declinging home prices: Are New Appraisal Standards bringing home prices down?
- 04/25/08 08:00 AM
I think new appraisal standards are going to lower home prices everywhere. My last two listings appraised below their negotiated purchase price. Both listings sold quickly and had two offers. My most recent listing was a nicely updated 2,600 square foot 1944 Centerville Home priced at $239,000. Its assessed tax value in November was $247,000. My CMA going back with comparables sold during the last year easily supported $265,000. Our negotiated purchase price was $239,000 + closing costs. We also had an offer at $230,000, but my clients accepted the full price offer instead..... Then, a few days before closing the … (4 comments)
I think new appraisal standards are going to lower home prices everywhere.
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