The Truth About Real Estate............
Posted by Pamela Kimmons
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A home's value should not be based on square footage alone. The truth is that the "average" price per square foot is a compilation of facts based on past sales. These statistics should not be the only factor used in evaluating a home's price. Every home is different, with features that make the home more or less desirable. For example, a four bedroom home could possibly be worth more than a similar home in the neighborhood with only three bedrooms, just as a three car garage is worth more than a two car garage. So, to determine a house's value, an Appraiser will generally look at three similar properties that have sold within the previous six months, and then compensate for the differences. Does one home have a pool and your home does not? Keep in mind that this is a very simplistic description of how Appraisers actually come up with the Fair Market Value of your property.
Often times, as a realtor in the Houston Market, we have to help our Buyer-Clients put a price on a house so that they can make a competitive offer. Sometimes there may not be comps to support the offer, but the house may have an appeal that pulls the heart strings of several Buyers, resulting in multiple offers on a property. Buying and selling a home can be very emotional and a Buyer should feel attached in some way to the home he/she is buying. If you have the good fortune to be the Seller, your listing agent will be faced with the challenge of convincing the Appraiser that the home you are selling is indeed worth the negotiated sales price. In this market, it is often times necessary for the listing agent to get creative in pulling the area comps. An agent is not allowed to influence the Appraiser and in no way should interfere with their job, but I have found it very helpful to always meet the Appraiser at the the home site, with my booklet of information to support the sales price of the home. It is just another facet of the transaction that I am not willing to leave to chance. I would love the opportunity to be your Realtor! Happy 4th of July!!
Often times, as a realtor in the Houston Market, we have to help our Buyer-Clients put a price on a house so that they can make a competitive offer. Sometimes there may not be comps to support the offer, but the house may have an appeal that pulls the heart strings of several Buyers, resulting in multiple offers on a property. Buying and selling a home can be very emotional and a Buyer should feel attached in some way to the home he/she is buying. If you have the good fortune to be the Seller, your listing agent will be faced with the challenge of convincing the Appraiser that the home you are selling is indeed worth the negotiated sales price. In this market, it is often times necessary for the listing agent to get creative in pulling the area comps. An agent is not allowed to influence the Appraiser and in no way should interfere with their job, but I have found it very helpful to always meet the Appraiser at the the home site, with my booklet of information to support the sales price of the home. It is just another facet of the transaction that I am not willing to leave to chance. I would love the opportunity to be your Realtor! Happy 4th of July!!
Categories:
Home Appraisals
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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