So I recently had a conversation with one of my mortgage friends and the subject of home appraisals came up. He said that he has recently had 3-4 appraisals on homes where the appraised value was less than purchase price. I'm curious as to what your thoughts are on this matter. I think one thing to consider is that for the past several months we have had a shortage of inventory for homes for sale. I have many times seen multiple offers on homes and in some cases homes selling for more than list price. This means the demand for homes is great and generally the higher the demand constitutes a higher value or price. I understand that appraisers/lenders are "gun shy" on placing a higher value on homes after the real estate bubble back in 2008 but a healthy market should increase in value anywhere from 2.5% to 4% a year and personally I have not seen this type of growth in the Columbia area in several years. It seems to me that homes have maintained their value for the past 5-6 years with little if any increase in market value. I think appraisers need to take this into consideration as the market has seemed to have a slight shift in recent months. I'm not saying that things should have a HUGE increase but they need to keep a pulse on the current market and maybe speak with local real estate agents who are trying to find homes for their clients in a market that is definitely in need of more inventory! SO WHAT ARE YOUR THOUGHTS?
Author:Laurie Rowe Phone: 803-518-1815 Dated: June 14th 2017 Views: 1,235 About Laurie: Let me help you with everything you need to know about buying or selling a home! As a real estate p...
View our latest blog posts in your RSS reader. Click here to access.
Southern Dreams Realty is your locally owned full-service real estate company located in Lexington, SC and serving all of Columbia, SC and surrounding areas. If you are looking to buy a home, sell a home, rent a home, lease purchase a home or professional property management services, Southern Dreams Realty has a team member ready to help you easily and quickly get started. Communication, professionalism, problem solving and adapting to a changing market is what sets our company apart and allows us to exceed your expectations and make your dreams a reality.
Spring is finally here and with it comes all the spring cleaning and m
"I wanted to say how pleased my husband and I are that we chose to have Southern Dreams Realty represent us as property managers. We've interviewed a few other management companies to represent us in renting our home, but the service we've received with Southern Dreams Realty really exceeded our expectations. Jennifer is wonderful! She listened to our concerns regarding a previous management that we've used, and assured us that she would have our best interests in mind in finding the right tenant and managing our property. I appreciated the level of communication and being kept "in the loop" while searching for the right tenant. We also feel confident knowing that our property will be monitored with quarterly inspections. We're very happy that we chose Southern Dreams Realty!"