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Today, we’re going to talk about increased home values. Currently, these cause appraisal issues in some transactions in the Southeast Michigan real estate market.
According to a recent Case Shiller report, home prices are starting to slide up into that area of over 5% appreciation, which is very uncommon and can lead to challenges in the market. Another report shows that 44% of Americans believe home prices will increase this year, while 47% believe home prices will stay the same. The public feels strongly that home values will continue to rise, as do the experts.
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Prices are increasing quickly right now!
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One challenge here is the appraisal situation. Prices are increasing quickly right now. That means that there is a bigger difference between how an appraiser values the home and how the homeowner values the property. In March, that difference definitely increased. If an appraisal comes in short, it’s not about the house or the buyer. It’s about what’s happening in the market.
If you have any questions, give me a call or send me an email. I would be happy to help you!
