Even with all that taken into account in your neighborhood in the past six months there have been probably a dozen sales with most in the 180s/sqft range. Only one sold over $200/sqft. Prices seem to be improving though and the next 4-5 sales look like they might be over $200/sqft. So in the current environment just a few months can make a big difference.
If you want to see some of the homes or keep up with what is for sale in your neighborhood and the prices check out this link:
The particular appraisal is only the opinion of the appraiser.
This Mstreets market is indeed very hot. I lived in Lakewood Mstreets for years and now properties in the 300k range usually get an offer within a week or so.
Please let me know if you are interested in selling. I would be happy to send you a CMA price estimate from a local realtor - me.
You can reach me at email@example.com
BUYING A HOME (The process start with the Banker not the Realtor)
Start the process right 1st by talking to a Licensed Mortgage Professional to determine who much home you can afford and whether you are credit wordy and is there an ability to repay the loan.
The Mortgage Professional will give you a conditional approval letter to take to the realtor.
Once the realtor has found your home you should get it inspected to determine if it’s structurally safe (have the realtor recommend one locally) and be sure to ask your realtor to negotiate a home warranty paid by the seller.
Now is the time to determine and negotiate you rate and terms with the Loan Officer who is responsible to order an appraisal that you will be responsible to pay for prior to the arrival of the appraiser.
You’re Mortgage Professional / Loan Officer will be responsible to guide you the rest of the process and should not take more than 30 days.
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Bank of England loan officers don't simply facilitate the loan process; they act as "financial advisors," helping clients assess their finances on a larger scale. Whether you're self-employed and need a low-doc mortgage loan, or you're searching for the best rates on a jumbo home loan, your loan officer is here to find your perfect solution.
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NOTE: Your appraiser has all the facts and particulars regarding your home we don't therefore no professional can render an opinion unless we have all the details involved.
Lynn911 Dallas Realtor & Consultant
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When appraising a property by an appraiser or for a Realtor to provide a home owner with a detailed and value adjusted property market evaluation, both are taking into account what is similar and has
recently sold, in other words they do not compare any style and any construction with any other home
that has sold.... they compare Split level homes with split level homes, and 2 story colonials with 2 story colonials, similar construction, similar sq.ft. and rooms, and then make adjustments up or down depending on what the property in question has or does not have compared with the comparable properties that have recently sold, including lot sizes, and Realtors then also take into consideration the construction quality, age of home, high end amenities inside and out etc. etc. and then come up with an answer, the appraiser with an appraised value with comps...
The Realtor a range suggested list price and possible final sale price based on current negotiation levels.
Both like to stay within the last 6 months time frame, if no comparables available they may go longer
or further out the area...
So since homes are different in upgrades and inside amenities, the pricing can vary you can see from the agent below me, that there are ranges, and your appraisal seems to fall into the sold property
range... hope this helps
Good Luck to you
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
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Investors alike....And always with a SMILE :)
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Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
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Appraisers typically look back 3 to 6 months for the comparable "solds" in the same subdivision and will compare 1-stories with other 1-stories and 2-stories with other 2-stories of similar square footage. They'll also take into consideration size of lot, location of lot (does it back to commercial or main street, etc.) and what condition the property is in, including updates.
Without knowing any of these things about your home, it would be difficult to say. However, a quick market analysis of your subdivision for past six months shows that homes have sold pretty quickly (within a couple months) at between $116.73psf and $213.80psf.
Current homes on the market are priced between $189.10psf and $308.61psf. Hope this helps! Feel free to contact me for further details. Thanks!
Your Home Is Where My Heart Is!