Home values continue to climb and are projected to increase by about 5% over the next twelve months. That is great news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house.
If prices are surging, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the sales price when preforming the appraisal for the bank.
Every house on the market has to be sold 3 TIMES; once to all of the buyer’s agents, then to a prospective buy and then to the bank (through the bank’s appraisal).
When escalating prices, selling your home to the appraiser may be even more difficult than selling it to the prospective buyers. If you are planning on entering the housing market this year, Catalyst Home Team would love the opportunity to help you navigate the sale of your home, by negotiating the appraisal, and any other obstacle that may arise.