Great news in the real estate market; home sales are on the rise and have been increasing steadily for 26 months in a row. The increase in demand has allowed home prices to increase. All good, right? The down-side is that appraisers may find it difficult to accurately analyze the home’s current value, which can lead to disappointing appraisals and that can stop a home sale in its tracks. What to do? If possible, try to be prepared for the home appraisal by having recent home sales data available for the appraiser. An appraiser will use sales figures for comparable homes that have sold within the area, usually within 1 mile of the home being appraised. And the appraiser will look back through up to 6 months of sales. Since home values are on the rise, home sale prices from just 6 months ago may not accurately reflect today’s market. I have found appraisers to be receptive to any factual data I can offer.
Just in case you are thinking of putting your house on the market soon, this article from Houzz by Laura Gaskill lists key places to spend your dollars. Some ideas are simple but will still have a big impact on potential buyers. I like the tips for updating a tired bathroom.
For the past few months I have been enjoying the blog Little Green Notebook by Jenny Komenda. Jenny is an interior designer and is currently updating her family’s new home. She offers great DIY tips and lots of inspiration. I wish I had her energy!