Reply to Agent urged us to underprice our house now we regret it

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't mean to derail this thread, but I have a question for sellers out there. Why do people not seek an appraisal of their homes (would cost about $500 I assume) rather than rely on their real estate agent's assessment?

I am asking because when we bought our current place, we were willing to pay about $15k-$20 more than what the agent recommended. The seller's agent was also his spouse, and the home was initially way overpriced. They had to lower the price two or three times, and have a sale fall through before they accepted our agent recommended "low ball" offer. The bank appraised the home at about $15k more than we signed the contract for.

This makes me think that I'd rather fork out a few hundreds when the time comes to sell than potentially leave money on the table.[/quote]

Appraisal is what people are willing to pay at that time.  It is rare that the real estate market is holding steady throughout the year.  In the spring, when I was buying, houses were going under contract with mulltiple overs well over asking, but they hadn't closed yet - which is what appraisals are based on.  So appraisals can be lower than what you would actually get an offer for.  By the end of the summer, houses weren't selling as fast and the market was cooling.  The appraisals at that time still reflect a hot market, because they hare based on houses that have closed already.

So an appraisal just doesn't tell you much about how much a house will go under contract for.  [/quote]

Sorry - the home's VALUE is what people are wiling to pay at that time.  Not appraisal! [/quote]

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