Hi Anne...There are a host of websites that claim to be able to give you market value on your home, but experience dictates that they aren't reliable in terms of thier results. I recently did a market on a home where the Seller found his market value at 329,000, and I had told him it would sell at 285,000. Consequently, he listed at 329,000 with another agent, and because of his starting out over-priced, he had to chase the market down and ended up selling at $280,000. Had we listed at $289,000, where I had said, more than likely, it'd have sold at $285,000. So, moral of the story, don't start to high and don't beleive website values! Have a realtor or two do a market analysis on your home!
Did you use a buyer's rep on this deal? You are right, it is not fair. When dealing with a builder, they hold the power over pricing. Are the upgrades reflected in the sales price? In other words, has the sales price changed, or do you have to pay for the upgrades out of pocket. If the sales price has changed, you may have some leverage with the builder if your contract includes the house having to appraise. If you have to pay out of pocket and you walk away from the deal, you will lose the downpayment, any upgrades you paid for up front, and possibly a lawsuit from the builder (not likely but possible). If it was me, I would close on the house. Enjoy living in it and learn from this experience.... more