One of the biggest problems in the Orange County real estate market is bad appraisals. This problem is also plaguing home owners across the country and a recent survey by the National Association of Realtors (NAR) shows that many appraisals, that were done recently, lagged far behind what they should have been appraised at.
What’s Causing Bad Appraisals?
Some of the most common reasons for bad appraisals are: real estate agents who are unfamiliar with the neighborhood/area or they used wrong comparisons. The recent NAR survey showed that over 10 percent of homeowners who were recently surveyed in September reported that the bad appraisal affected them adversely in the form of a canceled contract while nine percent of homeowners who were surveyed said that their contract was delayed.
Realtors who have been using the wrong comps often homes for sales with short sales, foreclosures and even run down homes. The most common reason for bad appraisals though, has been because of realtors who were not familiar with the area where the home was located.
How To Avoid A Bad Appraisal
Orange County homeowners can avoid a bad appraisal by hiring a top Orange County realtor who is familiar with the area where their home is located and is also skilled with other important aspects of Real Estate like using the internet to market a home locally or internationally.
Before hiring an Orange County real estate agent it’s important to research that real estate agents feedback online by using websites like Zillow and Yelp, it’s also important to use search engines like Bing and Google to verify if an Orange County real estate agents homes that they are currently listing can be easily found online.
To get a free consultation with the top Orange County Realtors at Fred Sed & Associates contact us today at (949) 272-0125.