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How To Help Your Home Appraise At Its Fair Market Value
Home values are rising in many U.S. markets. The S&P/Case-Shiller Index has home values up 1.2 percent as compared to last year, and the government's Home Price Index shows an increase of 3.7 percent.
This has been partially evidenced by rising median home sales prices nationwide. Versus last year, the median sale price of a new construction home has climbed 17 percent, and the median sale price of an existing home sale is higher by 10 percent.
For home sellers, an improving market means the chance to net more proceeds from a home sale. Or does it?
In this 3-minute piece from NBC's The Today Show, we hear about the home appraisal process and how it may be limiting the number of home sales nationwide, plus the prices at which homes are selling.
The interview includes several key insights into the home appraisal process :
In a rising housing market, a home's appraised home value may be lower than its "true" market value
Short sales and foreclosures can make a negative impact on a home's appraised value
Consolidation in the appraisal industry has lowered product quality and may be harming valuations
One key take-away from the video is that home owners in Seattle should provide their home appraisers with as much relevant information as possible -- especially information which may not be publicly-available. This includes records of recent "all-cash" sales of comparable homes which were never formally listed for sale.
One in three purchase agreements are canceled because of appraisal issues, according to the interview. Take steps to make sure yours is not among them.
About Gary McNinch's Renton, WA Real Estate Website: The www.rentonhomefinder.com web site provides Downtown Renton, Renton Highlands, Kennydale, Newcastle, Talbot Hill, Cascade, Kent, Skyway and Fairwood, Washington real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Renton area. Gary McNinch Garie, Garry, McNich, McNitch, or McInch has services to help you get the best value for your Renton home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with a Renton REALTOR who knows the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Renton, WA, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Gary McNinch can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Gary speaks your language.
