How Does a Hot Market Affect Appraisals?

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Our marketplace is currently experiencing rising prices. Likewise, an appreciating market leads to challenges with appraisals. In the last month, I had this situation come up five times. Prior to this year, I probably saw it five times in nine years of selling homes.

Recently, we sold a home in Idaho Falls. After we conducted a market analysis, the home was worth somewhere around $145,000. However, with all the work they’ve done on the property, we ended up listing it at $159,000. The sellers accepted a full-price offer within a few weeks!

The appraiser came back with $153,000 valuation on that house, even though it sold for more. In situations like this, the buyer can walk away if they’re not pleased with the listing price. Their lender might only loan up to a certain percentage as well. On the flipside, because buyers have limited options, you have a higher likelihood to walk away with top dollar.

When you aggressively price a home, it’s a matter of finding a buyer willing to buy it. Sometimes, there will be a dissonance with the appraiser's judgment. However, that’s only one perspective and everyone looks at home values differently. Some buyers are extremely limited and will pay the price for the features they want.

If you’re thinking about buying or selling a home in Idaho Falls or the surrounding area, give us a call or send us an email. We’d be happy to help you and answer any real estate questions you might have!

About

Anderson Hicks Group gives every client a true "first class" real estate experience. With decades of experience between the members of the team, we are equipped to handle all aspects of a real estate transaction from start to finish. Every detail is meticulously tracked, so we are ready to answer your questions before you even ask.

Our listing agents know the market value of a home better than any other individual because they are analyzing local market trends and home values daily. Our buyer's agents know the inventory in our area better than anyone, because they show properties every day. Better yet, we have the largest selection of "coming soon" properties in the area, so it is possible you may find a home to buy before it ever hits the market.

Anderson Hicks Group takes pride in now providing an "Instant Offer" program. If you need your home sold as quickly as possible, we can buy it! You no longer have to wait for the right buyer to come along.

Your home may be the most valuable asset you ever own. Do you trust it to a person who might know a little bit about a lot of different things? Or do you rely on a team of proven professionals that are experts in every aspect of the process?

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Anderson Hicks Group
Keller Williams Realty East Idaho
3525 Merlin Dr
Idaho Falls, Idaho 83404
(208) 227-5320
Shawn@AndersonHicks.com

What our happy Idaho Falls clients have to say

"We have recently had the pleasure of working with Shawn to sell our home. We were very impressed with Shawn from the first meeting. When he told us about his team and their team approach to selling homes, it just felt so right. They were all awesome -- very knowledgeable, professional, friendly and very responsive to all of our needs.

We were living out of State while the house was on the market and were very impressed that when the appraiser required a pressure extension be put on the water heater, Shawn went shopping for the parts and installed them himself. We definitely saw that as above and beyond the call of duty.

We were very happy with Shawn's performance as a Real Estate Professional and would definitely recommend him to others."

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"I would highly recommend using the Anderson Group. After our initial meeting with Shawn, my wife and I were both impressed and chose Shawn over the other realtors we had met with earlier that day. As a result, we sold our house in less than a week for pretty near what we were asking for it. Shawn and his group made the entire process painless. Aside from keeping the house clean and the lawn mowed, there was very little work on my part. Shawn is very friendly and kknowledgeable. The bottom line, my house sold in less than a week for a price near what I was asking for it. I highly recommend using him and his group."

Click Here To Read Even More Testimonials

2 comments :

Dr Purva PiusOctober 28, 2016 at 2:03 PM
Hello Everybody,
My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of S$250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of S$250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com) Thank you.

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UnknownDecember 18, 2016 at 6:24 AM
Hello
Emerging market investing is an easy way to make money in real estate. In this article we look at the steps to identify the market and property you want on the buy side of the investment.Read more at-market analysis real estate

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