Homeowners: Your Home Must Be Sold TWICE

In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal.

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.

Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth, as compared to an appraiser’s evaluation of that same home.

Bill Banfield, VP of Capital Markets at Quicken Loans urges anyone looking to buy or sell in today’s market to remember the impact of this challenge: 

“While a 1 or 2 percent difference in home value opinions may not seem like a lot, it could be enough to derail a mortgage.

A homeowner [or a buyer] could be forced to bring more cash to closing in order to make a mortgage work if the appraisal is lower than expected. On the other hand, if an appraisal comes in higher, they could be surprised with more equity than they had planned. Either way, if owners are aware of their local markets it will lead to smoother mortgage transactions.”

The chart below illustrates the changes in home price estimates over the last 12 months.

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let’s get together to discuss this and any other obstacle that may arise.  Give me a call to discuss – J.P. Cook – 602-320-4253.

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3 Beds

2 Baths

1,410 SqFt

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MLS # 6671087

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$459,900

3 Beds

2 Baths

1,445 SqFt

Status Active

MLS # 6674200

Property Type Single Family Residence

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3917 W Juniper Avenue Phoenix, AZ 85053

$459,900

4 Beds

2 Baths

1,966 SqFt

Status Active

MLS # 6674614

Property Type Single Family Residence

Price Type --

Updated and move in ready! This Centrally located home is near downtown, Airport, restaurants, shopping, I-17 and 101 Freeways. This is a 4-bed, 2-bath residence with large lot and a pool. The living room boasts vaulted ceilings with exposed beams and a cozy fireplace, creating an inviting ambiance for relaxation. You'll also find a family room for intimate gatherings. The eat-in kitchen has ample counter space, flat-panel cabinets, matching appliances, and a peninsula with a breakfast bar for quick meals. The main bedroom includes a private bathroom for added comfort. New large ceramic tile throughout the home, Fresh paint inside and out, new carpet, replastered pool and new pool equipment and new updated fixtures. Lots of space for RV gate on both sides of home and NO HOA. Discover a backyard with a nice covered patio providing shade and relaxation, leading to a pristine pool - the perfect spot for summer fun and good yard space left over for entertaining. This value won't disappoint!

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4614 N 124th Avenue Avondale, AZ 85392

$459,900

4 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6687478

Property Type Single Family Residence

Price Type --

Welcome Home! Beautiful desert landscaping & inviting front porch. Bright front room w/ mosaic tile entry & neutral color palette. Chef's kitchen features all stainless appliances + large island w/ granite counter tops. Open kitchen/dining/family room. Don't miss the large custom pantry utilizing the space under the stairs. All bedrooms are upstairs. The primary bedroom is HUGE & features a great walk-in closet + updated bathroom w/ separate tiled shower & garden tub. Ceiling fans throughout. Guest bath remodeled w/ tile surround. Custom shutters throughout. Visit the large quiet back yard through the French doors onto the covered patio. Virtually maintenance free w/ synthetic turf, pavers & desert landscaping in 2021. Producing citrus trees, too. (naval, blood & Valencia oranges) Extras in this home include: all tile downstairs, 2018 lifetime warranty water softener & reverse osmosis, 2023 water heater, 2023 exterior paint, 2018 a/c with touch screen smart thermostat, 2022 new carpet, sunscreens, new gate slats, 6 panel doors, 3 drip lines to back yard, epoxy garage with EV charging capabilities, UV attic light in 2020, smart irrigation system +++. Close to schools, shopping, freeway access and more! This one is neat and clean as a pin. Don't wait.

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