This post from an Indiana Mortgage Lender is a MUST-READ for home sellers, particularly the last paragraph. Of course home buyers are going to choose your home because of the landscaped yard and granite counter tops, but make sure the comps are there to support your sales price! Please call me if you have any questions!
Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
Do you feel that pricing a home is a little like throwing darts these days? Sometimes you hit, most times
you miss?
At the end of the day Realtors have a next to impossible job trying to help clients price their home. I don't think I ever met anyone that wants to lose money but most homes we price today should reflect a lower price than a few years ago. Now I'm on the mortgage side of things but I hear the same things. My house is worth XXX,XXX due to:
"I have nicer landscaping."
"I just replaced the carpets."
"I just repainted the walls."
"I just had the bathroom toilet fixed."
"I had my furnace replaced last year."
Realtors work very hard with comparables, pictures and stats to help support the price. I'm not saying that these upgrades are not important. They just don't really add value. They add eye and curb appeal to help a potential client say yes to the listing.
What goes into a Lender's Appraisal?
For Fannie Mae, Click here
For Freddie Mac, Click here
For FHA, Click here
Most homes are financed. So these appraisal standards are important when you price. Remember we are in a Lender's Market. Nothing will turn a buyer off more than working hard on a price agreement only to find out the appraisal comes in short. So to best serve our clients remember that most of the weight for your pricing strategy must be Lender comps.
At your service,
Tony Grego
Senior Mortgage Banker American Bank - Indianapolis, IN Branch
www.getmyratequote.com
www.tonygrego.com to learn more about me317-348-0280 direct line
317-536-3754 fax
"Bankers with vision, helping people with dreams!"
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If you're looking for homes for sale in Midtown Tulsa, OK or just need more information on Midtown Tulsa Real Estate, please call 918-852-5036 or visit my primary website at www.loricain.com. While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!
Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.
Thanks for goodinformation. I will keep this in mind to advise clients.
Lori, this is great. You have just helped me enhance my listing presentation. Thank you. I am blue in the face. I can't get these sellers to realize what is involved in the process.
Thanks for the links - always nice to have the writing that the appraiser's see.
Good post Lori, this is a super article to use in the field.
Thanks Lori for the re-blog. Tony
Lori, I have been aware of this but this has put it in writing clearly and distinctly. Good information for all buyers and especially sellers.