Our real estate industry is struggling with many issues, list pricing and appraised value evaluation being my topic today. Never in my 25 years of selling residential real estate have I seen the number of low appraisals that have become the norm for our business. Home owners in Allen Park are seeing the value of their homes diminish more and more each day. One issue that I am currently beginning to research is how seller concessions are treated on an appraisal. Currently, most appraisers are deducting value when a seller concedes to seller concessions toward the purchasers cost to close. In my opinion, this concession does not affect value. It is simply a cost of the sale much like a real estate commission. If this adjustment was not made values increase up to 6%. I’ll let you know what I find out.

Tags: Allen Park Homes, Downriver Homes., Lincoln Park Homes, Riverview Homes, Southgate Homes, Trenton Homes, Woodhaven Homes, Wyandotte Homes

Posted on Friday, July 24th, 2009 at 8:58 am and is filed under Homes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.