High Sales Volume (GOOD) Creates Long Appraisal Delays (BAD)


High Sales Volume (GOOD) Creates Long Appraisal Delays (BAD)
By Scott Rogers • July 27, 2016
Most folks are pretty excited about the fantastic pace of local home sales in the first half of 2016 -- however, there is a downside. As shown above, there are three main hurdles to buying and selling a home -- the home inspection, appraisal and loan commitment. Well, right now, on many if not most of the transactions I am working with, we are experiencing significant delays on appraisals being completed. It seems that local appraisers are having difficulty keeping pace with the roaring pace of home sales. This, then, creates ripple effects as buyers and sellers are either delayed in knowing that the transaction will be successfully moving forward -- are closing dates are pushed back. Again, it's great that we're seeing so many home sales (no complaints there) but the much slower than normal timeframe for appraisals being completed is creating some real headaches for buyers and sellers. So, if you're buying (or selling) EXPECT DELAYS when it comes to the appraisal. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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