That seems to be the question of the day. Prices have been fluctuating for years, “stable market” seems to be lost phrase.
Fortunately the answer is fairly straight forward. You need to use comparisons an appraiser is going to use, these are the only numbers that matter. Your neighbor’s opinion or that of a friend or relative are meaningless. Gone are the days when a seller could name their price and the appraiser would try to accommodate. There are now much more exacting federal guidelines and appraisers risk loosing their license if they do not comply.
You must have relevant, recent sales to use for comparison. They must be within a specified distance from your home and somewhat similar in style, condition, location, amenities and upgrades, and the terms of sale must be routine. At least 3 SOLD properties are required. Adjustments should be made for differences and any unusual terms of sale such as distressed sale, short sale or foreclosure, or a non-arms-length sale like sale to a relative.
More resources for Home Sellers
- Not Your Daddy’s Home Selling Tips
- Order a Market Analysis Online
- What Can I Do for You?
- Where to Start?
- Seller Disclosure 101
- Showing Checklist
- The Sale Process
- Who Pays for What?
- My Guarantee as Your Agent
