But my house appraised for....

As a real estate agent in the Avon Indiana market, my team and I frequently hear from a home seller a reaction similar to this statement. "What do you mean that my house is worth $189,900! It "appraised" for $229,000 two years ago!"

Here is the professional lowdown on this scenario: When a homeowner is doing a refinance to lower their interest rate with a bank or mortgage company, generally an appraiser is going to appraise the home for an amount that will reflect a 20% (or higher) loan to value in order to obtain the refinance business. (I've seen this happen countless times over the years).

The fact is, if you mess with comparable sales and numbers long enough, you can entertain a value either high or low. If you obtained a high appraisal from your lender and were able to achieve a lower interest rate, then everyone involved at that time wins; the bank, the investor, the appraiser and most importantly, YOU.

However, there is a difference between "Appraised" value and "Market" value.

Market value= what the market today will pay for your real estate based on many variables. Variables such as condition, location, updates, how well it's been maintained, curb appeal, cleanliness, upgrades, neighboring sales and local economic conditions.

Having a "local" Realtor who is full time and has a good pulse on current market conditions is key to assisting you in pricing your home right at the beginning of listing your home.

It is always a good idea to interview thoroughly at least two or three top real estate agents when preparing to list your property for sale. Ask tough questions, do your homework, ask for references, review their resume and check out their web site and reviews. www.chriscastetter.com

Remember, an appraisal and a comparative market analysis (CMA) are both "opinions." Zero in on the numbers, the statistics and make certain that the data truly supports a realistic market value. If you are looking for a top real estate agent to represent you in your next move, please consider contacting Chris Castetter at chris@thecastettergroup.com or 317-414-1117.

Chris Castetter
The Castetter Group
Top Realtor Hendricks County Indiana

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