Will your home appraise? In our market, home sellers need to be sure.
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While I go about my day as a real estate professional, one of the most frequently asked questions I receive is some variation of, “How is the market?”
Well, overall, the market has been fantastic! We’ve had a lot of buyer activity since December 2018, and many contracts have been written. In fact, we’re even seeing multiple offers on homes, and with that, home prices are being driven upward.
Unfortunately, we’re also seeing more and more appraisals coming back short because the prices have been driven up. Even though a buyer might be willing to pay a higher price when they write the contract, once the appraisal comes back short, the buyer can’t qualify to buy the house.
There’s nothing worse than being a seller whose house has been under contract for 30 days, only to have the appraisal come back short.
There’s nothing worse than being a seller whose house has been under contract for 30 days, only to have the appraisal come back short. If the buyer can’t make up the difference between the appraised price and the contract price with cash, then they’re not going to be able to proceed with the purchase of the home and you’ll have to put the home back on the market.
That’s why it’s incredibly important for you, as a seller, to know what has sold in your neighborhood over the last six months—these comparable sales can be used to support the sales price you choose for your home.
If you have any questions or would like more tips, feel free to reach out to me. I’d love to hear from you.