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Unfortunately so many of us bought at the top of the market. I have been in the mortgage business for over 30 years. I agree you should consider hiring an appraiser before you put your home on the market, but be careful. An appraiser will tell you what you want to hear. What is important is how the new lender looks at the appraisal and they will only accept an appraisal ordered after the date of the sales contract and it must come from the lenders approved list. So the appraisal you order as the potential seller is just a guide it will not really help you out.
For suburban properties, the comps have to be less than one mile from the subject, they must be similiar style like cape cod, the comps should be the same, same room count similiar square footage. Most importantly not only must the comps be similiar they must have sold and settled within 90 days, also they must not be across from a major highway, they must be on the same side.
Urban Properties, the must have sold and settled within 90 days, again same room count, similar square footage and style and must be within 3 blocks from the subject.
Rural properties are even tougher, there are restrictions on number of acres and the comps must be similar and less than 5 miles from the subject.
Always do your homework, but in the next 2-3 years there will be a housing shortage and the market will turn back to a sellers market.
What awful advise . My neighborhood is loaded with Jenn-Air Appliances, granite marble countertops. These poor sellers are not getting anymore then those of us who did not op for this waste of money. Currently with the rehab loans at HUD. gov the project rehab loans are being utilized by the wealthy not the poor. 203 HOPE loans.
Some in America, really take the food off your plate. Then gloat over their amorale
Maybe it's a geographic issue however in Southern California there has never been a better time to sell your home and upgrade. In most areas existing inventories of homes are currently at two to three months (that's all). Interest rates are amazingly low and as long as you did not use your home as an ATM machine the majority of homeowners have equity.
It is not uncommon to receive eight to ten offers on a home.