Columbia SC Home Appraisals Continue Plaguing Sales

Columbia SC home appraisals are continuing to make it difficult or even impossible for some borrowers to buy a home or refinance the one they have.

Home buyers as well as real estate agents are being left frustrated at their inability to take advantage of the great market opportunities right now, with almost a third of real estate brokers admitting they have seen transactions fall through, renegotiated or delayed due to low Columbia SC home appraisals.

Part of the problem is that home prices have dropped further than many people would like to believe. Everyone thinks the value of their house hasn’t fallen nearly as much as every other house in their neighborhood, when foreclosures in the neighborhood are relevant to the current market price of everyone’s home, like it or not.

Changes in how Columbia SC home appraisals are done that were enacted in the wake of the financial crisis were designed to eliminate improper pressure on appraisers that often led to inflated valuations during the housing boom. But critics say those changes resulted in unnecessarily conservative valuations and the greater use of appraisers with little knowledge of local market conditions.

Finding Accurate Valuations Affecting Low Columbia SC Home Appraisals

Another problem that is further complicating Columbia SC home appraisals is, accurate valuations are difficult to find when sales are thin and prices are just beginning to edge upward after prolonged declines. Many borrowers are in a holding pattern for extended periods because it’s difficult to find comparable sales to support the appraisal value.

To help with your odds of being negatively affected by low Columbia SC home appraisals, you’re advised to look at comparable sales from the last three to six months before even looking for a mortgage, whether it’s buying a home, or refinancing the one you have.

As a borrower, you can’t control who the lender hires to do the appraisal, but you can accompany the appraiser during their inspection. This might be to point out any improvements that may add to the home’s value, including providing a list of improvements that might not be obvious. It also could help if you are able to provide the appraiser with comparable sales that can be used to support the valuation of your property.

If lowball Columbia SC home appraisals are affecting your ability to get financing, talk to us. There may be options available without just giving up hope.