Cape Coral Home Prices Are Up…but there is a Challenge

By
Real Estate Agent with Keller Williams Realty of Fort Myers & The Islands Broker BK3099912

 

Home values continue to climb and are projected to increase by about 5% over the next twelve months. That is great news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house. If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the sales price when performing the appraisal for the bank. The National Association of Realtors (NAR) recently released information revealing just how prominent the challenge is in today’s market.

And the challenge is deepening… Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation in their Home Price Perception Index (HPPI). Here is a chart showing that difference for each of the last 12 months.

As we can see the difference has increased each of the last two months.

Bottom Line Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first.

If you are planning on entering the housing market this year, let's meet up so I can guide you through this, and any other obstacle that may arise. 

 

 
Posted by

 

 Listing and Selling Southwest Florida Homes, Condos Waterfront & Luxury Homes!

 

 

Joe Kendall BROKER "Broker Joe"

Keller Williams Realty Fort Myers & The Islands,

16 years of experience to offer You!

Fort Myers / Fort Myers Beach / Cape Coral / Bonita Springs / Naples/ Sanibel Island 

Search all the homes for sale located in Southwest Florida here

Phone 239-560-0726

Email BrokerJoe@Me.com  

 

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Florida Lee County Cape Coral
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Cape Coral Florida Real Estate
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Rainmaker
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Great point, Joe.

Home prices continue to advance this year in L.A. since the inventory is so low and yes, often appraisers are legging behind. 

Mar 05, 2017 11:23 PM #1
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Rainmaker
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