Appraisals an important part of selling your mountain property
In the past few years, pricing of land in the north Georgia mountains
and western North Carolina areas have gone through the roof for no apparent
reason except for the fact that people were willing to pay the prices.
Now with the economy slowing down some realtors who are still telling
their clients to price their property high are setting their clients
up for disappointment when the offers don't come in or when they do
they are way below what they were told their property was worth. That
is why it is so important to get a qualified appraisal of your property
before putting it on the market.
As a buyer you too should determine
if the property you are looking at is really worth the asking price.
It
is true that pricing is whatever the market will bear, but many tracks
of land are being bought up then placed back on the market for $100,000
dollars more
with little or no improvement to them. It is a trend of greed that
is effecting our way of life and the only way it can be stopped is by
educating
the seller and the buyer. As prices continue to climb, potential
buyers are realizing they get better value in other areas with more
amenities then we have to offer, and soon we will face higher property
taxes and
perhaps many foreclosures as someone will get caught holding the bag
of overvalued land.
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American Society of Appraisers reports many don’t understand how
home appraisals can help them
It is no secret that the housing market
is in a state of flux. Houses are staying on the market longer,
mortgage interest rates are rising, and house prices are falling
in some areas.
It is now more important than ever for Realtors to help sellers
to understand what their house is worth in this fluctuating market.
The American Society of Appraisers (ASA) recommends that sellers
fully understand the appraisal process and how it can help them
make
decisions about the home.
“Many home buyers and home sellers don’t know much about
what goes into an appraisal or how a value opinion is developed,” says
ASA real estate property appraiser Mike Evans, a Fellow of the American
Society of Appraisers. “Homeowners don’t know that the
appraisal report can be helpful to them in the future.”
ASA offers advice to homeowners to educate them about what is in
an appraisal report, why everyone should request a copy, and how
it can help in the future.
Know what types of information the appraisal report includes. The
report includes details about the house, side-by-side comparisons
of similar properties, an evaluation of the real estate market in
the area, notations of major problems with the property that will
affect its value, an estimate of the expected time it will take to
sell the property, description of the area, and the neighborhood,
etc. Reading the appraisal report will teach home buyers important
things about their property and how it fits into the market.
Learn how an appraisal report is developed. Appraisals are opinions
of value. Residential real estate appraisals use a Comparison Method,
which compares your home to similar homes that have sold to come
up with an opinion of value. A residential appraisal gives summarized
and concise information about your house and is not the same as a
home inspection.
Request a copy of the appraisal. When you bought your house, you
paid for an appraisal. If you didn’t request a copy of the
appraisal at the time, go back and request it from your lender now.
It is your right under federal law to obtain a copy of the appraisal
report. Make sure you get one from your lender.
Before you think about selling, review the appraisal report that
was created when you bought your house. Look for things in the appraisal
report that had a negative adjustment. You may want to look at updating
or remodeling those areas. Examples of areas that might have caused
a negative adjustment are: having less than the typical number of
baths for houses of a similar size; kitchens and baths that are outdated;
or a one-car garage or no garage in a neighborhood of two- and three-car
garages.
Get your house appraised before you put it on the market. In a market
that is fluctuating quickly, you may want to get an appraisal before
you put your house on the market. That will help you price it and
help ensure that the house will appraise for your asking price. Many
sellers are shocked when their house appraises below the asking price
and, either their deal falls through, or they have to reduce their
asking price.
ASA reminds consumers to hire a qualified and professionally certified
appraiser.
I would like to thank RISMEDIA http://www.rismedia.com
for this useful information. Please visit their web site for the
latest on real estate business trends.
Buyer's Agent a better choice!
The Listing Agent, unless specifically disclosed
otherwise, represents the seller in any transaction for the sale of
a home. It is that
Agent's fiduciary duty to protect the
seller's position at all times. No matter what they tell you their
loyalty will lie with their selling clients. That is why you want an
agent with experience like Gary
Ward to represent YOUR interest as a buyers agent when buying
a home.
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