LET ME PULL BACK THE CURTAIN! What the public doesn't see is the number of real estate agents posting questions on Real Estate Agent Facebook pages that ask "What is everyone allotting for a legal suited basement over one that's illegal?" They are unsure because they are inexperienced and are opening up conversation to the 8,000 group members on their opinion. Yikes! This is NOT how actual appraisers work. Nor should your real estate agent. Every week, these inexperienced agents are asking questions like these and are basing their evaluation of YOUR HOME on a select few answers of those who clearly aren't busy and have lots of spare time to offer their opinion. And it could be costing you thousands.
Proper home evaluations are accurate and logically based with insight. This is hard-earned through listing and sales experience and there is only one way to provide you with the right kind of accuracy and that's by repeatedly selling a solid volume of houses year after year. And even if their Broker reviews their evaluation, the Broker hasn't actually been in your house to view your home, they are simply taking the agent's word for it. I often see agents listing on the high side so as to "win" your listing with the full intention of pushing you for a price reduction if it sits on the market after a few weeks with no offers. This is not accurate. It is not strategic. It won't get you top dollar - that's proven. The longer your house sits on the market, the less likely you are to get list price. So be careful if you are considering listing with a real estate agent that has only been licenced for a few years. It doesn't matter how fun they look on social media or if you play hockey with them, it could cost you thousands and you will never find out.