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DAILY REAL ESTATE NEWS | MONDAY, SEPTEMBER 16, 2013
The recovering housing market is welcomed by many, but swift increases in home prices can make the job of an appraiser much more difficult.
Jonathan Miller, president of the Miller Samuel Real Estate Appraisers, says appraisers are facing an increasing number of accusations from buyers and brokers that valuations are coming in too low and under the agreed upon sales price in housing markets where prices have jumped rapidly in recent months.
For example, in markets such as California, some cities have seen prices rise 25 percent in the last year. In Miami, prices are up nearly 20 percent. The appraisals, however, haven’t caught up to reflect the rise in prices, brokers say.
About a quarter of real estate transactions have had “some sort of problem with appraisals,” says Jed Smith, managing director of quantitative research at the National Association of REALTORS®.
“In a rising market, appraisals tend to lag the market because appraisals are looking backward and the market is looking forward,” Smith told Investor’s Business Daily.
Miller says that most property valuations are valid, but a big contributor to the problem is due to markets that are moving too quickly and “inconsistently.” The markets that are seeing particularly scarce inventories and bidding wars may see valuations that can change “within a couple of weeks,” Miller says. Appraisers take multiple factors into account for their valuations and listing prices are the starting point, Miller notes.
A low appraisal can prompt buyers to try to renegotiate a lower sales price or force a buyer who is trying to get financing to find a way to come up with more money in order to proceed with the sale.
Source: “Appraisals Scuttle Home Sales Where Prices Rise Fast,” Investor’s Business Daily (Sept. 12, 2013)
a little about me and my expertise – video
LAND SPECIALIST – LAND EXPERT – INVESTMENT BROKER – ARIZONA
https://www.youtube.com/watch?v=PPs3kpKR4nY
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 15 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me 520-975-5207 (cell) 602-778-5110 (office direct).
Thank You
Walter
Walter Unger CCIM
Associate Broker
Kasten Long Commercial
2821 E. Camelback Road, Suite 600
Phoenix, AZ 85016
Cell: 520-975-5207
Direct: 602-759-1202
Office : 602-445-4141
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