Home Buying in Melbourne>Question Details

Luis.orengo, Home Buyer in Melbourne, FL

What is the average loss of residence sales when compared to appraisals?

Asked by Luis.orengo, Melbourne, FL Wed Jan 15, 2014

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3
At the present time, just around 5 percent.
Please let me know if you need assistance in purchasing a home in the area.
Phil Rotondo, Realtor
Coldwell Banker Residential Real Estate
Melbourne, Fl.
mailto:phil@321property.com
0 votes Thank Flag Link Thu Jan 16, 2014
Good evening Luis,

I'm not quite sure what you're trying to find out. Are you asking how much the difference is between the contract price of a property in comparison to the actual appraised value? If so, there are no statistics available for that information. Most experienced REALTORS carefully research property values prior to advising sellers of the current value range. This range is supported by recent sales data for similar homes within the same market area whenever possible.

Occasionally sellers insist on pricing their homes for well above the suggested value range. If a buyer has to take out a loan to pay for the property, their lender will order an appraisal. If that appraised value is less than the contract price, further negotiation will be necessary to resolve the difference.

Please let me know if this answers your question. If not, perhaps you could explain further and then I can respond appropriately.

Thank you,
0 votes Thank Flag Link Wed Jan 15, 2014
Your question is not clear.
What ever decision you are wanting to make can not be benefited by this limited data.
For instance the 'appriasal' value is the property of the party that paid for the appraisal. It IS NOT PUBLIC information. Therefore, there is very limited access to a sufficient volume of data to make the number relevant.
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There is internet and public records data that have that label, but THEY ARE NOT THE RESULT OF AN APPRIASAL! These are fabricated, values that have no connection to reality except for those who really want to 'Believe."
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Average loss of residence sales....this suggests to me you are wanting to compare 'sold' prices to appraised value. If only it were that simple.
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Reword your question and include your objective and I'm confident a few Melbourne number crunchers will come to your aid.
0 votes Thank Flag Link Wed Jan 15, 2014
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