Archive for May, 2013

110 Creedmoor Rd. Stem, NC

Our newest listing has so much to offer.

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In the past month I feel like I’ve become an expert on appraisal problems.  Nearly every transaction that I’ve been working on has had an appraisal problem, value has come in too low.  This even after careful consideration of comparable sales when pricing or helping buyers make an offer on property. In residential sales the bank appraiser is the ultimate word on value and sellers caught short typically reduce their price. 

Additionally I consider April, May and June the danger months; this because the comparable sales used by appraisers fall in the winter doldrums. So, some advice, if you’re going to refinance your home wait until July, August, September or October, especially if you’re looking for maximum value, you’ll benefit from the spring bump.

Here are the numbers, April 2012 vs. April 2013, Durham County NC

2012 average sale

283 Closed sales

3 bedrooms, 2.5 baths, 2033 square feet, $201,335 sales price, 112 days on market, $95.86 per square foot

2013 average sale

324 closed sales

3 bedrooms, 2.5 baths, 1925 square feet, $198,100 sales price, 95 days on the market, $98.99 per square foot

 Interesting, a large bump in sales yet smaller homes, fewer days on market and higher dollar per square foot.

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