“The strongest indicators of current value are those comps which have closed within the past 90 days,” according to the experts at. Does he or she base the value of your home on the pre-price rise sales? Sadly, the answer is yes. When a home sells, prices may rise between that sale and the time your home hits the market.īut there is no comparable sale for the appraiser to use. When a market is overactive, with home prices rising rapidly, such as the current market, problems also arise. This method is known by several names, most commonly, the Sales Comparison Approach or Market Data Approach.įor this method to produce reliable results, however, the market must be active, with enough recent sales to use as “comparables.” When a lender’s appraiser visits your home, he or she will gather all the information needed to compare it to other homes that have recently sold to determine its value. But, when a market is as “hot” as the current one, it presents problems for homebuyers and sellers.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |