Home Selling in Anchorage: Is Your Home Worth More Than You Think?
by Dan Wolf
on Thursday, January 8th, 2015 at 9:06am.
If you have been hesitant to list your home for fear it’s not worth as much as you hope, contact Wolf Real Estate Professionals, a local Anchorage Realtor, to find out the truth. Home selling across the country has been somewhat stagnant since many people owed more on their mortgages than their homes are worth. However, with home values going up in Anchorage, Alaska, it’s a good time to list. According to a piece by the Los Angeles Times, homeowners underestimate how much their home is worth. The article cites a Home Price Perception Index created by Quicken Loans. It turns out 1.6 percent of homeowners underestimate how much their home is worth when compared to an appraiser’s estimate. Experts say owners are behind on home valuations because they aren’t as in tune with the housing market trends. If you are still worried about your Anchorage home value, there are ways to increase the appraisal.
• Inform the appraiser of upgrades
According to an article by Reuters about improving your home appraisal, it’s important to let the appraiser know about any upgrades, renovations or improvements you have made. Experts say the upgrades that matter the most include hardwood floors, kitchen and bathroom renovations, landscaping and adding a garage.
• Document the improvements
When adding radiant heat flooring or other upgrades such as new electrical or plumbing that others can’t see, document the work. Experts suggest having before-and-after photos as well as receipts of money spent on renovations, materials and supplies.
• Increase livable space
While renovating a basement or adding on a porch improves the appeal of our home, they don’t necessarily add to the livable square footage in Anchorage, Alaska. In fact, it’s less likely to recoup the costs of renovating a basement versus adding a master suite bedroom addition to the main floor because the bedroom increases square footage in the areas that matter to appraisers.
A reputable Anchorage Realtor can help you with the process of choosing a list price for your home, but an appraisal also has tremendous power in the situation. Your Realtor can get you through the appraisal process. Real estate experts suggest cleaning up clutter before the appraiser arrives. While it's tempting, Reuters advises against following the appraiser around unless he or she has questions. Your Realtor can inform the appraiser of the documented improvements and features that make your home worth more.
At Wolf Real Estate, we can help you list your home at a price that is competitive. It may surprise you to find out how much more your home is worth now compared to the last time you checked. For more information about home selling in Anchorage Alaska, please contact us at 907-248-9653 or visit us online at www.anchoragehomeseach.com.