Problem #5: Not Considering All the Factors

By
Real Estate Agent with Keller Williams Capital Properties

Bethesda Real Estate(BETHESDA REAL ESTATE) When a buyer looks at a home, they look at all the factors: foreclosures, distressed sales, bankruptcies, divorces, and area market fluctuations. All too often sellers mistake the appraisal value of their home as what a diligent buyer would pay. An appraisal is an opinion of value for an entirely different purpose than selling your home - often to provide a bank information to fund a loan.

If a lender is motivated to loan you money, his appraisal may come in higher than the true market value of your property. The appraiser might ignore other issues in his analysis, such as foreclosures in the market or distressed sales. Thus the real picture of the market is clouded by an overly optimistic assessment.

Many sellers use the appraised value of their home in order to justify the selling price they set. Many times, this approach overprices the home, thus taking longer to sell and accruing unneeded interest expenses and loss of profit.

The "true" price of a home is what a motivated buyer is willing to pay and what a motivated seller is willing to take - nothing more. That is market price.

A market analysis will take into account the current sales, active listings, those homes under contract as well as what has failed to sell.  Through this detailed analysis the correct price range for your home emerges.  Condition and access are closely tied to the correct pricing to then get your home sold for the most the market will pay!

For more information about real estate sales in Bethesda, MD 20816 please email me at josette.skilling@longandfoster.com or visit my website at http://www.josetteskilling.com/

All data courtesy of:

Long & Foster Real Estate, Inc.
4733 Bethesda Avenue
Bethesda, MD 20814
301-385-9213 (cell)
240-497-1700 (office)

Disclaimer: The opinions expressed by The Activerain Network and its members and those providing comments are theirs alone, and do not reflect the opinions of Josette Skilling or Long & Foster Real Estate, IncJosette Skilling and Long & Foster Real Estate, Inc. are not responsible for the accuracy nor the content provided by the community.

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If you are looking to buy or sell a home here or in one of the other lovely surrounding Bethesda real estate communities, please start your search by calling me, a Bethesda Realtor. 

Search here for all Bethesda homes for sale

 

Serving the Greater Bethesda real estate, Chevy Chase, Potomac, Kensington area communities and other surrounding areas.

I'm available to help you!

Josette Skilling

Associate Broker & Co-Founder

Urban Tree Properties, Keller Williams Capital Properties
7801 Woodmont Avenue
Bethesda, MD 20814
Cell: 301-385-9213
Office: 202-780-7570

Email: josette@urbantreeproperties.com
Urban Tree Properties

Copyright © 2015 by Josette Skilling

Bethesda Real Estate

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

When a seller tells me that they "just got an appraisal for $XXXX", I usually can predict that the "appraisal" was for refinance purposes.

Totally worthless on a Purchase Money loan.

Home owners do not understand the difference between appraisals and CMAs. 

They need us.

Nov 14, 2007 11:14 PM #1
Rainmaker
105,533
Josette Skilling
Keller Williams Capital Properties - Bethesda, MD

It does such a disservice to everyone to incorrectly appraise these homes.  I've been working with someone whose home appraised for far over value - for a resale - because the appraiser simply didn't do his job.  There is no other way to describe what he came up with.  So of course that professional opinion drove their pricing. Their home has not sold, their home will not sell and they get zero.

They needs us more than ever, which is why I bury myself in data and see lots of property. 

Nov 15, 2007 12:26 AM #2
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Josette Skilling

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