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Get your house appraised, for the $250 it worth it if for nothing else, the Seller can't jerk you around and try and tell you your house didn't appraise high enough. Oh wait, Sellers and realtors wouldn't do that? Hmmmm, maybe that's why the appraisal are always kept private.
An appraisal can't kill a deal. It can kill the loan - but not the deal.
The buyer can pay the difference or the seller can lower the price.
Easy peasy.
And the bank could care less how much the seller's appraiser says it's worth - they'll get their own done to protect their interests.
An appriaser has acces to the very same data available as an agent to determine value. Appraisers do not have a secret source of information.
Unlike a local agent who really knows the local inventory, the appraiser is relying on the MLS/tax records, not first hand exposure to the comps. The appraiser is not going to know the floor plan or if the ceilings in the basement are only 5' within the so-called comparable homes. Rarely, will two appraisals agree.
The CMA is a living document. The next new listing, closed sale or price adjustment can and often does impact the value of comparable homes.
Silverfall hit the nail on the head.....just how many of the comparable homes have these agents seen? Have you seen your competition?
Get your house appraised, for the $250 it worth it if for nothing else, the Seller can't jerk you around and try and tell you your house didn't appraise high enough. Oh wait, Sellers and realtors wouldn't do that? Hmmmm, maybe that's why the appraisal are always kept private.
Middle-aged Mom: Good point on the CMA. And yes, I've seen my competition. And it seems to all be priced considerably higher than some agents are pricing my home, while needing extensive updates (my house has features like granite/stainless kitchen, modern baths, new roof and HVAC, etc...)
Since we're kind of getting a bit off-topic with the whole appraisal thing, I should reiterate: I am not getting the same numbers from all agents. And I don't want to make the mistake of going with an agent who happens to present the highest valuation, but at the same time; what if he/she is correct? :/
I am not getting the same numbers from all agents. And I don't want to make the mistake of going with an agent who happens to present the highest valuation, but at the same time; what if he/she is correct? :/
Therein lies my struggle...
This is how sellers sometimes rationalize going with the agent who gives them the highest number.
Which agent has done the best job to educate you about your local market which includes value of garages/parking places. One can install granite and SS in any home. Not all properties can accommodate a garage/parking spaces.
Which agent has shown you their work....exactly what they do to market your home and when?
An appriaser has acces to the very same data available as an agent to determine value. Appraisers do not have a secret source of information.
Unlike a local agent who really knows the local inventory, the appraiser is relying on the MLS/tax records, not first hand exposure to the comps. The appraiser is not going to know the floor plan or if the ceilings in the basement are only 5' within the so-called comparable homes. Rarely, will two appraisals agree.
The CMA is a living document. The next new listing, closed sale or price adjustment can and often does impact the value of comparable homes.
Silverfall hit the nail on the head.....just how many of the comparable homes have these agents seen? Have you seen your competition?
A local agent that has been INSIDE the 'competition' and maybe even has some "sales brochures" (or archived web sites) to help buyers see that value one house represents in comparison to another is MILES AHEAD of some 'appraiser' scratching through tax records!
My goodness, if one could just put on a jeweler's loupe and get out the scale and say "Yah, 2.07 carats, one very slight inclusion along the third cutlet from the apex, this thing will sell $xxx" then there would be a very different SYSTEM of agents and far less EMOTION in the whole PROCESS!
Once you set your price you MUST be wise in your price cuts. Like taking off a band-aid some people advocate slowly easing off bit by bit, while most realize the STING of a quick tug or two is ultimately less torture!
This is how sellers sometimes rationalize going with the agent who gives them the highest number.
Which agent has done the best job to educate you about your local market which includes value of garages/parking places. One can install granite and SS in any home. Not all properties can accommodate a garage/parking spaces.
Which agent has shown you their work....exactly what they do to market your home and when?
I agree re: installing granite/ss, etc. But that's not something that's without cost, along with the other updates that our house does offer. Cost, effort, etc. And many first-timers aren't willing or able to see past old dinginess for the real potential of a house.
I'm still interviewing agents, but for the most part they've all presented a good picture of their marketing capability. And they've all talked up the accuracy of their CMA's...but they're all off from each other.
I guess I'll just keep interviewing/getting CMA's and make a general average?
Guess who the appraiser calls to "find out" about a home he is appraising? You guess it...the realtor in the area who has sold something similar or maybe not so similar. Does an appraiser go in every comp...nope. Big gripe of mine, but they don't. The appraiser goes to the same well the realtor does. The appraiser charges for his work, and usually the realtor does not. If you don't happen to agree with either the realtor or the appraiser, pick a price you like, put a sign in your front yard and go for it.
I should add that the CMA's I've gotten have been across a $75k range. That makes it difficult, even if you throw out the outliers. You know?
Believe whether you selling your first home on selling off the last of a dozen rental homes you ALWAYS should sweat the list price!
Good market or bad that price is gonna either attract or drive away the buyer that you need. Focus on what is sorts of things attracted you to the property, what those things are worth and what other homes have / lack that adjust that value.
In the 'range' of $75,000 in comps / CMA what items are COMMON across each? What is "pricable features" can you tease out in each? If you care to you could do a spread sheet that has things like "raw lot" "location" "kitchen" "baths" "drive" "yard" and assign range of price to each to "build" your listing price from the ground up... There are worse things to go crazy over.
If it gets to the point where you or your agent are face to face with buyer in negotiation that sort of info can be very helpful to get both parties to agree to a mutually beneficial price...
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Right on!
Nobody said its easy...
