People who believe that property values will always rise have never seen anything but the opposite. The rise in property values is a sign of improving economic conditions, but it does not guarantee that this trend will continue in the future. When things are going well, sensible people seize the opportunity rather than waiting for the tides to turn or property prices to surge even higher. After all, it’s always a good idea to make hay while the sun shines. Even when there is no reason to rejoice, Real Estate Valuation Myths can instil hope. As a result, it’s critical to be able to tell the difference between fact and fiction and make informed decisions when necessary. Click here to read Valuations VIC – Property Valuer
In the meantime, mortgage brokers must deal with the reality of a bear market in real estate. If the facts change, be ready to revise your customer’s estimate of his property value at the point of sale. Look at property websites before making a sales call to get a sense of the local market and trends. You’ll not only be well-informed, but you’ll also potentially spare yourself and your consumer a lot of grief. It’s also a good idea to get to know the appraisers in your region; you’ll notice that the same names appear over and over.
When it comes down to it, if you need to explain the major features of a valuation, or worse, a down value, to a customer, you’d better know what you’re talking about. It could mean the difference between saving and losing the transaction. Finally, at the point of sale, cover oneself. Explain to the consumer that your product offering is based on his estimated property worth and is subject to qualification by a qualified valuer.