Support Your Listing Price
Things are changing in Tucson! What was a buyers market is making all the appearances of becoming a sellers market! With multiple offers coming in on properties and driving the purchase price up it is becoming vital to make a good case to the appraiser for your listing's price and the, sometimes, over the asking price.
As Realtors we are allowed to speak to the appraiser, no longer can the lender. So we need to put our thinking caps on and do the work ourselves to give to the appraiser a complete picture of where that new higher price came from and how it can be supported.
What has been a helpful, along with searching for the comps, is actually calling the sold listing agent and asking why a selling price was what it was. It is amazing what you'll find out. In this fast paced market of rising prices our listings are pushing the envelope so many times that listing can be higher then anything else that has sold in the neighborhood. The information you put together can be the start of a good case in proving your price.
Also, be sure to get ALL the extra features your property has. Ask questions of the sellers. Find out what they have done, look around yourself for what might be an upgrade. Sometimes it's behind the walls. Improvements such as upgraded lighting or extra lighting fixtures to highlight a painting or niche. This adds value in the perception of the property.
Be sure to make adjustments for your property as compared to the others. Does yours have views, larger lot, extensive backyard. Is there access to parks, trails, walking paths. A well staged home does a lot to give a good impression. While there is no value to the appraiser everyone is affected by how something looks. A well staged, clean home gives the impression of well, maintained property. But back that up by making sure it is! Go into detail in your written comments. Tell the appraiser if you got multiple offers, if the first offer come in on day 1 of going into MLS, tell him! This shows the desirability of your listing.
Remember your helping him/her. Be courteous and hand him a well organised folder of your detailed comments about your property and the comps used, write about what the other listings agents told you, show the comps with the adjustments and how it differs from your property, and a CMA showing the price you sold the listing for and the details page of all the properties you used. They will be grateful for the help and it could make the difference between a low appraisal and one that is right on!
The Rice Group/Realty Eecutives