Wangsness Connections
Wangsness Connections
Wangsness Connections
Wangsness Connections
Wangsness Connections
Wangsness Connections

Real Estate Articles

Sale Price-To Be or Not To Be-Ask the Appraiser

When we speak to clients about listing their homes for sale, the list price is usually a number they have already decided on.  Most people live in their homes comfortable and with a few minor changes, it will show beautifully.  We always recommend taking away personal items, they can distract the buyer.  We also recommend taking out any unnecessary furniture because it will make a room look bigger and that is usually better.  Breakables should be packed away and valuables should be hidden from the view of strangers. With those things done, the house goes on the market and if we price it right, we will get an offer quickly and with some negotiation, come to a mutually acceptable selling price.  Then comes the appraisal.  With some luck and a good appraiser, the story goes on well from here.  What we are finding though is that the lenders are very cautious and can make things difficult for both the buyer and the seller. The current lending environment, from our perspective, is difficult when we represent the seller as well as representing the buyer.  We caution sellers that if we price it above the current market levels, we might lose in the long run.  If the house doesn’t appraise, the seller will likely have to meet that price, or close to it because another appraiser will come to the same price.  The seller has lost because the home is off the market, then it goes back on the market and unless there is another sale or two in the area, the appraised value won’t change When a home doesn’t appraise, there are three paths of action:

So if you want more from your home than the market will bear, you can wait until the market catches up, find a cash buyer that doesn’t want an appraisal or you can sell it for what the market forces dictate it to be.