In today’s Cape Coral , Fort Myers, Bonita Springs, Lehigh Acres real estate market, where supply is low and prices continue to rise, home values are increasing. One major challenge in such a market is the bank appraisal.
If prices are rising, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank. APPRAISALS are always chasing values, in an price increasing market. APPRAISALS ARE A HISTORY PERFORMANCE Valuation.
Home Sellers are much less likely to counter a cash offer within 10-12% of asking price with a quick close, when the listing agent advises appraisals current impact on today's southwest Florida real estate market.
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).
The gap between the homeowner vs. appraiser’s opinion had been heading in the right direction (closer to even), until this past month, when the gap widened again.
Homes purchased with Financing 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.
Listing and Selling Southwest Florida Homes, Condos Waterfront & Luxury Homes!
Joe Kendall BROKER "Broker Joe"
Keller Williams Realty Fort Myers & The Islands,
16 years of experience to offer You!
Fort Myers / Fort Myers Beach / Cape Coral / Bonita Springs / Naples/ Sanibel Island
Search all the homes for sale located in Southwest Florida here