Need CP expertise - Selling a home: Do you get an appraisal before listing your home?

[ptlyon]

Just throw a match to it like the Chiefs season and move on

[Lzen]

Originally Posted by ptlyon

Just throw a match to it like the Chiefs season and move on

[Kiimo]

Remember that Game of Thrones conversation about where power lies?

That but power is the value of your home. If you want the perceived value go off the assessed value for your taxes.

If you want the real value, it's what the seller will pay. Then they will try to get an appraisal for as high as possible to give them as much equity as they can with their loan.

In short don't waste 500 bucks on an appraisal that won't matter one iota.

[Lzen]

Originally Posted by Kiimosabi

Remember that Game of Thrones conversation about where power lies?

That but power is the value of your home. If you want the perceived value go off the assessed value for your taxes.

If you want the real value, it's what the seller will pay. Then they will try to get an appraisal for as high as possible to give them as much equity as they can with their loan.

In short don't waste 500 bucks on an appraisal that won't matter one iota.

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.

[Brooklyn]

lots of buyers in your market, or are you just getting out? best plan is to price it really low and incite a bidding war. you'll get a ton of eyes on it, and eventually the price will rise to where it should. nothing forces you to accept the offer you know is low and below desired ask.

[DJJasonp]

Just went through this process.

Unless you have a long/ongoing relationship with your realtor, and have 150% trust in them - I would highly recommend speaking to a couple other realtors to see what they think they can get for the house.

Realtors will say a number to get you excited.......when in reality, they may not be able to get close to what they quote you.

The market will dictate, but you need some honest feedback from your realtor.

[Lzen]

Originally Posted by DJJasonp

Just went through this process.

Unless you have a long/ongoing relationship with your realtor, and have 150% trust in them - I would highly recommend speaking to a couple other realtors to see what they think they can get for the house.

Realtors will say a number to get you excited.......when in reality, they may not be able to get close to what they quote you.

The market will dictate, but you need some honest feedback from your realtor.

Well then thing about the realtor is that she is my good friend's step mom. We have known her for many years. But we have never used her services until now. She does co-own the real estate agency from what I understand. She has been doing it for a long time. In the process of getting our new home I have seen a lot of good from her using her experience in this field. So, I do have some trust in her. But I just don't know that her asking price rec. was in the right place.

[Shag]

Originally Posted by Lzen

Well then thing about the realtor is that she is my good friend's step mom. We have known her for many years. But we have never used her services until now. She does co-own the real estate agency from what I understand. She has been doing it for a long time. In the process of getting our new home I have seen a lot of good from her using her experience in this field. So, I do have some trust in her. But I just don't know that her asking price rec. was in the right place.

Every homeowner thinks their house is worth more than it is. Market and comps nearly always dictate sale price, and is also what any buyer-rep realtor will use to advise their clients, as well. So, even if you price it higher, the comps will almost certainly drive the price back down.

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.

[xbarretx]

Originally Posted by Shag

Every homeowner thinks their house is worth more than it is. Market and comps nearly always dictate sale price, and is also what any buyer-rep realtor will use to advise their clients, as well. So, even if you price it higher, the comps will almost certainly drive the price back down.

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.

thats a relative time frame though. if your house sits on the market for 8 - 10 months and is worth/priced around 1.5M (depending on location/market) thats vastly different than a house listed around 150k sitting on the market for that long. so yes it CAN be a negative to have a house sit on the market but so many factors go into it....time of year...regional market(is that location/area blowing up or is it on a down swing.

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!

[Kiimo]

Originally Posted by Shag

Every homeowner thinks their house is worth more than it is. Market and comps nearly always dictate sale price, and is also what any buyer-rep realtor will use to advise their clients, as well. So, even if you price it higher, the comps will almost certainly drive the price back down.

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.

"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.

[Lzen]

Originally Posted by Shag

Every homeowner thinks their house is worth more than it is. Market and comps nearly always dictate sale price, and is also what any buyer-rep realtor will use to advise their clients, as well. So, even if you price it higher, the comps will almost certainly drive the price back down.

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.

Understood. And good advice. Of the 3 houses that she used, only one seems to be a pretty close match, IMO. And that one sold for the price we are going to ask. So, I think we will be okay.

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.

[kepp]

Originally Posted by Lzen

Well then thing about the realtor is that she is my good friend's step mom. We have known her for many years. But we have never used her services until now. She does co-own the real estate agency from what I understand. She has been doing it for a long time. In the process of getting our new home I have seen a lot of good from her using her experience in this field. So, I do have some trust in her. But I just don't know that her asking price rec. was in the right place.

Don't be afraid to hurt some feelings. We went with a "mom of a friend" realtor when we sold a few years back. We also felt her listing price recommendation seemed low, but we went with it because we just figured she knew better. It turns out that after we did some actual research, her and her co were known for underpricing to get high volume of sales. I figure we missed out on at least $10k, but it was our fault for not do the research up front.

[Lzen]

Originally Posted by kepp

Don't be afraid to hurt some feelings. We went with a "mom of a friend" realtor when we sold a few years back. We also felt her listing price recommendation seemed low, but we went with it because we just figured she knew better. It turns out that after we did some actual research, her and her co were known for underpricing to get high volume of sales. I figure we missed out on at least $10k, but it was our fault for not do the research up front.

Hmmm, good to know. We have already told her we want to go higher. She was fine with that. She knows we are willing to come down if it gets little to know interest or if feedback is that its priced too high.

[007]

Originally Posted by Lzen

Hmmm, good to know. We have already told her we want to go higher. She was fine with that. She knows we are willing to come down if it gets little to know interest or if feedback is that its priced too high.

Just a warning, doesn't matter what price you set it at. The buyers agent will always say it's too high.

Don't be afraid to stand your ground.