I Want to Explain Appraisals to My Buyers in Citrus County

By Diana Dodd, REALTOR®
ERA American Suncoast Realty

Appraisals in Citrus County are something many buyers hear about, but are not always sure how they work.

Simply put, an appraisal is a professional opinion of a home’s value. The lender orders the appraisal to make sure the home is worth what you are paying.

Let me give you a simple example.

Let’s say you agree to buy a home for $250,000.

The lender orders the appraisal. The appraiser looks at recent sales, the home’s condition, location, and features.

If the home appraises at $250,000, everything moves forward as planned.

But sometimes the appraisal comes in lower.

For example:

Purchase price: $250,000
Appraised value: $240,000

When that happens, there are a few options.

The seller may lower the price.
The buyer and seller may meet somewhere in the middle.
The buyer may choose to bring the difference.
Sometimes the deal is renegotiated.

This is why appraisals are such an important part of the buying process.

Appraisals in Citrus County also help protect buyers. The lender does not want you to overpay, and neither do I.

Another thing I explain to buyers is that appraisals are based on recent comparable sales. That means the appraiser is looking at similar homes that recently sold nearby.

This helps create a fair value for the home and keeps buyers from paying more than the market supports.

You can also learn more about how appraisals work here:
https://www.consumerfinance.gov/owning-a-home/home-closing-process/

If you are thinking about buying in Citrus County, understanding how appraisals work can help you feel more confident moving forward.

Diana Dodd
REALTOR®
ERA American Suncoast Realty
731-363-5833
diana.dodd@eracitrus.com

This should now:

• Clear text length
• Clear keyphrase intro

This version: