Agents Beware! You've all been on those listing appointments when the seller's say they want to "Test the market." Well, I'm here to tell you, if you don't already know..."testing" doesn't work! First of all, there is way too much competition out there right now of motivated sellers. If your potential clients home is not in the very best condition, has all the upgrades, and has the best price, let's face it. It won't sell!
Second, if they are lucky enough to get someone to fall in love with their home at the high end of it's price range, they won't get it to appraise. Appriasers are running scared right now, and therefore being extremely conservative on their appraisalso knwing full well when it hits the banks underwriters they will heavily scrutinize all comparable sales. Although, I have seen some come from quite a distance. Others will only use same neighborhood comps.
The bottom line is, even if they get their price, it won't appraise on the high end unless you have extremely close recent comparable sales! So, do your due diligence ahead of time on recently sold comparable properties close by, and price accordingly. The days of "close enough" are gone! Good selling!
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