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You may be wondering how your home got its value and who decided this mystery number...
An appraiser is responsible for determining your home’s market value. Are they qualified? Yes, absolutely. Appraisers are required to be licensed and must complete a good deal of schooling in order to obtain their license. So don’t worry, your home is not in the hands of an amateur.
An appraiser estimates the value of your home based off of the size, location, number of rooms and bathrooms. They look at the condition of the home and if any repairs are needed. Recent sales can also influence your value. For instance, if a home similar to yours sold for a high price, this can boost your market value.
Don’t worry, if the value is not quite what you expected, you can help increase it. You can make repairs before your appraiser comes or update features within your home (i.e. upgrade floors, paint the walls, update your light fixtures and counters). The newer a home appears, the higher the value will be.