Real Estate Talk

In this episode, Len Johnson discusses what an appraisal is; an appraisal is one person’s opinion but is based on specific guidelines. Appraisers do not take figures out of the sky; they figure in square feet and other amenities. An appraisal will give you the market value, getting your home pre-appraised will ensure you are getting the correct value. You do not want to list the house too high or too low. Realtors are excellent at marketing, but not at valuation. Your appraiser will know what the homes around your area have sold for. For example, Len did an appraisal, and the homeowner did not understand why her house was not worth the same as her neighbors. After Len’s appraisal, the homeowner found out that her home was 400 square feet smaller than the others.  Most realtors get the listing price wrong; they are surprised at the square footage adjustments and pricing with the comparable. Realtors never drive by the comparable and do not know how to make the adjustments. Also, realtors tend to listen to