Chitownproperty

A softening market means buyers and sellers have to readjust their expectations for prices. Property appraisers hired by mortgage lenders bring the reality of the local market to bear when they evaluate comparable sales data. Sellers hoping for a fat return may be upset by the answer from the appraiser, but the numbers don’t lie. They can only justify the value of a home in relation to recent sales of similar homes in the area. Kenneth Harney of the Washington Post Writers Group spoke to a number of property appraisers for advice on what to expect in this cooling market. One is particularly succint and insightful:

Chris Call of AREAS Appraisers Inc. of Springfield, Va., has this three-word piece of wisdom for sellers and buyers in softening markets: “Just be realistic.” Don’t be greedy as a seller, unless you want to sit dead in the water for months without an offer. As a buyer, don’t expect sellers to bleed for you. Generally they won’t unless they absolutely have to. And sellers: Don’t blame the messengers — appraisers or realty agents — when your generous, tax-free capital gains turn out to be slightly less than you planned on.