Appraisal v. Dollars per Square Foot in Apex, NC

Real Estate Broker/Owner with Francis Home Team

We received the following email from a Home Owner in Apex NC recently:

"I received a postcard from the Francis Home Team stating that the average sales price per square foot in my community is $107.54.  I just had my house appraised and the price per square foot turned out to be $101.60 or $14,850 less than that estimate. Thought you should know this."

We appreciate this Home Owner sharing their concern - we're *always* happy to share our real estate experience and knowledge!  Here's the response that this Home Owner found very helpful:

"Thanks so much for contacting us about your appraisal. The postcard data is based on the most recent home sales in your Apex community - typically for the most recent quarter.  We don't go into your house - of course! - so the Appraiser had more detailed info. In addition, Appraisers will focus on homes of approximately the same squre footage because smaller homes will tend to have a higher dollars-per-square-foot than bigger homes. Our number is s straight numeric average of recently sold homes - much more of a 'benchmark' than an indepth analysis."  And, unlike an Appraisal, our Market Update Postcards are also free!

Mimi Francis, Francis Home Team Real Estate, Cary, NC

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