wise to complete an appraisal as a starting point. Or alternatively, you could visit with several Edmonton real estate agents and ask for their assessment of value. The more time you spend researching and getting expert opinions, the more informed your house selling decision will be.
Thinking about selling your Edmonton house?
If you have taken the time to determine a fair value for your home, why not consider selling your property to a direct Edmonton house buyer such as SUNRISE HOME BUYERS?
Why bother with showing your house to a bunch of strangers, and waiting a month or 3 while they decide whether or not they want to buy…or whether they can even qualify for financing?
You can get a fair all-cash offer from us to buy your Edmonton, Sherwood Park, St Albert, Leduc, Spruce Grove, or Stony Plain, Alberta house fast… and then you don’t have to worry about getting an appraisal, or listing the house, or showing your house, or negotiating.
Are you wondering if it sounds too good to be true? Does it sound like some sort of scam? Maybe you should investigate our satisfied client reviews from our website. Or perhaps visit our YOUTUBE CHANNEL to watch some of our past client testimonials? Or just watch the satisfied seller review below. While we certainly cannot buy every home that comes our way, if we can create a win-win home-selling solution for you, Sunrise may be just what you’re looking for!