Hello, I'm Erica Clay from The Agency Haus, and today I want to guide you through the home appraisal and valuation process in Jackson, MS. Understanding this process is crucial for any seller in today's market.

What Jackson Home Sellers Need to Know About Home Appraisals and Valuations

Understanding Home Appraisals

A home appraisal is a critical step in the selling process, as it determines the market value of your property. In Jackson, appraisals are influenced by a variety of factors, including recent upgrades you've made to the property, as well as comparisons to similar homes in your area, known as 'comps'​ (Refinance Or Apply For A Mortgage Online)​.

The Appraisal Process

The appraisal process begins with the appraiser visiting your home. They will assess the entire property, noting any upgrades that may increase its value such as a renovated kitchen or finished basement. After their evaluation, the appraiser will compare your property to similar homes that have sold recently in your neighborhood to determine your home's market value​ (FastValue)​.

Costs and Who Pays?

Typically, appraisal costs range from $300 to $2,000 in Jackson, depending on the complexity and size of the property. Although this cost is usually covered by the buyer, it can sometimes be negotiated as part of the sale terms​ (Refinance Or Apply For A Mortgage Online)​.

Common Issues and How to Handle Them

One common issue in the appraisal process is encountering a valuation that is lower than the expected selling price. This can occur due to a variety of factors, including market changes or an appraiser not being fully aware of recent upgrades or the intrinsic value of local amenities.

To mitigate such issues, ensure your home is tidy and any recent improvements are well-documented and presented to the appraiser. Additionally, staying informed about recent sales in your neighborhood can help you understand your home's potential market value.

Addressing Appraisal Bias

It's also important to be aware that appraisal values can be influenced by subjective factors, including potential biases. Studies have shown that homes in predominantly Black neighborhoods may be appraised for less than comparable homes in majority-white neighborhoods​ (Brookings)​. Being aware of these potential biases and prepared to contest an appraisal with well-researched comps can be crucial.

Understanding and navigating the appraisal process can be complex. As your real estate agent, I'm here to help guide you through these steps and ensure that you are fully prepared to get the best possible value for your home.

For further details on appraisals, you might visit the Mississippi Appraisal Board or familiarize yourself with appraisal services at places like John Newell Appraisal.

Preparing for an appraisal doesn't just help you achieve a fair market value; it also ensures a smoother selling process. If you have any questions or need assistance, don't hesitate to reach out to me at The Agency Haus.

Contact Information
Erica Clay, Real Estate Agent
The Agency Haus
Phone: (601) 594-7066