House is Not Worth It – So Says the Appraiser.
In today’s world of real estate, homes for sale and the need for better sale prices, the appraiser holds the ace. The appraiser’s
tight guidelines for appraising value in Rhode Island real estate homes for sale is very cut and dry. They follow the guidelines for the past 6 months of comparative home sales to the letter established by the bank.
This is another current struggle for several waterfront RI real estate homeowners that have bought their homes in the last 6 years.
They bought a unique home with one of a kind views and waterfront at their back door. Why is it not worth what we paid for it? Sure we understand the real estate market has dropped but not for waterfront RI real estate they say. Unfortunately, that is not the case. Appraised oceanfront and coastal prices have felt the loss of value from 2005 also.
It is not fair to take it out on the bank appraiser. Their guidelines must abide by square footage of lot and house to the letter. Number of bedrooms and baths. The appraiser is told to be conservative in their appraisals. Sure they want to keep their job too – be conservative. That is where my client was today. Could not believe the low appraisal on their remodeled parcel of RI real estate. So they called me.
As a North Kingstown real estate agent, I work with home sales daily as a top selling RI Realtor. I know my coastal RI real estate values well.
I showed my clients the comparable homes that had sold in the last 6 months, walked their home again with all the updates and said the appraiser is wrong. SO wrong. I know the waterfront North Kingstown home sales and this home with its location is worth more. I will get a better price for my new clients I am certain when they place it on the market. To know a house worth is to know your business – the real estate market, competition, home sales and home trends.
If you are frustrated by the lack of movement on your home, please reach out for me for an independent value review of your home. I would love the opportunity to help you, so please reach me at 401.529.7849 or email me at RiByTheBay@gmail.com. House is Not Worth It – So Says the Appraiser.
Ginny Lacey Gorman is your go to North Kingstown Realtor® for real estate in North Kingstown RI and beyond…knowing the geographic area, schools, happenings and important tidbits of local information.