Can Appraisals Affect the Selling Price on A House in Philadelphia?

Appraisals Affect the Selling Price

If you’re considering selling your house quickly, you are probably trying to figure out your selling price. Part of that process is getting an appraisal (or valuation) on your home. So, if you’re wondering, “Can appraisals affect the selling price on a house in Philadelphia?” then keep reading…

When selling your house, you’ll be juggling a lot of numbers!

  • There’s the asking price – the price you WANT to sell your house for
  • There’s the appraisal or valuation – the fee that a real estate professional thinks you should try to sell your home for!
  • There’s the selling price – The price that someone will ultimately pay for your home.

Can Appraisals Affect The Selling Price On A House?

Here’s the answer:

An appraisal should probably affect your asking price, but it won’t affect the selling price. Here’s why…

An appraisal is an educated guess. When you want a review, the professional who gives you the assessment will usually find the number based on what other comparable houses have recently sold for.

They’ll look at several factors (including, but not limited to the number of bedrooms or bathrooms, whether the basement is finished or not, etc.). Of course, it’s just an educated guess based on research, and other factors may influence the price beyond the appraisal.

The appraisal will highlight things you want to be aware of. It will show you what other people are willing to pay for a house and often what they consider essential factors in the area.

The appraisal will help you select an asking price that potential buyers seem willing to pay. For example, you might choose an asking price higher than the appraisal because your house is better, or you might choose an asking price lower than the appraisal because your home needs work.

The Bottom Line

The appraisal is a guide, an educated guess. But you should also be aware that the assessment is not always correct. Many factors determine the sale price of a house, and an appraisal is only a starting point. Therefore, it won’t likely influence the selling price.

Are you thinking about selling your house?

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