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How Does a Hot Market Affect Appraisals?
MP4•Maison d'episode
Manage episode 151123812 series 1016957
Contenu fourni par Shawn Anderson. Tout le contenu du podcast, y compris les épisodes, les graphiques et les descriptions de podcast, est téléchargé et fourni directement par Shawn Anderson ou son partenaire de plateforme de podcast. Si vous pensez que quelqu'un utilise votre œuvre protégée sans votre autorisation, vous pouvez suivre le processus décrit ici https://fr.player.fm/legal.
Our marketplace is currently experiencing rising prices. Likewise, an appreciating market leads to challenges with appraisals. In the last month, I had this situation come up five times. Prior to this year, I probably saw it five times in nine years of selling homes.
Recently, we sold a home in Idaho Falls. After we conducted a market analysis, the home was worth somewhere around $145,000. However, with all the work they’ve done on the property, we ended up listing it at $159,000. The sellers accepted a full-price offer within a few weeks!
The appraiser came back with $153,000 valuation on that house, even though it sold for more. In situations like this, the buyer can walk away if they’re not pleased with the listing price. Their lender might only loan up to a certain percentage as well. On the flipside, because buyers have limited options, you have a higher likelihood to walk away with top dollar.
When you aggressively price a home, it’s a matter of finding a buyer willing to buy it. Sometimes, there will be a dissonance with the appraiser's judgment. However, that’s only one perspective and everyone looks at home values differently. Some buyers are extremely limited and will pay the price for the features they want.
If you’re thinking about buying or selling a home in Idaho Falls or the surrounding area, give us a call or send us an email. We’d be happy to help you and answer any real estate questions you might have!
22 episodes
MP4•Maison d'episode
Manage episode 151123812 series 1016957
Contenu fourni par Shawn Anderson. Tout le contenu du podcast, y compris les épisodes, les graphiques et les descriptions de podcast, est téléchargé et fourni directement par Shawn Anderson ou son partenaire de plateforme de podcast. Si vous pensez que quelqu'un utilise votre œuvre protégée sans votre autorisation, vous pouvez suivre le processus décrit ici https://fr.player.fm/legal.
Our marketplace is currently experiencing rising prices. Likewise, an appreciating market leads to challenges with appraisals. In the last month, I had this situation come up five times. Prior to this year, I probably saw it five times in nine years of selling homes.
Recently, we sold a home in Idaho Falls. After we conducted a market analysis, the home was worth somewhere around $145,000. However, with all the work they’ve done on the property, we ended up listing it at $159,000. The sellers accepted a full-price offer within a few weeks!
The appraiser came back with $153,000 valuation on that house, even though it sold for more. In situations like this, the buyer can walk away if they’re not pleased with the listing price. Their lender might only loan up to a certain percentage as well. On the flipside, because buyers have limited options, you have a higher likelihood to walk away with top dollar.
When you aggressively price a home, it’s a matter of finding a buyer willing to buy it. Sometimes, there will be a dissonance with the appraiser's judgment. However, that’s only one perspective and everyone looks at home values differently. Some buyers are extremely limited and will pay the price for the features they want.
If you’re thinking about buying or selling a home in Idaho Falls or the surrounding area, give us a call or send us an email. We’d be happy to help you and answer any real estate questions you might have!
22 episodes
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