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Oh I get it you don't believe me so get it appraised!
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75 Comments on Oh I get it you don't believe me so get it appraised!
Fred I do empathize with home sellers, and if they do need to sell an appraisal is a way to come up with the correct valuation when the advice of the agent is being ignored.
Fernando watching the price change list grow over the past six months I am sure with an appraisal the price points might have been different, and more properties would have been sold sooner.
Richard some things never chance; we can only win some.
Kathryn this market has been a shock to so many; it is even more important for us to educate our clients and provide them with alternatives.
It is certainly a shame, but it happens every day. As someone said, even the appraisal can come in lower...The bottom line is, if you don't price your hme correctly and you do not HAVE to sell right now. Don't waste your time, or the agents. It's heartache for everyone.
The appraisal in my opinion can sometimes be a little tricky too, because if it comes back higher than what people are willing to pay then the seller will hold onto that value in their mind and not agree to what the buyers market is willing to pay. But nonetheless its a third party to the deal that will give them as baseline of what the house will sell for in the eyes of a bank which ultimately will probably be a big deciding component of the transaction.
Hi Jennifer..Good post with real facts but, you say its a "buyers market" and I am not in total agreement of that statement, and I'm not beiing confrontational, just starting a conversation. :)
Here is a paragraph from a very recent post of mine..
"However, is it really a buyer's market? I keep hearing it's a buyer's market, and it may look as if it is so especially from a seller's perspective or from the media; Inventory is definitely high, but the demand (and in my point of view "demand" is what drives a buyer's market), is just feeling a bit flat. Buyers are more conservative due to the economy, anxiety over job loss, all this adds up to less buyers with the right stuff to bring it to the table and close, and rightly so."
We have wayy fewer buyers out there driviing the market...
Anyway, would love to hear back from you and anyone else with an opinion... :)
Oh, heres the link (no, not self-promotion...I actually have had many hits but no comments...) just curious to know if anyone see's it the same way...
http://activerain.com/blogsview/1743627/2010-reality-and-the-market-
Good post. Thanks. Even as a home inspector, I hear about a lot of sales that fall through because the appraisals come back much much lower....crazy market these days.
You hit the nail on the head with this post Jennifer! This blog should be required reading for every person who is considering putting their home on the market!
Jennifer, some sellers just don't want to believe the market value of their home. The appraisal is a great response. Thanks.
Jennifer - Truer words couldn't be spoken. I wish I could send this to most of my sellers... They sometimes just dont and wont get it.... Great post and a well deserved Gold Star.. Hope you are well.
Mr. & Mrs. Seller, you're home is only worth what someone is willing to pay for it...Good post...Enjoy the day
Jennifer - As the market has declined I've turned down several listings due to unrealistic seller's. Although they always find an agent to list their home, most are still active to this day and those that did sell ended up selling for less than I originally told them due to the declining market. Getting the home appraised is always a great option for those stuck in 2005.
Not to worry. Most homeowners are too cheap to pay for a real appraisal of their property thus the "free" CMA. The owner most likely got a "special" invitation by a credit company to give an appraisal to tap into their home equity if they sign up for the major credit card offer. Move on to the next client. They will soon be buried in debt.
In California, the assessed values have nothing to do with the market price. Someone who purchased at the peak will have a value considerably lower than the assessors price. Getting an appraisal will just confirm that as would any good CMA.
On the other hand, I had a situation recently in which the assessor had the wrong values for the home's size. As a result, the assessor valuation was over 10% lower than the true value of the home. Having an appraiser come in and provide accurate dimensions gave the seller the ammo to ask for a higher price on the home. As a result, they did very well compared to others in the area.
Jennifer Sellers fail to realize an assessment is made to generate tax revenue - has nothing to do with market value
Hi Jennifer..
I've turned down quite a few listings lately for this reason. I try to explain to them, of course we can list your property for a million dollars.. and maybe even find someone dumb enough to offer you a million dollars.. but, we're not just looking for one dumb buyer.. we'll need a dumb appraiser from the mortgage company willing to lend someone a million dollars. (...maybe a few years ago huh?? lol)'
I strongly agree with you. If you don't believe us, hire an appraiser. Of course you can find another agent who will list your property for whatever price you want for little or no commission.. But the house will sit on the market until it expires, eventually making your property unsaleable. I've seen some properties showing over 800 days on the market! ... If a potential buyer, or even in some cases an agent, would look at that.. they would automatically assume "something must be wrong with it" and skip right over it.
Seller.. Ask your agent for a list of similar SOLD properties in your area. Not just what's for sale. SOLD will tell you what a buyer is actually willing to pay for your type of property.
Great post Jennifer. I agree with you 110%
Have a wonderful weekend... and refer them! LOL
Vienna
Margaret brought up a good point - appraisals for refi are always higher, but sellers don't understand the difference between them and an appraisal done for a sale - maybe there shouldn't be a difference!
Sure, get it appraised; BUT also realize that appraisals are based on sold prices (and are, by their very nature, maybe out of date when the market is falling). MS Seller: Please also look at my active comps to check out your competition. If houses somewhat like yours still have not sold after 120 days on market, though they are priced $50k below yours, we need to do something to make yours a better deal. What do you suppose that something is going to be?
Jennifer, no doubt! an independent appraisal can be a great response to the reluctant seller or buyer. Properly handled, it can bring the parties together. BUT like a sharp butcher knife in the hands of an inexperienced and/or uninformed party [including many agents], it can become the proverbial dagger!!!
My earlier response was out of concern for sellers who are NOT ready to sell, and DON'T have to sell. I respect their remorse, and figure everyone would be better off if they took their property off the market. It would reduce the clutter caused by an apparent excessive number of homes on the market. To say it another way: DON'T LIST YOUR HOME UNLESS YOU ARE SERIOUS ABOUT SELLING.
On the other side of the issue, to buyers: "DON'T WASTE THE TIME of SELLERS, REALTORS®, nor YOUR TIME IF YOU ARE NOT SERIOUS ABOUT BUYING A HOME. NOW IS NOT THE TIME TO play homebuyer. NO REALTOR® should be playing chauffer for un-qualified, un-prepared and un-certain buyers. All REALTORS® want to help home buyers find their home, but sellers insulted by rediculous offers and inquiries are less focused on the REAL DEAL.
We must work harder to provide our clients with the full picture: everyone needs to have a realistic understanding of the current value of the subject property as well as the best comps. Lets not get caught up in the scenario seen in the TV commercials where the actor says, "I'm not a doctor, but I play one on TV." That was funny when we first heard it, but it is not when (1) a friend/neighbor thinks they are an agent or appraiser; (2) the seller/buyer thinks he/she are the expert; or (3) an agent goes off half-cocked. Let each of us declare: I'M NOT AN APPRAISER. I'M NOT A HOME INSPECTOR. BUT I AM A REALTOR®."
I had a similar situation, Jennifer. I valued the home at $245,000 and suggested they offer it at $250,000. The sellers thought it was worth more. So they paid for an independent appraisal, which came in at $249,000. We listed it for $250,000 and sold it... for $250,000! (Funny how the current market conditions influence a home's value.)
I say the true value of any house is what someone is willing to pay for it! Great discussion and post. Thanks
We seem to be in the second year of a recovery here. Many homes are now getting multiple offers again with selling prices above the listing price.
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