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You are here: Home / Blog / Will Appraisals Continue to be a Challenge in 2016?

Will Appraisals Continue to be a Challenge in 2016?

February 3, 2016 by John Sibley

Will Appraisals Continue to be a Challenge in 2016? | Simplifying The Market

First American Title issues a quarterly report, the Real Estate Sentiment Index (RESI), which “measures title agent sentiment on a variety of key market metrics and industry issues”. Their 2015 4th Quarter Edition revealed some interesting information regarding possible challenges with appraisal values as we head into 2016.

“The fourth quarter RESI found that title agents continue to believe that property valuation issues will be the most likely cause of title order cancellation over the coming year.”

This shouldn’t come as a surprise. In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is the bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank.

Another monthly report by Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation. Here is a chart showing that difference for each month through 2015.

Appraiser Home Value Opinions vs. Homeowner Estimates | Simplifying The Market

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. Let’s get together and discuss how this may impact the sale of your home.

Filed Under: Blog, For Sellers, Housing Market Updates, Pricing Your Home Tagged With: For Sellers, Housing Market Updates, Pricing

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WHAT OTHERS ARE SAYING

John Sibley came highly recommended by a neighbor and he sold our house not only once but twice! A pipe burst upstairs and flooded the house and the first sale was cancelled. We were out of town and John and his staff handled everything from informing us of the problem to working with the adjusters giving them access to the house. When we got back in town just three days later, the damage was already cleaned up and we were ready to begin the repairs!

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Marilyn, Slidell, LA
 

We were very happy with the service provided. As first time home buyers, we were initially anxious, however, John and the rest of the group helped us understand the home buying process and what to expect. They made sure we were well prepared by the closing and that our interests were top priority.

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Jimmy, New Orleans, LA
 

John was great to work with. He provided good sound advice relative to marketing our home. He kept me informed through every step of the process from the initial listing to the closing. It was a great experience and I recommend the Sibley Group to anyone interested in purchasing or selling real estate property.

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Richard, Madisonville, LA
 

John Sibley and Lana Sibley Leonard were very instrumental in marketing my home both personably and professionally. Their drive and incentive made it possible for my home to sell in a quick, timely manner.

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Christina, Slidell, LA
 

Everyone throughout the process was extremely helpful. Dianna spent a lot of time, including late hours helping us find the right house.

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Chris, Slidell, LA
 

John & company were always negotiating on my behalf and won the battle such as letting me have an Estate Sale w/o charging me rent for one week and then the new owner moved in. The Sibley Realty Group was always professional in every way.

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Anonymous, Slidell, LA
 

Sibley's group is the best we've used.

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Cathy & Will, Slidell, LA
 

John and the Sibley Realty Group had a great command of the market prices and an excellent marketing strategy to get new groups of people to look at our property. By using new technology to market to different buyers and target new groups of potential buyers the Sibley Realty Group met our goal of selling within 3 months. The entire office helped make the transition smooth and Lauren is very helpful making sure everyone is on the same page as you go through the closing process. It is good t(...)

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Kevin, New Orleans, LA
 

Sibley Group delivered as promised.

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Stan, New Orleans, LA
 

We are extremely grateful to have found Sibley Realty group. Initially I had called other realtors who were not so responsive since we did not live in the area. Jordan contacted me back right away and made us feel at ease with our first home purchase. We lived 7 hours away from where we were buying and Jordan was very accomendating to our schedule of only being able to make it down on the weekends. The whole office are a bunch of true professionals that we owe more gratitiude to then we can(...)

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Troy, Slidell, LA
 

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About Us

The Sibley Group has a team of Realtors to meet all of your real estate needs throughout the New Orleans Metropolitan area. We have agents that specialize on the Northshore and Southshore, including New Orleans, Slidell, Metairie, Covington, Mandeville, Pearl River, and Lacombe.


Trust a real estate team with a long-standing tradition of service, expertise, and professionalism in the local area.


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The Sibley Group
Keller Williams Realty 455-0100

3197 Richland Ave, Metairie, LA 70002

Northshore: 985.326.9755
Southshore: 504.571.9755
Broker: 504.455.0100

From Our Blog

The Main Reason Mortgage Rates Are So High

Today’s mortgage rates are top-of-mind for many homebuyers right now. As a result, if you’re … [Read More]

Real Estate Is Still Considered the Best Long-Term Investment

With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it … [Read More]

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