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Number one reason I'm starting with the MA is to get an idea of what I'm looking at as far as selling. When I buy another house it will be to offset some of the appreciation of the market since 2014. Basically selling high and buying high to even out the price fluctuation since 2014.
In my neighborhood, there are very few bungalow style homes but in surrounding neighborhood, they are starting to build them. But the neighborhood with bungalows that was built last year is sold out. The community is made up of young family and retirees that desire one story. I think there are 3 other bungalows in my actual neighborhood with only one selling in 6 months. There are other traditional styles ranging from Charlestons, Colonials, Arts and Crafts style Cape Cods. The second realtor says she will have to also compare the price of 2 stories with the master being on the main floor to have a wider variety of sale prices.
I'm buying a house in a different state so I want to make sure the house is priced right. I don't want to get less than it's worth. The Zillow estimates are way off for this house. It was off when I bought it. I think it was off by $60k in 2014.
The realtor in the area will be coming over Monday so it will be interesting to see the price difference of the first MA. I always thought the appraisal would be more accurate because it's in the best interest of the bank and/or government entity that has an interest in the property.
The information you guys are giving is useful because I will use that knowledge on my buying journey in SC since there will be multiple bidding wars in that market as well.
Number one reason I'm starting with the MA is to get an idea of what I'm looking at as far as selling. When I buy another house it will be to offset some of the appreciation of the market since 2014. Basically selling high and buying high to even out the price fluctuation since 2014.
Why? If it's for tax purposes, you do realize that you no longer need to buy a house of equal or greater value to avoid capital gains tax, correct?
Why? If it's for tax purposes, you do realize that you no longer need to buy a house of equal or greater value to avoid capital gains tax, correct?
It's not for tax purposes. Offsetting the rising market and interest rate increase since 2014. I'll be selling higher, buying higher and higher interest rate. I think 3.25% vs 4.25% or higher.
Not to be argumentative or to drag things out (I have better things to do, thank you), the original post made no mention of why she was considering an appraisal. You even asked that she clarify, remember?
I also asked for clarification and others, too, noted that whether an appraisal is warranted depends upon why it is desired.
Had you qualified your blanket statement that "There is no other reason" to get an appraisal, I wouldn't have responded as I did. And even when it comes to buying a house (or other real estate) there are reasons to get an appraisal, even if you and I may feel that there are preferable options.
Exactly. I have no problem disagreeing with agents or with Jack (we've certainly had our share of horn-locking) but he's 100% right. And he's right to be calling out irresponsible statements from people who should know better rather than looking the other way as is often the case here.
An agent may have a personal opinion that they can do everything a lawyer or an inspector can do but it's irresponsible to be telling consumers that these experts are not ever needed except when they are 'forced' to be used by a bank or whatever. No different from an appraiser. That's pretty outrageous. So you had a case where an appraiser made a mistake and that's now the basis for telling consumers on a public forum that appraisers are never needed? That makes a lot of sense. States are taking great pains to minimize consumer confusion over CMAs, BPOs and appraisals. Your irresponsible statements feed into the confusion that's already out there and it's the duty of professionals to avoid misleading and confusing consumers.
You should retract and correct your statement rather than dig deeper with weasily arguments that make yourself look even less professional. Unfortunately as often is the case here, winning an argument trumps providing correct and responsible information to consumers.
Appraisals are sometimes wrong. A listing of mine had a second appraisal done because both buyer and seller agent were questioning it with the comps to back it up.
Let me guess... the second appraisal was higher and that makes it right?
I didn't. You are professing to be the expert on appraisals so I was asking you.
If you knew something was wrong and could back it up would you question it? Especially if you were representing a seller that would get cheated otherwise? That's really it.
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