The Miles & Smith Group Louisville Real Estate Blog

What do you do when you get the phone call only weeks before you’re closing that the home doesn’t appraise for the contract price?

You are not alone as 16% of real estate agents reported that their sale fell through due to a low appraisal.

You have options and you can fight back!

Appraisals in Louisville are based on recent sales in your area. Over the past couple of years this has been challenging because values rose quickly during the boom and fell just as fast during the bust. . The deals that Buyers have received with foreclosures and short sales have created dual pricing between normal sales and distressed sales.

Appraisals are not to protect the Buyer or the Seller, but to protect the lender should the Buyer default on the loan. The lender wants to make sure that they are making a worthy investment. They want to know that if the Buyer defaults they can sell the home for what is owed. Due to the huge losses banks have taken on foreclosures in the past years, they are not taking any risks. They care more about protecting themselves from a bad investment than giving a Buyer a loan.

 So what can you do to protect yourself from having your entire home packed up a ready to move only to find out you have to unpack everything?

1. Sellers get an appraisal before you list your Louisville home for sale.
Unless you are listing your home with an experienced real estate group like www.MilesSmithGroup.com, you should consider asking a licensed appraiser to determine value. This is also a huge selling point that you can advertise to any potential Buyers. Buyers are very leery of pricing on homes and always want a deal. An appraisal...

Selling your home during the holidays can be a tough decision to make.  Holiday decorations go against the number one rule when showing your home – keep everything impersonal. It is very hard to find a balance between selling your home and celebrating the season. Below are a few helpful to do’s and don’ts to help you show your Louisville home during the holidays.

DON’T decorate the exterior of your home any earlier than 2 weeks before the holiday.

DON’T leave your decorations up for any longer than 1 week after the holiday

DON’T congest your home with decorations.

DON’T use holiday lawn ornaments

DON’T forget to salt your driveway and pathways and clear all snow and ice before a showing.

DO keep decorations to a minimum. Don’t let your decorations take away from some of the great features your home offers.

DO consider purchasing a smaller tree. A large 10” tree can crowd a room and make it feel smaller.

DO try to stick to non-specific holiday themes. Winter themes with garland, pinecones etc.

DO add to the exterior appeal of your home by adding some color with mums or poinsettias.

DO add a holiday welcome mat.

For more information feel free to visit us at www.MilesSmithGroup.com or email our listing specialist Patrice Miles with your specific questions. Patrice@MilesSmithGroup.com