Do Your Home Appraisals Online

When in need of a home appraisal, most real estate agents and investors immediately contact an agency or professional appraiser. Home appraisals however are expensive, generally costing $250-$400 each. A less expensive option as a real estate professional is doing your own home appraisal over the internet. Below are three tips to conduct a proper home appraisal.

Home Appraisal Online

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Enter All Pertinent Specifics of The Home

Providing exact details about the specifics of the home is extremely important. In addition to the number of bathrooms, bedrooms, living spaces, etc. it’s important to note square footing of the home and lot acreage. Factor in as many items into your appraisal as possible for increased accuracy. The home’s location, be it on a dead-end street or on a street with high traffic volume, can greatly affect the home’s value, as can crime.

Compare the Prospective Property to Several Others that Have Recently Sold in the Neighborhood

To more accurately appraise the home, find similar properties in the area that have sold in the past six months. Comparable homes sold from nearby locations offer the best picture of your home’s value. Online databases that show you recent home sales in your neighborhood are available for free. Look for trends in recent sales, such as how far below listing price sellers had to go to complete the sale.

Utilize Multiple Online Appraisal Sites

There are a variety of online sites with free appraisals available. The best way to know the true value of a property is to conduct three or four online appraisals and take the median or average of your findings. Most homes that don’t sell fall victim to overpricing. Comparing several appraisals will help to lock down the prospective property’s true value. It’s also a good idea to utilize the online appraisal tool included in real estate software. It will allow you to keep track of all of your online home appraisals and you can look back at them for future comparisons.

Be as detailed as possible when entering property specifics into an appraisal. Understand the local market and obtain multiple appraisals.