Market Value vs. Appraisal

What is the difference between the market value of your house and an appraisal?

The difference is that an appraisal will tell you the market value of your home, according to a licensed appraiser.

Are you planning on selling your home? Is it a manufactured home, or a stick built home? Do you have lake frontage? Acreage or a city lot? Outbuildings? A shed or a shop? These various additions make a difference in the market value as well.

Homes on the water were selling relatively well last year, but with the panic of the nation's housing loans going under, owners going into foreclosure because of various loan circumstances, and lenders' loan programs going underwater because, hey, underwriters are people who panic too, it is harder to sell a home on the water. It is harder to sell homes. Period.

However, that doesn't mean it's time to give up! This merely means that it's important to listen to your Realtor(r) (and Realtors, listen up...) and make sure that you get an accurate (or updated) Comparable Market Analysis, a CMA. The CMA comps (comparable homes that have SOLD) are going to be quite similar to the comps the bank's appraiser is going to pull up in order to determine what your buyer's loan amount will be (not including the cash he might have to come up with... that will make it harder to buy (or sell) your home).

Simply put, if the Realtor(r) and appraiser come up with the same or similar market value for a home, it's most likely that a bank will loan the money to a buyer. If the Realtor and Seller's price is inflated, then we're going to have an abundance of buyers who are not going to be able to afford to buy a house, including the one you may desire to sell. So, let's price it accordingly or maybe even a little lower than market value so that you'll have lots of offers knocking on your door.

Happy selling!

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QUOTE OF THE DAY: "The human spirit needs places where nature has not been rearranged by the hand of man." ~Author Unknown

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For Sale:

20 acres in Othello: $80,000

5 acres vacant property on Neppel Road (coming up next week)

2.2 acres and a 2968 square foot, 5-bedroom home with space for animals, irrigated pasture, and an oversized swingset: $209,000

PRICE REDUCED: 1404 square foot, 3-bedroom, 2-bath manufactured home on the lake, 1.02 acres, huge deck, dock, fishing, waterfront property, fully fenced, approximately 1,100 square foot (immaculate) shop, one car garage, two sheds, expansive view of the lake below: $390,000. 5108 Shorecrest.

110.9 acres of recreational property in Grand Coulee on Springs Canyon Road, overlooking Lake Roosevelt: $425,000, two parcels and a manufactured home on the land (as is).

Home with a POOL. $165,000, over 2,000 square feet, right off of highway 17, 3-bedroom, 1 3/4 bath, bonus room, fireplace, being sold AS IS. In foreclosure. 1040 Clover

NEEDS:

Several homes out in the country, a little older, with older growth trees, 3-4 bedrooms, with just a little bit of acreage (.5 to 3 acres). One of my clients prefers a large kitchen for doing her canning.

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For a free list of homes available for sale in Moses Lake, call 509-431-5804.