Sage Realty Explains how the Gap in Home Sellers’ Assessments of Home Value to Appraiser Evaluations Affect Buyers Looking for Main Line Homes for Sale
May 15, 2016 – Philadelphia, PA – Sage Realty, professional buyer agents of Main Line-area homes for sale, discusses the gap that exists between appraiser evaluations of property and the amount that homeowners perceive to be the value of their home. Sage Realty can help ensure buyers and banks are both pleased with the price of a home sale. Utilizing Sage Realty can greatly improve the home-buying experience, as well as helping ensure the sale goes through.
According to data from Quicken Loans, one of the nation’s top mortgage lenders, the gap between home-seller perceptions of their home’s value and its real-world market value has been growing. Over the past month, the gap has closed slightly but on average, the homeowners are over-valuing their homes by nearly 2 percent. In the Philadelphia area the disparity was 3.46% in April. These inflated evaluations can lead to prices which create difficulties in securing mortgages, as lenders will often refuse to sign off on loans which are significantly higher than the actual market value of the home.
Bob Walters, Chief Economist of Quicken Loans sees the current national average as healthy and appraisals close enough in most cases that home purchases would be able to proceed. Philadelphia’s average, however, is on the higher end of the gap so buyers should be informed about local values when beginning their home search.
As a specialized buyer agent, Sage Realty has the resources necessary to obtain independent estimates and demonstrate, conclusively, when a home is being over-valued by the seller. Further, their extensive experience with real-estate legal issues gives them negotiating power to ensure the home is sold at its proper value.
When the negotiated price matches the real-world value, it becomes far more certain a mortgage lender can be found to back the deal. Otherwise, there is a higher risk of having the mortgage rejected and seeing the entire deal fall through.
A smart home buyer wants an agent on his or her side, fighting to ensure they get their dream home at the right price. The professionals at Sage Realty provide these services.
About Sage Realty LLC
Founded by Linda Walters, a former real estate attorney with thorough knowledge of the entire home-buying process, Sage Realty is devoted to giving buyers true agency when investigating homes for sale in the Main Line Philadelphia area.
For information or press inquiries, contact Sage Realty at (610) 687-4000 or visit www.findahomeinpa.com.