Manayunk, Philadelphia

The Coyle Group - Manayunk, Philly

We’ve received a number of calls from real estate agents in the Philadelphia market, including Montgomery, Bucks, Delaware and Chester Counties who have been inquiring about our Listing Appraisal Service.  Many have asked to see some case studies.  We thought it was a great idea and will be posting Listing Appraisal case studies from time to time.

Our first Listing Appraisal Case Study involves a house located in the popular Manayunk section of northwest Philadelphia.

The agent called The Coyle Group to help revise the list price for the house.  It had been on the market for over 150 days and the showings had pretty much stopped.  The agent was hoping that an objective appraisal might help convince the Seller to lower the price to be more competitive and hopefully get the house sold.

One of our certified appraisers inspected the house, researched the market and prepared a report for the agent and Seller.  The appraisal results indicted that the house was priced about 7% higher than comparables homes in the area.  It wasn’t competing.The Seller lowered the price and the showings picked up, again.  The house was under contract within 10 days of the price change.  The contract price was within $2,000 of our appraised value.

To find out how TCG can help you with your listings visit our Listing Appraisals page

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Happy New Year 2011!

Happy New Year!

Now that the Holidays are behind us, we all can focus on making 2011 a year to remember, both personally and professionally.  At TCG, we will continue to offer you valualbe insights and advice about the greater Philadelphia real estate markets and information that you can really use.

This year we will expand our Listing Appraisal Services to include Philadelphia, Montgomery, Bucks, Delaware and all of  Chester County, in PA. We will also provide these services in Berks, Lehigh and Northampton counties.  In March, look for The Coyle Group to offer Listing Appraisals to real estate professionals and homeowners in New Jersey, as well.  So, if you are an agent or a homeowner who is looking for an objective, third party estimate of the value of your home in order to assist in Listing, we are here to help you.

In 2011, it is going to be more important than ever for Sellers and agents to price homes property.  Simply preparing a Comparative Market Analysis (CMA) it’s going to cut it in this challenging market.  Not only do you have to price the house to sell, you have to price it so it will appraise, too.  This step is vital if you’re going to maximize your profit and minimize the home’s time on the market.  Remember, homes that are priced correctly sell sooner and for more money than those whose pricing is “off”.

When selecting an appraiser to complete a Listing Appraisal you ask a few questions, first.  Appraisers often cover a relatively large geographic area, sometimes covering several counties.  This is not a bad thing; however, you need to make sure that the appraiser is familiar with your specific neighborhood/market.  Ask the appraiser how well they know your area?  how many appraisals have they done in your area?  how long have they been appraising in your area?  how long have they been certified?

All these questions are rather simple and if the appraiser is reluctant to answer them…move on!  There are other appraisers that would be more than happy to answer your questions.  If you are having trouble finding an appraiser there are several professional appraisal organizations that provide appraisers directories: Appraisal Institute and the Appraiser Subcommitte.

Once you’ve found an appraiser that you are comfortable with, then you should discuss the fee.  Typically, Listing Appraisals will be anywhere between $300-$400.  If the house is more complex, the fee may be higher…but get the pricing squared away prior to the appraisal inspection.

After inspecting the property, the appraiser will be able to deliver an appraisal report usually in a day or two.  Most appraisers can send the report via email as a PDF attachment.

Should you have any questions about Listing Appraisals, please feel free to contact our office.

Best wishes for 2011!

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