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Appraisals can come in above or below the list price or offer price for a property, and where it falls depends on many factors. Those include the condition of the property, the location, and the age of the home, but often, the condition of the market is the biggest determining factor. Where demand is high for properties, buyers compete with each other for homes, which tends to drive up offer prices above where appraisals come in. Where demand is low, you’ll often see the opposite happening.

Increases livable area and enhances aesthetic, often boosting property appeal.

Yes, it could be worth buying and remodeling an old house. You can potentially purchase an older house for a lower price than a newer house. With less of an upfront investment, you can devote more of your budget to the remodeling work. If you’re thinking of remodeling an old house and then reselling it—called house flipping—focus on projects that deliver the best ROI for home improvements.

A property valuation, sometimes called a comparative market analysis or CMA, provides a real estate expert’s opinion on how much your property will sell for. It takes many things into consideration, like the condition and location of the home, but ultimately, all that matters for a property valuation is what a buyer might be willing to pay for the property. An appraisal is more concerned with determining the value. A valuation is to estimate what you’ll get for a property, while an appraisal helps a lender establish loan-to-value ratios and loan amounts.