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Your Guide to Home Appraisal

Updated: Feb 27

By Ron Melvin, Realtor


You’ve found your dream home and now it’s time to cross all your T's and dot all your I's before it’s all your own. And one of the first items on your closing checklist is the home appraisal. So, what exactly is that?


The home appraisal is essentially a value assessment of the home and property. It is conducted by a certified third party and is used to determine whether the home is priced appropriately.


During a home appraisal, the appraiser conducts a complete visual inspection of the interior and exterior of the home. He or she factors in a variety of things, including the home’s floor plan functionality, condition, location, school district, fixtures, lot size, and more. An upward adjustment is generally made if the home has a deck, a view, or a large yard. The appraiser will also compare the home to several similar homes that were sold within the last six months in the area.


The final report must include a street map showing the property and the ones compared, photographs of the interior and exterior, an explanation of how the square footage was calculated, market sales data, public land records, and more.


After it is complete, the lender uses the information found to ensure that the property is worth the amount they are investing. This is a safeguard for the lender as the home acts as collateral for the mortgage. If the buyer defaults on the mortgage and goes into foreclosure, the lender generally sells the home to recover the money borrowed.





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Stay Ahead of the Concord Housing Market

Well-informed buyers are better positioned to act decisively when opportunity appears. Understanding market trends can help you recognize when conditions align with your goals.


For a deeper look at current housing activity and what it could mean for buyers, watch this market update: https://www.youtube.com/watch?v=_sNig3sK2d4


You can also stay current with ongoing insights here:

 

These updates are designed to help buyers make smart, data-driven decisions in a changing environment.



Written by Ron Melvin


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