Values in Five Oaks and elsewhere

Five Oaks like most other neighborhoods in Durham and Chapel Hill
has experienced some market depreciation in the last two years. Like everyone
elset his has affected me too. Sadly, comparables are comparables in the eyes
of bank appraisers. In most cases it really doesn’t matter in the eyes
of appraisers if a home sale is a short sale, foreclosure or open market
sale.

Bank appraisers look at three distinct criteria when assigning value to
a home. Bankappraisers look at location, size and style of homes and judge
comparables against a subject properties. It is very important to remember
that only a bank appraiser can assign a true value to a property. Real estate
agents may not do this assign a value to a property if they are not an
appraiser.

What real estate agents do is generate a market analysis which gives a range in
value, not a concrete value. This analysis typically gives an expected marketing
time too. Once an analysis is complete the real estate
agent sits and consults with his seller prospects and typically discusses the
merits of the comparable sales used in generating the market analysis. With
this in mind it is very important to remember that ultimately the owners of
property decide what they will ask for their home. It is important to keep in
mind that home owners are the kings and queens of their castles and a good
agents job is to empower them with solid information.