I am the person with the purchase agreement in Novi MI, where the appraisal came in much less. If you go by

Asked by Carol, Michigan Sun Jan 6, 2008

comparable sales in the area, it seems that almost all of the houses that I am looking at are overpriced.How will I ever find a house that meets the appraisal price? I guess the sellers must come to realize how dire the real estate market has become. They must lower their prices or take their houses off the market. Do the professionals feel the same way? In a subdivision you can have a home selling for $1,000,000 and another for $650,000. Does that mean that the million dollar house is not worth the price when it has so much more into it?

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smith3gary, Agent, White Lake, MI
Sun Jan 6, 2008
Carol, Welcome to the world of the real estate professional. We run into this all the time. I turned down more than 20 homeowners last year. Even with several professionals informed them their homes were overpriced, they would not list for less.

Within a subdivision home values will change, generally those with a larger square footage, larger lot, better amenities, etc will be located away from busy streets and have more privacy. For these homes, regression ultimately limits their value. The homes with the most "bells and whistles" actually loose some value because they are so much better than the surrounding homes.

If you are working with a real estate agent, please have them contact me. I will give them the contact information of a local company the negotiates short sales. This may help you get one of these homes.
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Missy Caulk, Agent, Saline, MI
Sun Jan 6, 2008
An appraiser will look at the solds in the neighborhood, not the active ones. Did your realtor look at the comps and tell you they were valid?
A house difference can me more or less in a neighborhood, based on square footage, location in the sub, and ammenities. What did you think of the appraisal?
Some sellers don't want to take less, or can't, so that may be the situation here.
Web Reference:  http://MissyCaulk.com
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