The fact that residential home prices are increasing substantially in most regions of the country is music to the ears of homeowners. However, if you are in the process of selling your home, make sure you realize the major challenge a hot real estate market creates. Each house must be sold twice; once to a buyer and a second time to an appraiser who represents the bank that will grant the purchaser a mortgage to buy the home (unless it is an “all cash” purchase). In a real market with escalating prices, the second sale may be the more difficult. And a recent survey by Quicken Loans reveals that the gap between what a homeowner believes is the value of their home compared to an appraiser is widening. Appraisal vs. Homeowner Value | Keeping Current Matters
This could lead to an increase in the percentage of real estate transactions being challenged by a ‘short’ appraisal (where the appraiser value is less than the contracted price of the home).
Bottom Line
Whether you are a buyer or a seller, you must be prepared for this possibility as it may result in a renegotiation of the price of the home.
About The Panos Team
Meet Mike and Tammi Panos: Your Trusted Real Estate Partners in Las Vegas!
Mike and Tammi, dynamic real estate professionals who made Las Vegas their home in 2004 and have since become stalwarts in the local real estate scene. With a passion for helping others achieve their dreams of living in this vibrant city, Mike and Tammi have established themselves as luxury agents, delivering unparalleled service to their clients.
As Las Vegas residents themselves, Mike and Tammi truly understand the unique charm and opportunities that this city has to offer. They appreciate the value of raising a family in this exciting environment, spending quality time with friends and loved ones, and simply savoring the joys of life in the Entertainment Capital of the World.
What sets Mike and Tammi apart is not just their extensive experience but their commitment to building lasting relationships. They go beyond the transaction, turning client relationships into long, lasting relationships through their warm and personable approach. Their enthusiasm for Las Vegas is infectious, and they take pride in showcasing the city's diverse neighborhoods and lifestyle options to potential residents.
Integrity, diligence, and a strong work ethic define the core of Mike and Tammi's business philosophy. Whether you're buying, selling, or investing in real estate, you can trust them to navigate the process with professionalism and transparency. Their negotiation skills are second to none, ensuring that clients get the best possible deals in the competitive Las Vegas market.
For Mike and Tammi Panos, being real estate agents is not just a profession – it's a calling. They consider it a privilege to assist others in realizing their investment goals and making Las Vegas their home. If you're looking for dedicated, knowledgeable, and personable real estate partners who are as passionate about Las Vegas as you are, look no further than the Panos Team. Your journey to finding the perfect home in this extraordinary city begins with the expertise and genuine care of this dynamic duo.
The Panos Team 