{"id":2005,"date":"2017-11-20T11:00:04","date_gmt":"2017-11-20T11:00:04","guid":{"rendered":"https:\/\/thezakariagroup.com\/homeowners-your-house-must-be-sold-twice\/"},"modified":"2017-11-20T11:00:04","modified_gmt":"2017-11-20T11:00:04","slug":"homeowners-your-house-must-be-sold-twice","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/homeowners-your-house-must-be-sold-twice\/","title":{"rendered":"Homeowners: Your House Must Be Sold TWICE"},"content":{"rendered":"
\n

\"Homeowners:<\/p>\n

In today\u2019s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal.<\/span><\/p>\n

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.<\/p>\n

Every month in their\u00a0Home Price Perception Index\u00a0<\/em>(HPPI),\u00a0Quicken Loans <\/em>measures<\/a> the disparity between what a homeowner who is seeking to refinance their home believes their house is worth, and an appraiser\u2019s evaluation of that same home.<\/p>\n

Bill Banfield,\u00a0Executive<\/em> VP of Capital Markets\u00a0<\/em>at\u00a0Quicken Loans\u00a0<\/em>urges anyone looking to buy or sell in today\u2019s market to remember the impact of this challenge:<\/p>\n

\n

\u201cBased on the HPPI, it appears homeowners in the markets where prices are rising faster than the national average \u2013 like Denver, Seattle and San Francisco \u2013 are continuing to underestimate just how quickly home values are rising, so the average appraisal is higher than homeowner estimate. <\/em><\/p>\n

On the inverse of that, homeowners in areas where the values aren\u2019t rising as fast may think they are rising faster than they are, leading to the appraisal lagging the estimate.\u201d<\/em><\/p>\n<\/blockquote>\n

The chart below illustrates the changes in home price estimates over the last 12 months.<\/p>\n

\"Homeowners:<\/a><\/p>\n

Bottom Line<\/strong><\/h3>\n

Every house on the market must be sold twice; once to a prospective buyer and then to the bank (through the bank\u2019s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let\u2019s get together to discuss this and any other obstacles that may arise.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

In today\u2019s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal. If prices are surging, it is difficult for […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[100,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nHomeowners: Your House Must Be Sold TWICE - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/homeowners-your-house-must-be-sold-twice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homeowners: Your House Must Be Sold TWICE - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"In today\u2019s housing market, where supply is very low and demand is very high, home values are increasing rapidly. 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