The spring real estate market is well underway and things are heating up quite quickly. In the last issue, I wrote of a shift in the real estate market in the late fall and early winter months of 2022/2023 in which marketing times were expanding, sellers were accepting offers well below list price, and the return of the “open house” for marketing purposes (all marketing factors virtually disappeared in mid-2020 to late-2022).
Well, just as I had suspected, buyers are once again competing for nearly every single property that hits the market. I am seeing multiple offer scenarios and properties again selling above their stated list price. This all ties into the fact that there continues to be a drastic shortage of single- family homes with demand again far exceeding supply.
I have provided a list of how to prepare for an appraisal, whether it’s needed for re-financing with a lender, listing your home for sale, or for any reason in which you will be having your house appraised. To help the appraisal go as smoothly as possible we generally recommend you take the following actions and prepare the listed documents, if available, for the appraiser.
√ – Unlock all padlocks on the property.
√ – Make sure all areas of the home are accessible.
√ – Remove any snow that will prevent access to the property.
√ – Verify lock box combination and access keys are accessible, and do not lock the storm door from the inside.
√ – Remove ANYTHING that may prevent entry to the attic, crawl spaces, furnace, and water heater. (FHA/VA)
√ – Safety equipment in house installed and working properly.
√ – Replace light bulbs so rooms have adequate lighting.
√ – Outbuildings such as garages, sheds, pool houses, cabanas, etc. need to be accessible. (FHA/VA)
√ – Ensure furnace and water heater are accessible.
√ – Confirm heating and air conditioning are operational. (FHA/VA)
√ – Ensure home appliances are unloaded such as the dishwasher, washer machine, dryer, etc. (FHA/VA)
√ – Address any exposed wiring in living area and install faceplates covers if missing.
√ – Repair small things like leaky faucets, missing door handles, and trim. (Recommendation) (FHA/VA)
√ – Mow your yard and trim your bushes or trees (Recommendation)
DOCUMENT LIST: Copy of original house plans if available • Information on any written private agreements, such as a shared driveway with a neighbor • A list of any personal property that is part of the home and you intend to be sold with the home, such as an oven, or a washer and dryer • Title policy that lists encroachments or easements • Any inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, your septic system and your well • A list of any major home improvements and enhancements (for example, the addition of central air conditioning or roof repairs). Please include the purchase and installation date, along with permit confirmation if available • If applicable, provide the condominium budget and year-end statement.