First time home seller: I sold more than what is appraised for....

[Mr_Tomahawk]

...am I ****ed?

To be fair...this was our first time selling a house. We just went through the whole inspection process with minor fixes.

And then we got our house appraised today....shit. I am 99.9% sure that we are asking $10k-$20k more than what it will appraise for.

Am I ****ed when the appraiser comes back with a significantly lower appraisal than what we are asking?

I have a feeling that most of the answers will be. "It depends on how bad the buyer wants the house...."

[Rain Man]

Originally Posted by ptlyon

It is what it is. Right now we have a ton of out of town construction workers that will be here for approximately 3-5 years. They don't want to live in 5th wheels with our climate so they look to renting and even buying which is driving the prices just plain nuts at the moment. Good ol supply and demand.

Construction is cyclical. You should sell your house now and then buy it back in five years when the workers all leave and the market goes down.

[ptlyon]

Originally Posted by Rain Man

Construction is cyclical. You should sell your house now and then buy it back in five years when the workers all leave and the market goes down.

Pretty good idea! Only problem is I'd have to have a place to live and would end up overpaying for that...

[MahiMike]

You could always ask for another appraisal.

[SLAG]

Funny timing of this thread.
We are soon to be first time home sellers and we actually just accepted a counter offer on a home in Spring Hill.

We're trying to finish up stuff to List this Olathe house by 8/1.

Good luck Neighbor!

[SLAG]

Also looking for recommendations for Inspectors / Appraisers

[Mr_Tomahawk]

Update: All's good!

[Hog's Gone Fishin]

Originally Posted by Mr_Tomahawk

Update: All's good!

So, the appraisal ?

[JD10367]

I bought my house with an FHA. The lending bank did its own appraisal and it was 8k lower than the owners'. The owners had to drop the price or not sell to us.

[TEX]

Originally Posted by Mr_Tomahawk

...am I ****ed?

To be fair...this was our first time selling a house. We just went through the whole inspection process with minor fixes.

And then we got our house appraised today....shit. I am 99.9% sure that we are asking $10k-$20k more than what it will appraise for.

Am I ****ed when the appraiser comes back with a significantly lower appraisal than what we are asking?

I have a feeling that most of the answers will be. "It depends on how bad the buyer wants the house...."

If its a cash sale - you have no issues. However, if buyer is getting a mortgage, someone (you drop price or buyer puts more money down) will have to come up with the difference between appraised value and selling price.

[DaneMcCloud]

We lived in a townhome back in 2003 that the owner wanted to sell. We had it appraised for $250k, presented it to the owner and watched him laugh. He said he's get at least $400k for it and appraisers are generally off.

We bought our current home instead while he sold the townhome for $409k three weeks after we moved out.

[kepp]

Resurrecting this thread for a question of my own.

We're planning on selling/moving this summer so we had a realtor come over for some advice. She's trying to convince us that it would be better to put the house on the market now rather than in the spring/summer because there is much less competition in the market right now. On one hand this seems reasonable, but I can't help thinking that maybe she's telling us this to drum up business when things are slow.

Has anyone had experience selling in winter vs spring/summer?

[Rausch]

Originally Posted by kepp

Resurrecting this thread for a question of my own.

We're planning on selling/moving this summer so we had a realtor come over for some advice. She's trying to convince us that it would be better to put the house on the market now rather than in the spring/summer because there is much less competition in the market right now. On one hand this seems reasonable, but I can't help thinking that maybe she's telling us this to drum up business when things are slow.

Has anyone had experience selling in winter vs spring/summer?

Moving always sucks.

Moving when it's cold as $#it outside is miserable. Could be impossible on the day you plan for if there's snow or ice.

I'll bet there is less competition...

[Buehler445]

Originally Posted by Mr_Tomahawk

Yes....she told us not to worry about it.

We had it appraised a couple of years ago prior to some interior/exterior updates. We asked abut $40k over that appraised value. Got an offer within 2 days of putting it up for sale...

I know it will appraise more than what it did a couple years ago...but it won't be a $40k jump....

Originally Posted by Mr_Tomahawk

Update: All's good!

Good to hear. It might have taken a 40K jump if comparable sales in the area are in line with what you are asking.

[King_Chief_Fan]

Originally Posted by kepp

Resurrecting this thread for a question of my own.

We're planning on selling/moving this summer so we had a realtor come over for some advice. She's trying to convince us that it would be better to put the house on the market now rather than in the spring/summer because there is much less competition in the market right now. On one hand this seems reasonable, but I can't help thinking that maybe she's telling us this to drum up business when things are slow.

Has anyone had experience selling in winter vs spring/summer?

Sold in winter in 24 days.
Realtor told us the same about less competition but I did not put a lot of weight on it as there are also fewer people looking to buy

[blake5676]

Originally Posted by kepp

Resurrecting this thread for a question of my own.

We're planning on selling/moving this summer so we had a realtor come over for some advice. She's trying to convince us that it would be better to put the house on the market now rather than in the spring/summer because there is much less competition in the market right now. On one hand this seems reasonable, but I can't help thinking that maybe she's telling us this to drum up business when things are slow.

Has anyone had experience selling in winter vs spring/summer?

I listed my house the day before Thanksgiving. I was hesitant and thought it wasn't a great time to sell, but my agent explained to me the stories of best time/worst time are really just fluff.

Are there more houses on the market in late spring and summer? Probably....but mostly because it's easier time for seller's with kids to plan every thing out and have ample time. That being said, when I listed in lat November, I had about 20 showings in the first 2 weeks, 3 offers, and was under contract in less than a month. Closed first week of January.

Bottom line, people are always looking. And buyers shopping in the winter months are usually a little more serious and not the typical window shoppers. But I don't think it honestly makes a gigantic difference either way. Tell your realtor you're going to list when it makes most sense for you.