In today's housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal.
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 selling price when performing the appraisal for the bank.
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.
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 get together to discuss this, and any other obstacle that may arise.
Author:Heather F Davidson Phone: 609-209-7581 Dated: October 13th 2016 Views: 51 About Heather: I'm an agent whose business is built on the promise of exceptional customer service. If you are sel...
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Specialties: Buyer's Agent, Listing Agent, Relocation, Short-Sale
I'm an agent whose business is built on the promise of exceptional customer service. If you are selling your home or searching for that special place to call your own, you deserve to work with someone you trust-someone who you know has your best interests in mind. Whatever your particular Real Estate need, I'll work hard to make sure that you are completely satisfied. I have the knowledge, experience, and dedication that it takes to get results.
We hope 2018 is a great year for you, both personally and
"I have worked with Heather on several home purchases now, as well as rentals on another property. Heather is very knowledgable and quick to point out both the good and bad features of a property as well as potential upgrades or solutions to issues. I had a very specific set of requirements for this home. I'm a single dad on a budget, yet I was not going to shortchange my kids of a home with the space we needed to be comfortable and grow, both inside and out. We saw A LOT of properties trying to find the right blend of features, price and required upgrades. I wasn't foolish enough to think I would get everything I was looking for, for a good price, in move-in condition. I knew I would need to do some updating myself, but I also had to be able to move in and live there with the kids, so it couldn't be a total rehab project. Heather was great about responding to my many questions and emails and requests for property info at all hours of the day. She was also great setting up showings and working with my busy work schedule and having to bring my daughter along on almost all of our viewings. I would certainly recommend Heather for anyone's home buying or selling needs and I, myself would use her again. Though I do Intesn to stay put for quite some time now"