Question:
Our neighbor up the street just had her house appraised for a refinance. It is the same Raylee model as ours, but she did get the extension option which took her house from 1776 sq feet like ours to 2000 sq ft—I think her back yard is equally as nice as ours but our interior is just a little nicer (we have granite, laminate floors, and upgraded options that she didn’t include). Her house appraised for $220,000. We have ours listed for just under $200,000
Answer:
The unique thing about this situation is that she is refinancing her home and you are trying to sell yours. What’s the difference you ask? Well, with your neighbor’s home her appraisal is based on how much the bank thinks her home is worth. An appraisal on your home would probably come back in a similar range. I know what you are thinking… then why is our home listed for $20,000 less if it will likely appraise much higher? You are listed at the price you are at because you are trying to be competitive in a Buyer’s Market. I will say though, that if you can get a copy of your neighbor’s appraisal you will have a very strong bargaining chip with potential buyers. Let them pick up their own closing costs, and pay list price… they are walking into instant equity. It is a strong position to be in as a seller.
I hope this was helpful! If you have any questions, please feel free to email me, Facebook me, or give me a quick call or text!
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