A home appraisal is one of the foundations of home buying. With it, we ensure that the buyer pays the fair price for the property, steering us clear from potential losses. However, this part of the process could be as tedious as it is crucial – home appraisal can be tricky. Moreover, we are now amidst a global pandemic. Given the additional health and safety restrictions, home appraisal in the time of COVID-19 can be twice as complex as it was before.
Nevertheless, you do not have to go through this dilemma alone. Our team is more than happy to walk you through this predicament. Without further ado, here are things you need to know about home appraisal in the time of COVID-19.
No More Face to Face
Due to the pandemic, the safety of the homeowner and appraiser is given the utmost priority. This caused the implementation of one of the major changes. Now, appraisals are performed with little to no person-to-person interaction between individuals. More than ever, it is necessary for the homeowners to assist appraisers in understanding the property’s condition.
To achieve this, the homeowner must provide a complete set of photographs to document the property. An information sheet must be submitted, which shall include replacements and repairs made. For optimal efficiency, the sheet must incorporate the items, costs, and dates, among others
Undervaluing of Properties: A Recurring Problem
A persisting issue in house appraisal is undervaluing. Aside from disrupting lives, the pandemic has also created a global economic slowdown. This predicament has massively contributed to the undervaluing of properties in the time of COVID-19. Recently, an interview was conducted among 35 agents, revealing that they all had at least one undervalued home. Furthermore, some of them had at least ten undervalued homes by $3,000 to $4,000.
With no success in most appeals, this is an alarming statistic. The buyer and the seller are obliged to settle and meet in the middle. In these trying times, the seller is at a high risk of loss.
How Do We Hurdle These Obstacles?
Despite it being a slippery situation, a successful home appraisal during the pandemic is achievable. We have to make the best out of our situation. More often than not, there is a silver lining behind every dark cloud.
Stay-at-home restrictions ordered by the state have closed the doors on in-home inspections. With this, we face a window of opportunity: we can now take advantage of technology and its benefits. To see the interiors and exteriors of the property, we may utilize devices such as drones. Web tools such as Zoom and Google Meet may also be useful in inspecting and verifying the properties to be appraised.
The Real Estate Agent: Your Best Bet
Ultimately, the guaranteed way to accomplish successful home appraisals is partnering with a competent agent. Your real estate agent must be highly qualified and trained, as they are the backbone of the home buying team.
Here is where we enter the picture. Our team of adept and proficient real estate agents is more than willing to work with you. Contact us for your home appraisal needs!
