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    Q&A with Pam – Getting Homes to Appraise with Increasing Home Prices

    Question: I keep hearing that getting homes to appraise can be a real challenge in this market. With prices increasing, is this still a big issue?

    Answer: Changing market conditions create real challenges for appraisers. The appraisal process is rooted in an analysis of past market performance (data on recent closed sales) and current market trends (not as easily quantifiable). As prices rise, it becomes difficult to find comparable sold properties that justify the higher prices. I attend the appraisals of all of my under contract listings and provide analysis of not only recent closed sales (most of which I have personally toured) but active listing competition as well, providing critical perspective to the appraiser. Over the past 5 years, I have a 99% success rate in achieving appraisals at or above the contract price.

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    About our blog

    Our agents write often to give you the latest insights on owning a home or property in the local area.

    Testimonials

    August 2013

    My girlfriend and I used Pam Jacobs to help us search for our new home. Pam was very helpful and patient with us, considering we were first time home buyers. We had our hearts set on a specific neighborhood, and had certain listings picked out to look at. We currently live in our dream house, and it was one we didn’t even find! With her knowledge of the market and location, Pam had found our house near a listing we wanted to see, and the rest is history. We could not have done this …

    Nick Martinez, Fox River Grove