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*DISCLOSURE* This is all my opinion and should not be construed as legal advice. This is meant to be informative, but please do your due diligence and if you need assistance, contact the appropriate professionals. 


Time vs Money (Value of Home)



I always have this conversation with sellers when pinpointing the best starting price for their situation.  In its simplest form it is just, if you have more time to sell, then it might behoove you to start at the higher end of the pricing range; however, if you are in a time crunch, you shouldn’t fool around.


What is value? The price a buyer is willing to pay and a seller is willing to accept.  But wait! What about the appraisal? Isn’t that the TRUE VALUE of a home?  Eh, yes and no. 

(Also check out Appraisal is different than the contract price)


Story time….  Back in 2010 when flips were REALLY the rage, HUD put out a waiver on the 90-day FHA flip rule. If it was FHA and ownership was less than 90 days, you needed two appraisals.  June 2011 I was representing a buyer on a flip purchase with a list price of $145,990.  We had the two appraisals ordered and they came in at $125,000 and $142,000. Yes, within just days of each other. Iin this case because the spread was so wide, a third appraisal was ordered, and we settled at $137,000 appraised value and sales price.


For this reason, I always tell people that appraisers are also human beings that are interpreting data and the appraised value can also vary. If it is felt the number is not a true reflection, a “Reconsideration of Value” or “Tidewater” for VA loans can be initiated in certain instances. As technology has advanced, I do feel they are getting more precise but for example, there is a condition rating of C1 – C5 and that interpretation can still vary from appraiser to appraiser.



I also always say the market will determine the value. Whether you use an agent or you FSBO and do the research yourself, you will see there is always a value range.  You should be in the range.


Start high and it may take longer to find your buyer. Start low and it will move quicker.  If you have the time to ‘test’ the market, I say start high! (Again…. High end of the range… don’t get crazy ??) It is much easier to leave a buffer for concessions or have the ability to lower than it is to go higher. 


If your agent shows you the average days on market for your price range and you are good with that, start mid-range.


If you need to sell quick! Start low. Maybe really low. Again, the market will adjust for you. If it is a smoking deal, you will get multiple offers and you can choose, counter, and negotiate and get that thing under contract asap! 


Again, it all comes down to a homeowner’s goals.



Also check out, Help! I listed with an agent and they are pressuring me to lower the price


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