Deal-Maker or Deal-Breaker: The Importance of a Good Appraisal
Homeowners are thrilled to see the values of their homes continue to increase as the real estate industry is recovering and stabilizing. The strong demand for housing and the low supply of inventory have continued to drive up home prices in the Florida real estate market, as well as nationwide! Buyers are expected to be prepared to make strong offers due to the rising prices and mortgage rates. We have been witnessing multiple offers and bidding wars taking place in today’s market too. This appears to be great news for sellers, as they are now receiving offers equal to or above their listing prices. Sellers do, however, need to be mindful of how an appraisal can create challenges in closing their real estate transaction. We noted earlier this year that appraisers were finally beginning to place higher values on homes, allowing for more sales to go through and for the market to gain strength. Recently, however, it appears in some cases as though appraisers a...