if your house didn't appraise for sale price...

Buyer or Seller:

If the house didn't appraise for the sale price, did the comps reflect it? Was it a shock to you?


My REA is concerned that even if we get a bid at our price that our house won't appraise for the sale price. She gave me two recent sales, but one is a gut job (she says appraiser wouldn't know that) with 1 more BR and 1 more bath for 30K less than our listing price and the other has an extra bedroom, but is on a much busier street (and actually in front of a stop sign) for 30K less as well.

I'm in a 3BR, 1.5 bath, .5 acre, quiet street.

When I look at the comps on listing book, I see a 3BR - 30K higher (pics do look nice and updated) in Feb. 3BR, in worse zipcode (but same SD) 10K more in Nov. At least 4 4BR houses (one being my neighbor) for 40-50K more - all in Dec.

I don't think she is trying to get us to lower, b/c she actually told us it might be better to take it off the market and wait it out.

I want to keep trying, but we have an amazing amount of showings (2-3 a week at least) and it's tough with 2 little kids.

Re: if your house didn't appraise for sale price...

That is interesting that you guys have such different comps.

On the other hand, if you have 2-3 showings a week, and you're still not getting an offer, something must be off.

What about paying for an independent appraisal so you can see where you stand? It would stink to get your asking and not have the appraisal reflect it.

Re: if your house didn't appraise for sale price...

Honestly I would cross that bridge when it approaches.

1. You really don't know what the house will appraise for - appraisers can do some strange things

2. You have to get an offer first before you can worry about appraisals.

I would just tell the RE to do her job and bring the offers. Taking your house off the market right now is poor advice.

Re: if your house didn't appraise for sale price...

well...we are frustrated and told her that we hated having stuff in storage, that the kids couldn't play with their toys before showings and our oldest is going to kindergarten and we wanted to move before so we didn't have to pull him out of his class...that's why she advised coming off the market for a few years (she said 2014)

it's been over a year

Re: if your house didn't appraise for sale price...

Have you had any offers?

A year is a long time even in today's market

2-3 showings a week is good...but what's the feedback like?

Re: if your house didn't appraise for sale price...

Re: if your house didn't appraise for sale price...

When is your contract up with the realtor? Maybe you should go with someone else?? I had 2 showings the first day my house was on the market.

Did you have an open house?

Re: if your house didn't appraise for sale price...

I just took a quick look at comps. I don't foresee a problem with the appraisal. While there are some low sales, there are also plenty that would support your most recent listing price (especially considering the lot size and your updates).

It seems you're competitively priced but there are very few 3 bedroom houses around that area - yours is on the smaller side for the neighborhood. I think that is more of a drawback for this price range, than the part basement.

Have you considered expanding over the garage and staying longer? You outgrew the house quickly - and I think that is what potential buyers fear as well.

If you want more info/specifics on comps, let me know. I'm happy to help.

Re: if your house didn't appraise for sale price...

this is our second REA. our second 6 months just expired. She definitely gets people into look...we have 2-3 showings a week. We've had open houses. We let anyone and everyone come for a showing and rearrange our schedules for it.

I guess the answer to this is to lower the price...but compared to the comps, we shouldn't have to KWIM?