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Marissa Boyle

5925 Carnegie Boulevard, Suite 250
Charlotte, NC, 28209
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Marissa Boyle

  • Home
  • Productivity Coaching
    • Meet the PC Coaches
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    • Vendor and SOI Spreadsheet
    • Past Client Spreadsheet
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    • 61 Points to Success
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Home Prices Are Upbut there is a Challenge

April 21, 2016 reese@lodestonerealestate.com

Home Prices Are Up…but there is a Challenge Home values continue to climb and are projected to increase by about 5% over the next twelve months. That is great news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house.

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the sales price when performing the appraisal for the bank.

The National Association of Realtors (NAR) recently released information revealing just how prominent the challenge is in today’s market.

And the challenge is deepening…

Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation in their Home Price Perception Index (HPPI). Here is a chart showing that difference for each of the last 12 months.

As we can see the difference has increased each of the last two months.

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let's meet up so I can guide you through this, and any other obstacle that may arise.

← New Home Buyers Look For Green Options [INFOGRAPHIC]Thinking of Selling? The Market Needs Your Listing!! →

5925 Carnegie Blvd, Suite 250, Charlotte NC 28209