Sellers Jumping off the Fence

[Michael Quarles]

Is it just me or have others noticed a huge increase in seller calls?

[Jeff S.]

I suspect they don’t like what the agents are telling them.

We don’t get seller calls Michael, but I can tell you that valuations seem to be dropping like rocks around here. I wouldn’t trust a comp older than 3 months at this point and all have to accurately match the subject home.

We were recently considering loaning on a home that the comps conservatively said was worth $440k. Subsequent agent calls indicated that this valuation would have held up at the beginning of the year but that qualified buyers are just getting sparser and pickier. Their opinions were unanimous at $375k - $380k.

If you’re not there already, now is an excellent time to become extremely conservative with your valuations. Sad too, as we enter buying season.