What Appraisers Look for When Valuing Your Home in Illinois
What Appraisers Look for When Valuing Your Home in Illinois
Whether you’re selling your home or refinancing your mortgage, a home appraisal is part of the process. Understanding what appraisers look for helps you prepare your home to show its best value.
Here’s what matters most when an appraiser walks through your door.
Why Appraisals Matter in a Real Estate Transaction
When a buyer gets a mortgage to purchase your home, the lender wants to make sure the home is actually worth what they’re lending money on. So they hire a licensed appraiser to independently assess the home’s market value.
If the appraised value comes in at or above the agreed purchase price, everything moves forward smoothly. If it comes in below the purchase price, you have a problem. The buyer’s lender won’t approve a loan for more than the appraised value, so either the buyer pays the difference in cash, the seller lowers the price, or the deal falls apart.
This is why understanding what appraisers value matters so much. According to the National Association of REALTORS®, appraisal gaps are one of the most common complications in real estate transactions.
What Appraisers Actually Evaluate
Location is the foundation of every appraisal. Your appraiser looks at which neighborhood your home is in, proximity to schools, parks, shopping, and major roads. In Naperville, Illinois, being in a top-rated school district boundary is a real value factor. Location is the one thing you cannot change.
Comparable sales are central to the process. Appraisers look at similar homes that have sold recently in your area, typically within the past six months and within a reasonable distance from your home. These are called “comps.” If the comps in your neighborhood support your asking price, the appraisal is likely to come in on target.
The condition of your home matters significantly. An appraiser is evaluating whether your home is well-maintained and safe to live in. Deferred maintenance, outdated systems, or visible damage can pull the value down. A clean, well-maintained home that shows pride of ownership will appraise better.
Square footage, bedroom count, bathroom count, and overall layout are factored in. Finished space adds value. An unfinished basement counts for less than finished living space.
Upgrades and updates can add value, but not always dollar for dollar. A renovated kitchen or updated bathrooms in a neighborhood where buyers expect and value those features will help your appraisal. Upgrades that are ahead of the neighborhood standard may not be fully reflected in the value.
How to Prepare Your Home for an Appraisal
Through Baird and Warner’s network of nearly 2,500 agents across Chicagoland, we’ve guided sellers through many appraisals. Here’s what we tell them.
Clean and declutter before the appraiser arrives. A tidy home looks well-cared-for, and first impressions matter even to professionals.
Make a list of any upgrades you’ve made and share it with the appraiser. Don’t assume they’ll notice the new water heater or the roof replacement. Give them the dates and details so they have the full picture.
Address obvious maintenance issues before the appraisal if you can. A dripping faucet or cracked window might seem small, but these things signal to an appraiser that a home hasn’t been maintained.
Start your home search on Zenlist or book a consultation with Team Elite to get ready to list your home with confidence.
Frequently Asked Questions
What do appraisers look for when valuing a home in Illinois?
Appraisers evaluate location, comparable home sales in the area, the condition and size of the home, number of bedrooms and bathrooms, upgrades, and overall market trends. Their goal is to determine a fair market value supported by real data.
How can I increase my home’s appraised value in Illinois?
Keep your home well-maintained, address visible repairs before the appraisal, make a list of upgrades and their dates to share with the appraiser, and ensure your home is clean and decluttered when they arrive. You can’t change location or square footage, but you can present your home in its best possible light.
What happens if my home appraises for less than the selling price in Illinois?
If the appraisal comes in below the agreed purchase price, the buyer’s lender will only finance up to the appraised value. Options include the buyer paying the difference in cash, the seller reducing the price, both parties meeting in the middle, or the deal being cancelled. Your agent will help you navigate this if it happens.
Don’t be caught off guard by your appraisal. Team Elite Realtors at Baird and Warner will walk you through how to prepare your Naperville, Aurora, Oswego, or Plainfield, Illinois home before the appraiser arrives so you have the best shot at hitting your number. Book your free seller consultation today.
Ready to make your next move in the western suburbs of Chicago?
We are here to help you every step of the way, whether you are buying, selling, or just exploring your options.
Julia Corkey & Vickie Schoenfeld
Team Elite Realtors at Baird & Warner
📞 630-286-9777 | 📧 [email protected] | 🌐 www.homesbyteamelite.com
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