St. Louis Real Estate – This is one Oops you can’t make!

Appraisal, getting it right! When you’re selling St. Louis Real Estate, what’s the biggest mistake you can make? It’s the price! Today, more than ever, getting it right from the beginning is the key to getting it done. Here’s a summary from our newest contributer Jim Croak, an appraiser with A&C Appraisal.

Request several CMA’s from qualified Realtors. If the data is very close, you’re finished with the pricing scenario. If not, you should call in an appraiser for a “unbiased” opinion. They will typically come at the problem from three different approaches, sales comparison, income approach and the cost approach. After an inspection, a market analysis and a review of the three approaches to value, a final value conclusion is reached.

Next you should review the local market. The St Louis Real Estate Voice weekly market analysis is a great place to start. In your price range, how many homes are you competing against (Active Listings)? What is the Days on Market (DOM) in your price range? What is the ratio of listing price to selling price for your price range? Finally, what’s your time line for “getting it done”?

With an independent appraisal in hand you have a great negotiating tool. It’s an independent opinion of value. A bonus is achieved when you use a seasoned appraiser, one that is approved by a broad range of area lenders. What’s the bonus? Your buyer may be able to use this appraisal with their lender, saving them some money. What’s the bonus for you? You get to sell your home, sometimes it’s the little things that make the difference.

Jim can be reached at jimcroak@stlouisrealestatevoice.com

Tags: St.+Louis+Real+Estate, Appraisal, Home+Value, CMA, Market+Analysis, inspection

This entry was posted on Tuesday, August 14th, 2007 at 4:33 pm and is filed under Appraisal News, For Sellers, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.