If you’re thinking about selling your condo, you are probably trying to figure out what your asking price might be. Part of that process is getting an appraisal (or valuation) on your property. So, if you’re wondering, “Can appraisals affect the selling price on a condo in Orange County?” then keep reading…
When selling your condo, you’re juggling a lot of numbers!
- There’s the asking price – the price you WANT to sell your condo for
- There’s the appraisal or valuation – the price that a real estate professional thinks you should try to sell your condo for
- There’s the selling price – the price that someone will ultimately pay for your condo.
Can Appraisals Affect the Selling Price on a Condo?
Here’s the answer:
An appraisal should probably affect your asking price but it won’t affect the selling the price. Here’s why…
An appraisal is an educated guess. When you want an appraisal, the professional who gives you the appraisal will usually find the number based on what other comparable properties in the area have sold for recently.
They’ll look at several factors including number of bedrooms/bathrooms, square footage, upgrades, etc. But of course, it’s just an educated guess based on research. There are other factors that 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 were willing to pay for condos in the area, and often what they consider to be important factors in the area.
The appraisal will then help you select an asking price that potential buyers seem willing to pay. For example, you might choose an asking price that is higher than the appraisal because your condo is a better property, or you might choose an asking price that is lower than the appraisal because your property needs some work.
The Bottom Line
The appraisal is a guide; an educated guess. But you should also be aware that the appraisal is not always correct. There are many factors that determine the sale price of a property, and an appraisal is only a starting point.
Are you thinking about selling your condo?
Why bother with an appraisal at all? Why bother with showing your condo to a bunch of strangers, and waiting months while they decide whether or not they want to buy. You can get a fair all-cash offer from us to sell your condo fast… and then you don’t have to worry about getting an appraisal, listing the condo, showing your condo, or negotiating. Just pick up the phone and give our team a call at (714) 576-6282 or click here now and enter your information into the form.