Declining Market – Podcast Episode & Article

Declining Market – Podcast Episode & Article by Daniel Boyer
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As a home seller it is still difficult to admit that we are in a declining market and that prices have fallen as much as they have.  I don’t want to be the one to tell you, but it is true.  When meeting with a Realtor, it is very important to look at the comparable homes on the market, especially the solds.  Take the highest sale of all of the comparables and this is your top dollar limit.  Even if your house is in much better shape than the highest sale, appraisers are not going to give you more than that value when it comes to your appraisal.  When appraisers do their appraisal, they look at the comparables and look at yours.  In a declining market, it is likely that your property is going to appraise less than the comparables on the market because it is declining.  In this market, it really doesn’t matter what your agent can sell your house for, but more what it will appraise at.  Appraisers have rules that they must follow when doing their appraisals and it is very difficult for them to give properties a higher value than the comparables in the neighborhood.  Most of the time it comes in a little bit lower…….