Pinellas Home Values and Why Your Upgrades Don’t Matter to Your Wallet
As Palm Harbor Realtors we consult with people all the time that are shocked by the news that their granite countertops don’t count for squat to a lender’s appraiser. Pinellas Home Values aren’t what they once were, and that new coat of paint or remodeled bathroom aren’t going to net you a penny more.
Most buyers are financed and they can’t get financing on your overpriced home! (Sorry if that stung – there is a silver lining at the end).
Any buyer using financing to purchase your home is going to need a lender appraisal. And, by the way, appriasers CAN use foreclosures and short sales as comparables.
Since most homes are financed it’s key to understand appraisal guidelines when pricing your home. COMPS ARE KING! Even if your property has granite countertops and the one that sold last month next door had formica, it doesn’t matter. We still need to be priced below all of the recent comps.
The Silver Lining: If you have enough upgrades in your home, your Pinellas Realtors and Consultants market the patootie out of it, we price it like an appraiser would, then it WILL sell. And that’s a promise. Even if you don’t have massive upgrades, here’s How to Sell Your Home Now.
If you still don’t believe me, read the guidelines appraisers must follow: Fannie Mae, Freddie Mac and FHA. ZZzzzzzzzzzzzzzz………. ~ Julia
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February 28, 2010 at 6:19 pm, Cyndee Haydon said:
Julia,
– you tell your clients the truth, price for today’s market and then work your magic!
This is an excellent article – I’d like to site it in an article I’m writing. We’re experiencing appraisals coming in lower than even the sellers 2009 property appraisers value and they think it must sell for at least that – this is why you guys are truly successful Palm Harbor Realtors
With much professional respect,
Cyndee
March 01, 2010 at 6:21 am, Julia Fishel said:
Cyndee,
Thank you and please do. That’s a really interesting point you raise about appraisers coming in lower than tax record appraisals. We are seeing the same thing and it’s challenging to relay to Sellers that those numbers really don’t hold much weight anymore. Looking forward to your article and your insight! Hope all is fabulous in Clearwater Beach!
Julia
March 18, 2010 at 5:27 am, Tom Ferent said:
On the way in this morning I was thinking about how to explain to potential seller clients the folly of overpricing a home in today’s market.
Your posting was frank and to the point. I would have written something that was 4 times longer that said half as much. I hope your seller clients take note.
Mr Lakefront