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YOU WILL NEED TO SELL YOUR HOME TWICE
A recent post on "The Home Story", a site published by Fannie Mae, explained the difference between the price a seller may get for their home and the value an appraiser might assign the property.
Of course, most sellers want to maximize the value they get for the house. However, the price they set might not be reflective of the other comparable homes in the neighborhood.
Currently, there is approximately a 2% difference between what homeowners believe their home to be worth and what appraisers value that same home. On a $300,000 sale that would be a $6,000 difference. That could be a challenge that might prevent the home sale proceeding to the closing table.
Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank's appraisal). In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is the bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank.
With escalating prices, the second sale might be even more difficult than the first. That is why we suggest that you use an experienced real estate professional to help set your listing price.
Contact Swanson Realty Today: 910-454-4450 | 4701-2 Southport-Supply Road, Southport, NC 28461