With the real estate market still emerging for its turbulent past few years, it is time to talk about that most sensitive of topics: the appraisal. The National Association of Realtors cited a recent survey that select appraisals do not necessarily reflect the renewed housing market and its returning prominence.
More than 10% of realtors surveyed claimed that sales had been scuttled because the appraisal had come in under the agreed-upon price and in 15% of those cases which were not canceled outright, a lower sales price was negotiated that may not have reflected the local marketplace. This type of discrepancy can add confusion to the buying and selling process, so it is important that you have a seasoned realtor on your team.
The Appraisal Institute recently cited some measures to ensure that the appraisal process unfolds in necessary fashion:
- Hire a qualified appraiser. Request the qualifications of the appraiser and if he or she maintains any special designations from appraisal organizations
- Join the appraiser during the inspection and ask any pertinent questions
- Request a copy of the appraisal report
The important thing to remember is that an appraisal is as unique as the property, reflecting the surrounding community as much as the individual features of the property. In Huntington Beach, as the real estate market and local economy improves, the buying and selling activity is expected to increase significantly in 2013.
As the market picks up renewed momentum, it’s important that the appraisal process is managed and overseen as rigorously and with as much transparency as the actual listing and selling procedures. In order to do that, you will need an experienced real estate professional by your side. And, if Huntington Beach is a desired location, I am ready and eager to help. Please feel free to contact me for assistance with your real estate needs.