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11-12-2019, 03:09 PM | #16 | |
Supporter
Join Date: Feb 2001
Location: Jan Quadrant Vincent 16
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Quote:
Yeah, funny thing about the county appraisal. It is quite a bit less than the actual value. They don't bother to check unless you have done something obvious. We put on a new deck a year ago (replaced an old limestone/concrete porch that was starting to fall apart) so I'll bet that they will want to reappraise it soon. But luckily, it won't be ours by the time they get around to that. |
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Posts: 41,434
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11-12-2019, 03:12 PM | #17 |
MVP
Join Date: Feb 2013
Location: Studio City, CA
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Also getting an appraiser that's on your side won't tell you the true value of the house. They'll just look at square footage and bedrooms / bathrooms, pick the three best selling houses in your area as comparables and go with that price.
But it won't say which house had the renovated kitchen or the open concept living area or the huge island that everybody wants. It won't say, basically, what your house really will sell for. |
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11-12-2019, 03:14 PM | #18 | |
Supporter
Join Date: Feb 2001
Location: Jan Quadrant Vincent 16
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11-12-2019, 03:18 PM | #19 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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So you as a homeowner thinks your house is worth more than a professional realtor who sells homes in your area and has provided you with comps.
It sounds like you want someone to come to you and say 'Your house is worth 5x, want to list with me?" Your house will then sit on the market and you will be pissed not at yourself for not listening to the first realtor but at the second realtor for not selling your overpriced house fast enough. Remember one important thing: you do NOT have to accept ANY offers. If you start getting a lot of action then your price is good/cheap. If you get NO action you're over priced. You should start seeing traffic pretty soon after pricing your house at fair market value and no bank is going to provide a mortgage if the appraisal is too low versus sales price. |
Posts: 50,801
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11-12-2019, 03:19 PM | #20 | |
The Freeze!
Join Date: Apr 2007
Location: Prosper, TX (DFW)
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Quote:
Also, if a house doesn't appraise high enough theres wording in the contract for renegotiation. There can also be wording in the contract that says if it appraises higher, the seller cant negotiate a higher price. Unless your fronting the bill for your own appraisal, you most likely will never know what your home appraised for. You would only know something was up if the amount was way low. Since the buyer is technically paying for that appraisal. So unless your talking about an expensive piece of real estate i dont think its worth your money and effort. A proper market analysis will be more valuable. Just my $.02 |
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11-12-2019, 03:19 PM | #21 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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Most important question: What is your goal?
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Posts: 50,801
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11-12-2019, 03:20 PM | #22 | |
My work speaks for itself!!!
Join Date: Jun 2005
Location: So Cal
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Posts: 12,082
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11-12-2019, 03:22 PM | #23 | |
MVP
Join Date: Sep 2004
Location: San Diego, CA
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Quote:
Also, having a house sit on the market will further devalue it, and overpricing it initially could potentially hurt you. Just things to keep in mind. |
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11-12-2019, 03:23 PM | #24 |
The Freeze!
Join Date: Apr 2007
Location: Prosper, TX (DFW)
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Not necessarily true. It depends on the price point. homes in KC around 300K and below go faster than Ty Hill on a go route. Homes around 400 on up can take a little while longer. you may get lots of activity but unless your getting a bunch of offers, the traffic alone does not have to reflect your price.
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Posts: 2,860
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11-12-2019, 03:25 PM | #25 |
Bono & Grbac wasn't enough
Join Date: Oct 2000
Location: Sioux City, IA
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Posts: 33,959
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11-12-2019, 03:32 PM | #26 | |
Supporter
Join Date: Feb 2001
Location: Jan Quadrant Vincent 16
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Posts: 41,434
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11-12-2019, 03:33 PM | #27 | |
The Freeze!
Join Date: Apr 2007
Location: Prosper, TX (DFW)
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Quote:
too many folks freak out when there home doesn't sell on the first day. also, some homes sit on the market because a seller wont negotiate. That being said...being overpriced COULD hurt you. theres one of two outcomes when your overpriced.....#1 very little traffic #2 You get offers but based on your price they seem "lowball". you are spot on! |
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Posts: 2,860
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11-12-2019, 03:35 PM | #28 | |
MVP
Join Date: Feb 2013
Location: Studio City, CA
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Quote:
"I've done an appraisal of your house. The value is XXX" "Hmm that seems really low." /every episode of Love It or List It ever made. |
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Posts: 12,763
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11-12-2019, 03:36 PM | #29 | |
Supporter
Join Date: Feb 2001
Location: Jan Quadrant Vincent 16
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Quote:
After having looked at homes for the past couple of years or so on Zillow, Realtor, Trulia, etc. I've seen enough to realize that having a home on there too long is a red flag to buyers. I'm guessing that is why many of them take it off the market and then put it back on a month or few months later. |
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Posts: 41,434
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11-12-2019, 03:36 PM | #30 |
Praise Him
Join Date: Aug 2000
Location: none ya
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You go by realtor market analysis.
ask 95-100% of her analysis. It wont matter at the end and whomever you strike a sale with will have to do an appraisal for loan purposes. That appraisal may be less or more than one you have done. |
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