Leave a Message

Thank you for your message. We will be in touch with you shortly.

Your Guide To The Home Appraisal

Liz Kroft  |  February 8, 2023

Your Guide To The Home Appraisal

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 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 on 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 safe-guard 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.


Recent Blog Posts

Stay up to date on the latest real estate trends.

Buying

How the Real Estate Buying Process is Changing

The real estate market is constantly evolving, and the way people buy homes is no exception. With technological advancements, shifts in buyer preferences, and changes … Read more

Selling

Secrets Revealed: How This Scotts Valley Home Went Into Contract In Under A Week

Discover the real estate magic that filled open houses with 26 groups in just one weekend, surpassing the Scotts Valley average of 31 days on the market. Explore the s… Read more

Market News

Foreclosure Activity Is Still Lower than the Norm

Have you seen headlines talking about the increase in foreclosures in today’s housing market? If so, they may leave you feeling a bit uneasy about what’s ahead. But re… Read more

Selling

Local Charm, Global Impact: Sol Property Advisors Redefines Boutique Real Estate

Boutique real estate excellence in Santa Cruz County and Monterey Bay. Sol Property Advisors combines local charm with national and global reach, offering personalized… Read more

Family

Is It Time To Buy a Smaller Home?

Life events can have a major impact on what you need from your home, and retirement is one of the biggest changes many of us face. This period of your life can mean do… Read more

Selling

A Seller's Guide to Navigating Today's Real Estate Environment

Unlock success in today's dynamic real estate market with expert seller strategies for attracting buyers today. Navigate market shifts, adapt to changing buyer needs, … Read more

Buying

Exploring 401(k) for Your Home Purchase: Wise or Risky?

Pondering the prospect of using your 401(k) for a home down payment? Our latest blog explores the implications, providing insights into the potential risks and viable … Read more

Welcoming Guillermo: A New Addition to Our Real Estate Team

We're thrilled to introduce you to the latest member of our real estate family, Guillermo Guadron – your dynamic partner with a rich tapestry of experience.

Buying

Client Success Story: How Savvy Buyers Outsmarted High Mortgage Rates

If you've been keeping up with recent articles on our blog and social media, you're likely already aware that today's real estate market can offer incredible opportuni… Read more

Say Hello

You’ve got questions and we can’t wait to answer them.