But what is an appraisal, and what does it mean for your home purchase?
What is an Appraisal?
An appraisal is a valuation of property under an authorized person’s estimation. In plain English, that means a qualified home appraiser will visit the home and let you know how much it’s actually worth on today’s market, with today’s dollars, and in the same condition it’s in today.
Appraisal: Low, On-Target, or High
A “low” appraisal is what happens when an appraiser determines that the home is worth less than its asking price.
Many appraisals are on-target; they may be off by a few hundred dollars (or even a few thousand), but they’re close enough to keep lenders happy.
A “high” appraisal is one that says the home is worth more than its asking price.
Why Are Appraisals Important in the Home-Buying Process?
A home’s appraised value is important in the home-buying process because lenders use it to determine how much money they’ll let a buyer borrow.
Are You Looking for Homes for Sale in Tampa’s Suburbs?
If you’re thinking about moving to Tampa, check out the links below to search for homes with just one click:
Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.