Hawaii Real Estate | Hawaii Relocations | Hawaii Home Buying & Selling

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Logic in Current Market Appraisals?

Needless to say, the market is always determined first by neighborhoods and even specific complexes in order to get an accurate report or appraisal. Then why are our Hawaii Appraisals and Hawaii Homes Market Reports all over the place?

Crazy AppraisalsI have NOT ever OVERPRICED A LISTING.....on purpose.  I have done the math, the area comparable properties by year, sq/ft interior, sq/ft land, # bedrooms, baths, location, rim or inside lot and anything and everything regarding upgrades, condition and so forth. All of these points have to be taken into consideration in order to give a price range for my sellers to list their property for.

Appraisals are the kicker here.  Why would a Conventional Loan Appraisal and a VA Loan Appraisal be any different for a like kind property?  I’ve watched the market and what properties have SOLD for.  In the majority of viewed SOLDS not just a couple properties but a LOT of properties had sold prices way under or way over. 

The difference was the TYPE of loan it was being appraised for.

My only concern is for the accuracy in determining a property price range in order to have a smooth transaction for the Hawaii Home Seller and “on target” comparable properties to show my Hawaii Home Buyers before submitting an offer.

Indeed, this market is crazy.

Doing the best I can with off the wall appraisals…

…and ultimately leaving the “bottom line” decision…

….Up to the home buyer or seller.

Where do WE go from here?

CRAZY.

 

 

*Note:   How is the market in your neck of the woods?

 

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Celeste "Sally" Cheeseman  is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.

 

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Hawaii Real Estate and Relocation Blog.

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Comment balloon 1 commentCeleste "SALLY" Cheeseman • June 24 2014 10:00AM

Comments

I have recently had a rash of low appraisals--both on buyer and seller side, which makes no sense since our market has been fairly stable this year. But I just had one come in $50,000 over the contract price (I represent the buyer). The contract price was absolutely in line with market value. It's very frustrating. I can't really see a pattern, though, regarding the loan type. Just seems to be appraiser-specific.

Posted by John & Shannon Cox, THE COX TEAM (CALL REALTY) over 4 years ago

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