"When we decided to place our home for sale by owner we were very uncertain about the asking price. We contacted Tom Horn about providing us with a market value appraisal. As it turns out the price we were initially planning to set would have been thousands below the market value. Tom’s appraisal not only helped us set a higher price but also gave us confidence in that price. We had a contract on our home within 2 days at the full asking price."
"I recently sold my house myself through the use of an on line service. Initially, I had contacted a friend in real estate who gave me an estimated market value based on recent sales in the area and estimated square footage. I factored in what I understood my neighbor had received for his similar house and what I understood the house across the street had sold for 16 months earlier. I was comfortable listing my house at $239,000. After 2 months I had several inquiries, a few lookers, but no 2nd visits and no offers.
I then decided to get a professional appraisal. From this I learned that my neighbor’s house had sold for $10K less than I had been led to believe. I also found that my finished basement did qualify as gross living space. My formal appraisal came in $14K below what I was asking. Given this information, I lowered my asking price by $10K. This made my price much more attractive and still provided me with room for negotiation. I immediately experienced increased activity. My house sold less than 3 weeks after I received the appraisal.
Since most sales contracts include a clause releasing the buyer from the contract if the house does not appraise for the sales price, it serves no one’s purpose to list a house significantly above the appraised value. I was able to list my house with the confidence that my sales contract would not be in jeopardy. I was also able to provide the appraisal to the buyer who was then able to receive a fast appraisal at half the normal cost."