Skip to main content

Realtor says appraisers are lowering sales prices - to sell or not to sell? (USA, OK)

I bought my first home in April of 2020. I wasn't planning on selling it, but I've had a few friends recommend I look into it because every house they try to buy (granted, in a different state) is getting outbid by $30k+ very quickly after listing.

I spoke to my realtor and she said people in my area are desperate for housing and are putting in offers $30-50K over asking. This is great for me. BUT, they also said that in 40% of cases, the buyers' appraisers are coming in and listing prices at or below asking price.

So my main question is: is it worth it to try to sell the house?

I'm a single guy with no emotional attachment to the place, and I can easily move back into an apartment or rental house. I figure I'll sell if I can make at minimum $25,000 after all fees. Is this realistic?

Finances: Not sure if it matters but I bought the house for $125k (not including VA fees) with a VA loan and currently owe ~$124,500 total.

submitted by /u/LT_FatNeck
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/px91xl/realtor_says_appraisers_are_lowering_sales_prices/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/