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Historic home appraisals - the end of an era
There was a time when the unique “one of a kind” nature of a historic home would add value to its appraisal, now I am afraid that era appears to be passing. Though historic homes are rarely subject to distress sales and people traditionally have purchased historic homes as long term residences, not short-term investments, the market for the later in this area may have finally brought the appraisal values of these vintage beauties down. In a real estate market battered by a year of short sales, foreclosures and forced sales - following 3 years of price deterioration, the credit strapped banks are not only scrutinizing customers more carefully, they are increasingly critical of the property to be purchased. Until recently, there were enough truly unique homes sold that, in my experience, a case for comparables could be made when a willing seller and a qualified buyer agreed on a sales price. Mortgage lenders never liked the term “unique” when applied to a home they were contemplating lending money to purchase and appraisers usually struggled with comparables, but in my 6 years of specializing in historic home sales, I have never had a home not appraise, until now. Mortgage lenders must now use “fire sale” home values to support the sale price of a rarely traded historic home. This has worked against contemporary home sales for quite a while, finally, in my opinion unfairly, the problem has caught up to the historic home market. Historic homes have always occupied their own market with only a passing nod to their youthful neighbors and subject to a very special and knowledgeable clientele. The irony is that a seller and knowledgeable buyer can agree on the value of one of these unique homes, but a hyper-risk weary mortgage lender will ultimately decide the deal. http://historichometeam.com/blog/historic-home/historic-home-appraisals -the-end-of-an-era/ |
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