Please keep some things in mind when it comes to an appraisal, First off...an appraisal is "one persons educated opinion of value", in other words if you hire 5 different appraisers to conduct an appraisal for you, chances are you will get 5 different opinions on the value of your house. They all â€œshouldâ€ be close to one another, but none the less they will have 5 different opinions. Second...In todayâ€™s heavy buyers market, buyer's are looking for deals and are getting them daily. Appraisers use "Comparable Sales" in order to come up with an opinion of value, and appraisers are not supposed to consider "Available Properties" when conducting an appraisal. The reason I am bringing this to your attention is this...Lets say 3 homes that compare to yours sold over the last 6 months and each one sold for $300,000, BUT there are currently 5 houses like yours on the market that are priced from $250,000-$275,000. You will be hard pressed to sell your property for $300,000 with the competition that you are up against. This may or may not be the case where your townhouse is located, but this is all too often the case throughout the Las Vegas valley in todayâ€™s market.
My advice to you is that if you are not in a position where you need to sell at this time, don't do it. Again it is a very heavy buyer's market in Las Vegas at this time. Nevada is the #1 State for the number of homes in some state of foreclosure, and if you are trying to sell at this time it is very tough to compete with the sellers, banks, etc. that NEED to sell and are willing to take "much less than market value" in order to do so. However if you are in a position where you need to sell at this time, I would highly recommend hiring a Full-Time, Experience, Realtor that will show you the ways in which he or she will be marketing your property. While simply posting your property on the MLS may have been sufficient in a sellers market, in todayâ€™s buyerâ€™s market you need an agent that will not only place your property on the MLS, but heavily market your property, and most of your agents marketing should be directed towards Internet Marketing, as 80% of buyers are utilizing the internet in their search for a home.
Good luck to you and if we can be of any assistance to you do not hesitate to call or e-mail us anytime.
John Goad, Jr.
of The Goad Team
Century 21 Infinity
There is a difference between an appraisal for refinancing and one for the sale of a home.
Also appraisals are changing month to month depending on what has sold in the community plus distress properties. Itâ€™s like watching a stock doing down and up and down again.
If I can be of assistance, please give me a call on 702.553.6543 and check out my website.