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It's only an opinion. It's not an exact science, and we Realtors are just as susceptible to being overly influenced by "cute", and "decorated" as many others.
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55 Comments on Will the appraiser be influenced by "cute"?
Better cute than cluttered or worse yet, smelly!
Alan: We all know that homebuying is a subjective process that centers largely on the emtional processing of hidden needs. If the home presses the buyer's right buttons, the buyer responds. "This is the one".
Appraisers, on the other hand, are giving their "rational" opinions of worth and certifying to lenders that properties are worth their agreed upon prices. I feel like this is deja vu all over again: In my area, appraisers are back in step with buying trends now that they believe the worst of the housing debacle is over and know that lenders are eager to grow market share. They always find a way to make things happen and they will in your example. Thanks and please be sure to update us.
I have always believed that home staging or doing visible renovations might help to have a home sell for higher price.
Thanks for confirming this.
I say appraisers are human and flawed like any one else. An appraisal is only one person's opinion on a given day.
Good appraisers will see the same comps that everyone else does, but a good broker will assemble everything together in a nice package to present to the appraiser upon arrival.
A good broker will show off non-obvious features that add value like deeded storage, a second dishwasher, heated floor tiles, steam showers, renovations.
If the appraiser is not locally based, all the more reason to explain what is unique about the home, apartment, building amenities and neighborhood.
Jonathan Miller, a longtime well known appraiser in NY says "Get rid of all the clutter in your home. It makes the home appear larger"
IMHO, even jaded appraisers can be swayed by a good looking home.
Alan: I think the lack of inventory more than the cute will influence the appraiser, that is if your market is anything like mine in Suburban MD. I have no complaints if cute gets a seller a few more bucks. The effort is rewarded!
Betsy
If "cute" influenced price and brought up home values, then... well... interior decorators would be billionaires. All of them. I think size and recent solds dictate way more than cute. Cute post.
An appraisal is an opinion of value, and it's hard to know whether the appraiser's opinion can be influenced by the salability factor. Ask 5 appraisers and I bet you'll get 5 different answers.
Alan, I have to agree with you. I don't think appraisers are influenced by the cute factor. Let us know how the appraisal comes out.
Well, hopefullly the appraiser will think it's "cute" also and will come up with an appraised value that includes cute!
Holy Morklefeathers... lookit all these comments, and a gold star too! Well, let's get started.
Chris Ann - I somehow doubt it, too.
Brad - only a few weeks, if you can believe it.
Dan - I don't recall that, either.
MaryKay - and I find that most appraisers are being pretty conservative, these days.
Athina - I'm curious, too.
Doug - that can make a difference.
Debb - I'll do my best.
Charita - they should have to build the appraisal the same we we do... from comps.
Kathryn - mmmmm... brownies.
Mike - well, in this particular listing... it appears that cute is "in".
Steven - I have plateaued again... (dang it)... but I'm hopefull I'll break through... again.
Kimberly - don't forget to feed the meter.
Lenn - I can hardly remember the question.
Howard & Susan - as more things sell, the market does seem to push up... but in this case we're talking about over $100,000 for cute... personally.... I don't think so.
Wendy - I'll see what I can do to update.
Beth - a lot of head-scratching going on here.
Olga - an interesting thought... I wonder what category "cute" is listed under in the MLS.
Margaret - I wish I could.
Trisha - I think this is setting up both buyer and seller to be disappointed.
Karen Anne - and that's my complaint... the comps just aren't there.
Greg - long hair, huh?
Peggy - we'll all be interested.
Tammie - but will that "cute" get past the appraiser?
Praful - I've been surprised before... with a house that sells for $20,000 more than I think it should. But $100,000?
Beverly - sounds like a bumper sticker.
Randy - you've spelled it out rather clearly.
Ryan - consider it confirmed.
Mitchell - and I can understand a variance of a percent or two.... but this one is about 20%.
Betsy - we do have a lack of inventory 'round here.
Jared - are you saying: size matters??
Sue - I'll certainly try.
Margaret - and yet, I've had the converse argument with appraisers in the past... ie: But we were in multiple offers... several buyers spoke with their wallets that the property was worth it....!"
Michael - we'll find out, won't we?
I interviewed an appraiser the other day with permission and they answered a lot of my questions....The subject of value and how to compute it, what affects it and how lenders view it took center stage and held...everything else was just casual conversation...All came down to formulas. Saying all that, I think this post is cute....
There is also the difference between "cute" and "tasteful". It's all in the eyes of the beholder.
Richie - the appraisers that I know have said that instead of proving "market value", these days... they take the contract price, and simply try to see if there are comps out there to support that price.
Sammer - one would think so...
Barb - nice when it's both cute and tasteful.
bqra buru - buh bye spammy spamster.
"Cute" often attracts buyer interest, but appraisers are a horse of another color. They go pretty much on comparable sales in the area, and condition.
Well...we shall see if cute works or not..my guess is not, but hey it may lol :)!
Hi Alan. I would bet on cute. Cute translates to attractive and attractiveness increases value, since more buyers will want an attractive home. It behooves sellers to get the house painted and staged, as cute as it can be. It'll sell faster, for more money, and the odds are high that it'll appraise, too.
Hi Alan, if we can influence appraisers with cuteness then our jobs would be easier. Unfortunately, our cuteness does not affect the market. It's affected by comparables that may not be so cute.
Myrl - as it should be.
Brenda - by guess is "not", too.
Dianne - I don't that cute translates to +20%.
Eric - are you trying to say I should bat my eyelashes at my appraiser?