5 Appraisal Myths That Are Stopping You from Making a Profitable House Sale

As a seller, you just picked out the short straw. From here on until closing the deal, you are going to be on a bumpy ride, with buyers negotiating with you to accept their offer. You finally put the house up for sale on the market and got multiple offers. Now, you need to go through the dreaded process of an appraisal.

An appraisal allows you to set the right sale price for your house, or does it? Think about it, just because a person said he’s been in the real estate market for a decade, you will put your house’s fate in their hands? Most of the times, the appraisers are wrong but this does not mean that your sale will be ruined. You might experience a small profit loss but other than that, everything is in your hands. There are certain myths about property appraisals that sellers believe too easily. To dispel you of these myths, let’s have a look at them one by one:

Myth #1

The Appraiser Sets the Final Price

Say you have set a sale price for your house but when an appraisal is done, the value falls short of the price. An appraiser might have the skills to tell the value of the house but it may not be accurate. Getting three or more appraisals will only make you confused. It’s sad how the wrong appraisal forces you to compromise and lose your profit.

Myth #2

A Home Appraisal and Inspection Are the Same

A home inspection is used to identify problems with the house such as repairs and renovations. On the other hand, an appraisal is used to identify the market value of the house. In some cases, an appraiser might play the role of a home inspector too if the buyer is applying for FHA mortgage. So, look for the proper documentation before assigning the task.

Myth #3

The Higher the Investment, the Higher the Appraisal

Investing on renovations is one of the biggest mistakes that sellers make. An appraisal is based on the value of the house according to the place, not if there’s an entertainment room or a swimming pool in the backyard. You might have redecorated the garage to make it more posh, but all a buyer might want is a place to park the car. Therefore, do not make any impractical renovations that will cost you more because you won’t get a dime spent on it back in the sale.

Myth #4

The Appraiser Serves the Buyer

After an offer is made, the buyer brings in an appraiser. One would assume that the appraiser is working in the favor of the buyer but that’s not the case. The appraiser is actually there on behalf of the lender. The lender wants to make sure he’s not paying above the house’s value.

Myth #5

Market Value, Appraisal Value, Assessed Value and Online Value Are the Same

  • Market Value – The value that is going around in the market for houses categorized according to the area.
  • Appraisal value – The value set by an appraiser.
  • Assessed Value – Value set by the area’s local tax assessors (used for covering operational expenses)
  • Online Value – Websites that give you an evaluation of your house after you have entered the address.

Remember, houses are priced according to the area and their features and not necessarily on their look and appeal. It might have a small impact on the price but not that much. Therefore, when selling your house, keep these five myths in your mind to prevent appraisals from hurting your sale.

Homes for Sale in Atlanta

Price
Beds
Baths
For Sale / All Types
New Listing - 3 weeks online
$294,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
7107 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$288,421
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,802
SQFT
673 Python Drive
Atlanta, GA 30349
Camden Manor Subdivision
$324,990
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
3,363
SQFT
7064 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
New Listing - 3 weeks online
$287,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
7067 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
Price Change - 3 weeks ago
$284,990
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,200
SQFT
7044 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$329,990
Single Family Home For Sale
Pending
6
BED
4
TOTAL BATHS
3,363
SQFT
663 Python Drive
Atlanta, GA 30349
Camden Manor Subdivision
$288,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
7027 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$312,478
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,544
SQFT
7014 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$289,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
6997 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
New Listing - yesterday
$314,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,236
SQFT
6934 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$4,000,000
Single Family Home For Sale
Active
7
BED
9
TOTAL BATHS
15,159
SQFT
4690 Thompson Road
Atlanta, GA 30349
 
$8,900,000
Single Family Home For Sale
Active
9
BED
14
TOTAL BATHS
26,000
SQFT
4965 Butner Road
Atlanta, GA 30349
 
$310,235
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,443
SQFT
555 Dutchview Drive
Atlanta, GA 30349
WHISPERING WILLOWS Subdivision
Short Sale
$195,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,639
SQFT
432 Hammock Loop
Atlanta, GA 30349
 
New Listing - a week online
$277,303
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,260
SQFT
3216 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
New Listing - a week online
$290,182
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,545
SQFT
3217 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$306,071
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,525
SQFT
3208 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
New Listing - a week online
$280,112
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,545
SQFT
7147 Glaspie Way
Atlanta, GA 30349
Kingsland Subdivision
$310,500
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
3,033
SQFT
510 Dutchview Drive
Atlanta, GA 30349
WHISPERING WILLOWS Subdivision
$310,089
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
2,680
SQFT
3221 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$272,803
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,260
SQFT
3204 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$280,508
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
2,487
SQFT
3200 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$327,527
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
3,077
SQFT
455 Dutchview Drive
Atlanta, GA 30349
WHISPERING WILLOWS Subdivision
$239,900
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,972
SQFT
400 Dutchview Drive
Atlanta, GA 30349
WHISPERING WILLOWS Subdivision
$271,053
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,260
SQFT
3225 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$263,389
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,122
SQFT
3235 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$278,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,522
SQFT
3220 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$271,500
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,487
SQFT
3239 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$286,258
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
2,487
SQFT
3247 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
Open House 12/14 at 1PM
$267,389
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,122
SQFT
3243 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$267,389
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,108
SQFT
3251 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$268,789
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,122
SQFT
7143 Glaspie Way
Atlanta, GA 30349
Kingsland Subdivision
$282,173
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,260
SQFT
7139 Glaspie Way
Atlanta, GA 30349
Kingsland Subdivision
$245,700
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
2,404
SQFT
3492 Dacite Court
Atlanta, GA 30349
Flat Shoals Manor Subdivision
New Listing - 2 weeks online
$194,990
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
6526 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$205,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
6517 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$206,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
6577 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - a week online
$205,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
6509 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 7 days online
$205,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
6501 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 7 days online
$205,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
6506 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 3 weeks online
$204,990
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
6522 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$258,990
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
6538 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$218,990
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
6513 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$218,990
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
6518 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 7 days online
$218,990
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
6498 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 7 days online
$218,990
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
6510 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$258,990
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
6566 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$218,990
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
6521 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 7 days online
$218,990
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
6505 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$198,740
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
6605 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
$165,990
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,800
SQFT
6857 Estepona Street
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,800
SQFT
6690 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
6683 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$167,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
2205 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$174,490
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,217
SQFT
6790 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,800
SQFT
6742 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
6735 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$176,490
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,217
SQFT
2281 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,800
SQFT
2273 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
2285 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision