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I can’t say it any better than my friend Jennifer Fivelsdal “Just a few years ago it was not uncommon to see a house assessed at $200,000 selling for $400,000 and this made home sellers happy. That was a market called a Seller’s Market, in other words more buyers and fewer properties. The well known rule of supply and demand dictates that a higher demand with a limited supply will result in higher prices. Today the scenario is so different. Very high inventory and few buyers makes this a Buyer’s Market. In this case buyers want to spend less and get much more for their money.”
We are very much, for almost every market, in a buyer’s market. More now than ever before many sellers are having to short sell their home or bring cash to closing to pay the difference between the sales price and the mortgage pay off. To be sure a home seller may want to have their home appraised independently. While that appraisal cannot be used by the buyer’s lender due to all sorts of rules and regulations it should still be a standard, Uniform Appraisal and the result should be within a few percentage points. If you are in the Atlanta area I can give you the names of a few Atlanta area Georgia licensed appraisers.
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— Ken Cook NMLS ID 208452