Unlock the truth behind the price tag

BY KIMBERLY SMITH

When buying or selling a home, one crucial step can impact everything: the appraisal. An appraisal is an unbiased estimate of a property’s value conducted by a licensed professional. It’s based on the home’s condition, location, size, upgrades, and recent comparable sales in the area. 

For buyers, an appraisal ensures you’re not overpaying. For sellers, it helps justify your asking price. Most importantly, lenders require appraisals before approving a mortgage to confirm the home’s value supports the loan amount. Without it, deals can stall or fall apart. 

If the appraisal comes in lower than the agreed price, buyers may need to pay the difference, renegotiate the price, or, in some cases, walk away. For sellers, a low appraisal may mean adjusting expectations to keep the deal moving. 

Appraisals also play a key role when refinancing or tapping into home equity. The higher the value, the more financial flexibility you may have. 

Bottom line: an appraisal protects all parties involved — buyers, sellers, and lenders — by ensuring the home’s value aligns with the agreed price. It’s not just a formality; it’s a safeguard for one of life’s biggest investments. 

Questions? Call Kimberly Smith, Broker Salesperson with King Realtor Group at (702) 291-7098 | www.kimberlysmith.realtor | NV.Lic. No. BS.146388