Homes are still selling at a decent clip in the Twin Cities. The website Realtor.com shows that while average time on market throughout the U.S. is 81 days, while in the Minneapolis/St Paul metro area, that number drops to 58 days. Even with a robust real estate market, you still have to price your home appropriately; even in the hottest markets, an overvalued home will have a tough time finding buyers.
In fact, an overvalued home might have a tough time finding a realtor to sell it, too. Some realtors won’t take listings that are priced too high. But how do you know what’s a good price? Hire an appraiser to analyze your property. Instead of doing a comparative market analysis (CMA), do a formal appraisal. While a CMA will give you a ballpark figure for comparable properties, only an appraisal can drill down into details of how much, and why, a property is worth.
If you have a pre-valuation listing appraisal performed, please note that the appraisal is not intended for lending purposes. However, the appraisal does offer a much more accurate view of the home’s actual value.
Overvaluing your home can cause long delays in finding a buyer, difficulties with the bank-issued appraisal (and, in turn, financing). Don’t let your property languish on the market. Get a professional appraisal done and stay on top of the markets.