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I tend to agree with NTETS with a few exceptions:
1. 10 CMA's is a bit extensive. I think if you get about 3, you will have a pretty solid idea - especially if all 3 are pretty close. If the 3 are way off from each other, then you could consider getting more.
2. In today's market, I strongly disagree with adding 10% and purposely pricing your home effectively 10% higher than you expect it to sell for. It is typically better to price it right - perhaps add 2-3% and if you have a good agent representing you, they will be able to justify your price with comps. If you get a low ball offer (which you probably will), it will be your agents job to try to convince them of the value. If the value is really there then they will still buy it. If they don't, then either the price was not right to begin with or the buyer just wasn't serious about buying anything at market value.
All in all, getting an apprasial done before listing your home can be a good idea on some properties; particularly those outside of subdivisions or in rural areas for which there are no real comps. If it's a subdivision home, real estate agents will have access to the same data and likely come up with valuations that are pretty close. If your home has speecial attributes about it (i.e. it is a premium lot or has power lines or a main road behind it, etc.) then both a real estate agent and an appraiser will be simply guessing as to what the true value will be. Just because an appraisal is done by an appraiser, it doesn't mean it removes all of the subjective nature of the process. They follow a very similar process that a real estate agent would use. It is a bit more complex because they will do a weighted average on the comps; assigning a higher weight to those that are most similar or closest proximity.
Feel free to contact me at 678-520-3113 if I can be of further assistance to you.
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Is it a good idea to get an independent appraisal before listing my home for sale?
WayneSch53
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