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Things Homeowners Need to Know About Home Appraisals
March 2nd, 2023 9:29 AM

round clear glass-top table and five gray chairs dining se Purchasing or selling a home is an important and exciting milestone in life. The process can be overwhelming, and there are many details to consider. If you're buying, you need to know how much your mortgage will cost each month; if you're selling, you want to make sure that the price of your home is competitive in today's market.

One important detail often overlooked when it comes time for homeowners to sell their property is conducting a home appraisal. Read on to learn why home appraisals are important and how they work.

Why Do You Need Home Appraisal?

Home appraisals are done for a variety of reasons. Most commonly, you'll need to do an appraisal if you plan to sell your home or refinance your mortgage. If you're refinancing, the bank will want to know about any improvements made to your home.

If you're buying a new home, the lender will want to ensure that your house's value is enough to cover all the costs of buying it and making repairs. In some cases, they may ask for an appraisal even if you already own your home because they want to ensure that their property valuation doesn't change too much over time.

How Home Appraisal Works

Home Appraisal is a very important process in the home buying process. Appraisals help determine your home's value and how much you can afford to pay for it. The appraisal process is more complex than it seems, and many factors determine how much your home is worth.

The appraiser will analyze all the data they have collected about your property, including:

  • Location (proximity to schools, hospitals, parks, and shopping centers)

  • Size (number of rooms and square footage)

  • Condition (how well maintained it is)

  • Age (how old it is)

  • Neighborhood (what kind of amenities are nearby)

The appraiser will then compare these factors to similar homes and estimate how much your home could sell for. If you're looking to refinance or take out a mortgage, you may be required to have one done before moving forward.

What to Do With Low Appraisals

We all know that home appraisals are important—we need them to get a mortgage. But what happens when the appraisal comes in lower than you expected? What should you do?

Let's look at why your appraisal might be lower than expected. In most cases, it's because of market factors: the price of your home has dropped since it was built and sold, or your home is in an area where demand is outstripping supply.

If you have a good relationship with your lender, they may be willing to adjust their expectations somewhat. You can also talk to the appraiser who performed the evaluation and explain the situation. They can give you a more accurate assessment based on their knowledge of the local market.


When you're buying or selling a home, it's important to get an accurate appraisal. It is a professional opinion of the property's market value based on its condition and location. This is helpful for homeowners looking to refinance or sell their property, as it can help them determine the best price for their home. If you're buying a new home, an appraisal helps ensure you have enough money to pay for the property.

If you need accurate appraisals of your home, contact the experts at Kenny Jay Capital Corp today. Our licensed appraisers can help you estimate your home's value accurately, whether you're buying or selling.

Posted in:Home Appraisal
Posted by Kenneth Phillips on March 2nd, 2023 9:29 AMPost a Comment

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