Appraisals And Rising Home Prices

Appraisals And Rising Home Prices

The fact that residential home prices are increasing substantially in most regions of the country is music to the ears of homeowners. However, if you are in the process of selling your home, make sure you realize the major challenge a hot real estate market creates.Each house must be sold twice; once to a buyer and a second time to an appraiser who represents the bank that will grant the purchaser a mortgage to buy the home (unless it is an “all cash” purchase). In a real market with escalating prices, the second sale may be the more difficult. And a recent survey by Quicken Loans reveals that the gap between what a homeowner believes is the value of their home compared to an appraiser is widening.Appraisal vs. Homeowner Value | Keeping Current MattersThis could lead to an increase in the percentage of real estate transactions being challenged by a ‘short’ appraisal (where the appraiser value is less than the contracted price of the home).Bottom LineWhether you are a buyer or a seller, you must be prepared for this possibility as it may result in a renegotiation of the price of the home.


Ann Marie Cancro Headshot
Author:
Phone: 717-468-1301
Dated: July 12th 2015
Views: 268
About Ann Marie: LICENSED: Licensed Real Estate Professional since October 1990. AFFFILIATIONS: Lancaster Assoc. o...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Highland Realty Group LLC
357 Locust Street
Columbia, PA
717-862-4620
717-327-4709

Other Locations