Page 2 - Allisons Newsletter, Lakewood Village - Oct 2018

WHY IS IT IMPORTANT FOR AN AGENT

REAL ESTATE
TO MEET WITH THE APPRAISER?

hen it comes to selling WE HAVE THREE
a home and avoiding CHOICES TO MAKE
W problems with appraisals, 1. Reduce the price to match the
it takes a skilled real estate agent who lower appraised value.
understands the appraisal process to 2. Ask the buyer if they are willing
avoid issues that could potentially kill to pay more and/or perhaps meet
your deal! If that happens you may be them half way.
asking yourself, “why did my home 3. Rebut the appraisal and determine
appraise for less than what I agreed why the appraiser did not consider
to sell it for?” the comps that we felt were a
The problem starts with the fact good representation of our subject
that we have limited inventory on property’s value. It takes a good
properties that are priced well and agent with knowledge of what can
many times they end up selling for be considered by an appraiser as a
more that the asking or listing price. GOOD COMPARABLE.
As a Listing agent, my job is to make
sure to provide the assigned appraiser WHAT IS A COMPARABLE SALE? the only thing that can be realistically Several years ago, Allison wrote
with three GOOD comparable sales Must be within the same city, within considered a true comparable. My job a blog article and recorded a video
for them to use in their valuation customary neighborhood boundaries, is to inform the appraiser why your about this very subject. You can read
process to avoid any problems with preferably within ¼ mile of the subject home is worth the price we accepted that blog and watch that video by
the home appraising for the buyer’s property but no more than ½ mile and an offer for, and how the home differs visiting www.AskVanWig.com.
contract price. within the past four months. The size from the properties that may have
This marks the difference between a also needs to be a like-type property sold for a lesser amount. In conclusion … when hiring an
good agent and a “not-so-good agent”! and within 150 Square feet of our agent to sell your home, make sure
Here in California, we might not be listing; for example, if our home is SO, WHAT HAPPENS IF they understand the appraisal process
able to choose the appraiser, but a 1200 sq. ft. then we would use homes WE STILL DON’T APPRAISE FOR and are experienced in the successful
good agent will meet the appraiser between 1050 and 1350 sq. feet. THE SOLD PRICE? resolution to problems should they
at the property and come prepared In a rising value market such as the occur.
with a list of comparable properties. I WHAT ABOUT ACTIVES one we are currently experiencing, my
always go through the improvements AND PENDINGS? strategy is and always will be to do If you would like more information
of the property with the appraiser to Appraisers will look at these but everything I can to prevent an under- about this subject … just give Allison
ensure they are aware of all the features they don’t give them much weight value issue, but we don’t have to accept Van Wig a call 562-882-1581 or email
of our subject property. to the value. The sold properties are that under-value appraised value. her at Allison@SuperBroker.com.

LAKEWOOD VILLAGE MARKET UPDATE

AVERAGE DAYS ON MARKET AND PRICE PAST 12 MONTHS NUMBER OF LISTINGS TO SALES

50 $1,000,000 16

14

40 $800,000
12

10
30 $600,000

DAYS PRICE LISTINGS 8

20 $400,000
6

4
10 $200,000
2

0 $0 0
OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP JAN FEB MAR APR MAY JUN JULY AUG SEPT
2017 2017 2017 2018 2018 2018 2018 2018 2018 2018 2018 2018

DAYS TO SELL, AVERAGE LIST PRICE, AVERAGE ACTIVE LISTINGS, NUMBER OF SALES, NUMBER OF

AREA COMPARISON REPORT

AUGUST 25, 2018 - AUGUST 25, 2017 -
SEPTEMBER 24, 2018 SEPTEMBER 24, 2017 YEAR 2018 TOTALS YEAR 2017 TOTALS

AREA SOLDS AVERAGE MEDIAN SOLDS AVERAGE MEDIAN SOLDS AVERAGE MEDIAN SOLDS AVERAGE MEDIAN

29-LAKEWOOD
VILLAGE 7 $751,198 $745,888 6 $773,333 $757,500 25 $762,360 $795,000 42 $746,343 $720,000

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