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4 Things to Know About Home Appraisals

Louisiana REALTORS • June 17, 2019

When you decide to sell your home, the appraisal process is big deal.  The appraisal is the evaluation of your home and property that is used to determine its value.  It is an unbiased opinion used by mortgage lenders to assign an objective worth to the home, ensuring that the amount that they lend to your buyer is appropriate.  Working with a knowledgeable, professional REALTOR® can help to not only sell your home, but to help through each stage of the process, including the appraisal.  Here are four important things to know about your home’s appraisal.

What does an appraiser do?

The appraiser assesses the property and provides an unbiased, objective judgement that is meant to validate the contract price of the home.  These findings are used by the lender.  The visit includes measuring the living space, taking pictures, performing a visual inspection of the interior, exterior, and surrounding area of the home. 

Can any improvements I’ve made impact the appraisal?

While making updates, improvements, and renovations to your home can enhance its appeal, it may not always result in a higher appraisal.  The cost of your updates will not result in an equivalent increase in appraised value.  While they may make your home more attractive to prospective buyers, they’ll have marginal impact on your appraiser’s valuation.

How does the appraised value compare to market value?

It is not uncommon for the market value of a home to be higher than the appraised value.  Working with a REALTOR® will help you price appropriately, but when financing is involved, if the appraised value is lower than the asking price, it can make a purchase at that price less likely.

What other factors influence the appraised value?

There are other factors involved than simply what the appraiser collects during their visit.  Comparable properties are a significant element that is used.  These are other homes in your area that are similar in size that have sold recently.  These sale prices will influence the appraised value of your home, in addition to the other data collected.

 

Consumer Guide Update: Preparing for Homeownership

By Louisiana REALTORS® • February 19, 2025
As previewed last week, NAR is pleased to share the latest consumer guide focused on preparing for homeownership. This guide covers what prospective buyers should consider as they kick off the home purchase process, including the importance of credit scores, mortgage pre-approval, down payments, budgeting, and educational resources. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Preparing for Homeownership Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with potential clients to ensure they have the information they need to be successful in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover property taxes.

Consumer Guide Update: Escrow and Earnest Money

By Louisiana REALTORS® • February 14, 2025
As previewed last week, NAR is pleased to share the latest consumer guide focused on escrow. This guide covers what homebuyers should know about earnest money deposits, including the general terms and use cases in real estate transactions. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Flood Insurance Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover preparing prospective buyers for homeownership.

2026 LR Officer Elections, RVPs & NAR Director Applications

By Louisiana REALTORS® • February 12, 2025
The Louisiana REALTORS® Board of Directors will conduct several elections this Spring. Interested candidates that meet the qualification who are looking to serve at either the state association level or the national association level are encouraged to view the criteria and submit an application. An application that is not submitted on the appropriate form or not submitted pursuant to the instructions shall not be considered as submitted timely.
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