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If you’re thinking of selling your home, you’re probably trying to determine what your selling price will be. Part of this process involves obtaining an estimate (or appraisal) of your home. If you’re wondering, ” Can real estate appraisals have an impact on the selling price of a Montreal home? “, read on…

When you sell your home, you’ll have to juggle tons of numbers!Sell House fast, 60 days notice, financial recovery

  • There’s the asking price, i.e. the price at which you WANT to sell your home. 
  • There’s the appraisal or valuation amount, i.e. the price at which a real estate professional thinks you should try to sell your home.
  • There’s the selling price, i.e. the price someone will actually pay for your home.

Can real estate appraisals have an impact on the sale price of a house?

Here’s the answer:

An estimate should have an impact on your asking price, but it’s unlikely to have any effect on the selling price. Here’s why…

An estimate is an educated guess. When you ask for an estimate, the professional who provides it decides on the amount based on the sale prices of other comparable homes recently sold in the area.

It will take into account a number of factors (including, but not limited to, the number of bedrooms or bathrooms, whether or not the basement is finished, etc.). Of course, this is just an educated guess. Other factors may influence the price beyond the estimate.

Sell House fast, 60 days notice, financial recoveryThe estimate will highlight information that will be useful to you. It will let you know what other people are willing to pay for a property and, often, what they consider to be important factors in the area.

The estimate will help you establish a selling price that potential buyers seem willing to pay. For example, you might opt for a higher selling price than suggested by the appraisal because your home is better than the others, or for a lower selling price than suggested because your home needs renovation.

To cut a long story short

The estimate is a guide, an informed guess. But you should bear in mind that the assessment is not always correct. Many factors determine the selling price of a home, and the estimate is only the starting point. As a result, it is unlikely to influence the selling price.

Looking to sell your home?

Why bother having an evaluation done? Why go to the trouble of showing your home to strangers and waiting months for them to decide whether or not they want to buy? You can get an honest offer quickly, in cash, from us… and then you won’t have to worry about getting an estimate, or advertising the house, or showing it, or even negotiating. Just pick up the phone and call our team at 514-320-1000 or click here and fill out the form.