New single-family home sales fell 7.3 percent in May, but the bigger story is the shrinking share of affordable new homes.
New single-family home sales dropped 7.3 percent in May from April and fell 6.8 percent from a year ago, according to the latest data from the Census Bureau and the Department of Housing and Urban Development.
Median sales prices held at $424,900 — flat year over year, up 2 percent from the prior month, according to the new data released on Wednesday — but that top-line stability is misleading.
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A year ago, roughly one in five new homes sold for under $300,000. In May, it was roughly one in seven. The affordable end of the new construction market is contracting.
“The affordable new home is getting harder to build and harder to find, and that’s the real story,” Maor Greenberg, co-founder and CEO of Spacial, told Inman.
The flat median masks a significant shift in what’s actually selling. Median sales price came in at $424,900, unchanged year over year. But the average sale price hit $540,600, up 5 percent over the same period.
When the average rises but the median stays flat, it means more expensive homes are selling — not that the same homes are getting pricier. The middle of the market hasn’t moved, but the mix of what’s transacting has shifted toward the high end.
Pricier homes are making up a larger share of the mix, pulling the average up, while the median sits still. The composition of the market is shifting, even when the headline price isn’t.
Total inventory rose to 496,000 units in May, and finished homes have taken longer to sell every month this year. It has gone from about three months in January to nearly four months in May.
On its face, that looks like a buyer’s market building. It isn’t, according to Greenberg.
“Higher inventory normally means oversupply, but look at what’s inside the 496,000,” Greenberg said. “Only 118,000 are finished homes. The rest are not started or are under construction. This isn’t a flood of empty move-in-ready houses; it’s a backlog of homes that builders have already committed to, stacking up against a slower buyer pool.”
At the same time, the pipeline of future supply is thinning. The April data Greenberg references showed groundbreaks slowing, while committed-to homes accumulate. It’s a combination that points toward a supply crunch further out.
Greenberg said the disappearance of sub-$300,000 new construction isn’t a mystery. Builders can’t make the economics work at today’s costs for labor, land, and materials, and still price at the entry level. So they build up-market, where margins hold.
“A firm price protects profit margins,” Greenberg said, “but it’s a narrowing business that’s surviving by serving fewer, wealthier buyers and walking away from building entry-level homes.”
That retreat has consequences that compound over time. First-time buyers who were priced out of the existing-home market were supposed to find relief in new construction. That relief isn’t materializing. For a growing share of the market, entry-level homes are not being built.
“For the buyer, the price isn’t high because homes have gotten better or because demand surged,” Greenberg said. “The rung those buyers were reaching for has quietly disappeared.”
| Median Sale Price | Pending Sales | Active Listings | Days on Market | Sold Above List |
|---|---|---|---|---|
| $388,834 (+5.1% YoY) | 6,543 (+2.8% YoY) | 20,750 (-3.4% YoY) | 46 days (-2 days YoY) | 49.0% (+2.5 ppt YoY) |
Cook County’s housing market tilted firmly toward sellers in May. Prices climbed, inventory contracted, and buyers competed for fewer available homes. The combination of shrinking supply and steady demand pushed the median sale price above $388,000 and sent nearly half of all listings over asking. If you’re looking to buy here, expect to act quickly and pay a premium.
Here’s what the data showed for Cook County, IL in May 2026, and what buyers and sellers should know heading into summer.
| Median Sale Price | Pending Sales | Active Listings | Days on Market | Buyer-Seller Balance |
|---|---|---|---|---|
| $398,771 (+2.0% YoY) | 349,901 (+4.4% YoY) | 1,483,839 (+0.7% YoY) | 49 days (+3 days YoY) | Sellers outnumber buyers by 47% |
Nationally, the housing market continued its gradual thaw. Prices edged up 2% year over year, pending sales rose, and inventory was essentially flat. But the gap between Cook County and the country widened: local prices grew more than twice as fast, inventory shrank here while holding steady elsewhere, and homes sold faster in Cook County than the national median.
“Many cities are undergoing a yearslong reset from the pandemic, with price growth easing and inventory climbing—helping affordability improve as wages rise,” said Chen Zhao, Redfin’s head of economics research. “Pending home sales have increased over the last three months, which is an early sign that buyers and sellers are beginning to re-enter the market. But economic volatility tied to the Iran War is keeping everyone on edge.”
The median sale price in Cook County reached $388,834 in May, a 5.1% increase from a year ago. Nationally, prices rose just 2%. Cook County has appreciated roughly 45% since early 2020, and the pace of growth has stayed elevated even as the post-pandemic frenzy faded. The median price per square foot climbed 7% year over year to $260, suggesting genuine value growth rather than a shift toward larger homes.
Price reductions remained scarce. Only 9.6% of active listings in Cook County carried a price cut, down from 11% a year ago and far below the national average. The typical home sold for 1.3% above its list price, reinforcing that sellers set their asking price with confidence and buyers met it or exceeded it.
More than half of Cook County listings (50.9%) went under contract within two weeks in May, compared with 31.9% nationally. That gap of nearly 20 percentage points has persisted since 2021, reflecting durable local demand that consistently outpaces the rest of the country. Cook County’s off-market-in-two-weeks rate was flat year over year, while the national rate ticked up just 0.2 percentage points.
Supporting that speed: pending sales rose 2.8% year over year, homes sold increased 1.1%, and the median days on market fell to 46 (down 2 from a year ago). Nationally, days on market moved in the opposite direction, rising to 49. The combination paints a clear picture—buyers in Cook County continued to act quickly, and well-priced listings rarely lingered.
Active listings fell 3.4% year over year to 20,750, while nationally inventory was essentially flat (+0.7%). New listings held steady year over year at 6,857, meaning no fresh supply wave arrived to relieve pressure. The age of active inventory dropped to 39 days from 40 a year ago, confirming that homes were being absorbed before they could accumulate.
Cook County had just under 3 months of supply, well below the national figure of nearly 4. That level typically favors sellers. Buyers shopping here faced a market where demand outpaced new inventory, and waiting for more choices to appear offered no clear advantage.
| Price Tier | Median Price (YoY) | Sold (YoY) | DOM (YoY) | % Above List (YoY) |
|---|---|---|---|---|
| Luxury (top 5%) | $1,538,890 (+4.3%) | 991 (+5.2%) | 44 days (-5 days) | 44.7% (+9.1 ppt) |
| High (65th–95th%) | $622,337 (+6.0%) | 4,570 (+1.6%) | 41 days (-3 days) | 55.3% (+4.8 ppt) |
| Non-luxury (35th–65th%) | $366,688 (+4.6%) | 3,721 (-0.8%) | 48 days (0 days) | 49.9% (+1.5 ppt) |
| Starter (5th–35th%) | $230,351 (+4.0%) | 4,034 (-1.0%) | 56 days (0 days) | 37.3% (-0.8 ppt) |
| Bottom (bottom 5%) | $104,193 (+0.1%) | 722 (-9.8%) | 69 days (+8 days) | 22.9% (-0.9 ppt) |
Redfin analysis of MLS data • Rolling three-month period (March–May 2026)
The high tier appreciated fastest at 6% year over year, with more than half of those homes selling above list. Luxury homes ($1.54M median) rose 4.3% and saw a dramatic acceleration in above-list sales, jumping 9 percentage points to nearly 45%. Sales volume in the luxury segment also grew 5.2%, bucking the broader trend of flat-to-declining volume in lower tiers.
At the bottom, prices were flat and sales dropped nearly 10%. Homes in that bracket sat for 69 days—25 more than the high tier—and fewer than a quarter sold above asking. Starter homes performed somewhere in between: prices rose 4%, but volume dipped 1% and above-list activity was modest. Buyers in the upper brackets faced fierce competition; those shopping at lower price points had more room to negotiate.
If you’re buying in Cook County, preparation matters more than patience. Inventory is shrinking, not growing, and half of homes go under contract in under two weeks. Get financing squared away before you begin touring. Be ready to offer at or above list price for well-located homes. Focus your energy on the right tier—competition is fiercest in the high and luxury segments, while starter and bottom-tier homes offer slightly more negotiating room.
If you’re selling, the data supports pricing with confidence but not with recklessness. The average home sold for 1.3% above list, and fewer than 10% of listings needed a price cut. Price accurately from day one and you’ll likely attract offers quickly. Overshoot, and you risk being one of the few properties that sits while the rest of the market moves around you.
Rolling three-month period (March–May 2026). Cities with 50+ sales shown. Click any column header to sort.
| City | Median Sale Price (YoY) | Sold | New List. | Active | DOM | % Above | Supply |
|---|---|---|---|---|---|---|---|
| Chicago | $419,749 (+6.3% YoY) | 7,136 | 9,714 | 15,478 | 47 | 46.9% | 3.1 |
| Evanston | $426,745 (-11.1% YoY) | 256 | 309 | 456 | 38 | 47.7% | 2.1 |
| Arlington Heights | $501,700 (+5.6% YoY) | 255 | 355 | 493 | 39 | 53.5% | 2.6 |
| Tinley Park | $339,797 (+3.0% YoY) | 248 | 308 | 474 | 43 | 44.7% | 2.5 |
| Schaumburg | $320,808 (+2.5% YoY) | 246 | 344 | 489 | 43 | 50.1% | 2.8 |
| Palatine | $384,770 (+9.3% YoY) | 232 | 313 | 432 | 43 | 50.1% | 2.5 |
| Orland Park | $384,720 (+5.8% YoY) | 201 | 306 | 437 | 44 | 43.5% | 3.4 |
| Oak Park | $499,701 (+0.6% YoY) | 198 | 254 | 354 | 42 | 53.5% | 2.2 |
| Oak Lawn | $309,815 (+1.6% YoY) | 173 | 264 | 425 | 59 | 36.2% | 3.8 |
| Skokie | $449,731 (+5.0% YoY) | 165 | 242 | 349 | 42 | 44.2% | 3.1 |
| Des Plaines | $374,776 (+1.2% YoY) | 163 | 231 | 341 | 47 | 47.9% | 2.9 |
| Hoffman Estates | $410,005 (+1.9% YoY) | 152 | 225 | 303 | 43 | 52.8% | 2.8 |
| Streamwood | $329,803 (-1.6% YoY) | 148 | 166 | 254 | 45 | 53.6% | 2.2 |
| Glenview | $811,015 (+20.6% YoY) | 148 | 184 | 270 | 35 | 55.0% | 2.2 |
| Mount Prospect | $465,721 (+8.1% YoY) | 140 | 207 | 281 | 45 | 53.4% | 2.9 |
| Northbrook | $677,844 (-3.1% YoY) | 133 | 196 | 290 | 44 | 52.4% | 3.0 |
| Park Ridge | $651,860 (+16.4% YoY) | 131 | 176 | 248 | 45 | 43.1% | 2.5 |
| Wilmette | $1,279,234 (+6.2% YoY) | 118 | 151 | 209 | 35 | 61.9% | 1.8 |
| Berwyn | $374,776 (-3.4% YoY) | 110 | 135 | 242 | 60 | 47.8% | 3.3 |
| Elk Grove Village | $375,775 (-2.0% YoY) | 108 | 136 | 186 | 41 | 50.6% | 2.2 |
| Wheeling | $299,821 (-7.7% YoY) | 96 | 116 | 195 | 58 | 38.4% | 2.9 |
| Lansing | $199,880 (-4.8% YoY) | 89 | 141 | 250 | 61 | 39.2% | 5.2 |
| Oak Forest | $317,310 (+6.7% YoY) | 88 | 106 | 164 | 53 | 46.6% | 2.6 |
| Elmwood Park | $370,778 (+5.2% YoY) | 87 | 109 | 171 | 51 | 41.3% | 2.6 |
| South Holland | $215,871 (-1.9% YoY) | 86 | 93 | 218 | 94 | 32.2% | 3.9 |
| Calumet City | $169,399 (-1.4% YoY) | 85 | 117 | 301 | 100 | 43.5% | 6.5 |
| Niles | $435,989 (+26.4% YoY) | 84 | 106 | 165 | 50 | 45.2% | 2.4 |
| Morton Grove | $474,716 (+10.4% YoY) | 83 | 108 | 161 | 46 | 38.4% | 2.6 |
| Park Forest | $165,901 (+12.9% YoY) | 73 | 113 | 242 | 77 | 35.3% | 6.6 |
| Homewood | $247,202 (+6.6% YoY) | 71 | 116 | 219 | 67 | 27.6% | 5.1 |
| Palos Hills | $304,818 (+14.5% YoY) | 67 | 89 | 148 | 52 | 38.5% | 3.4 |
| Rolling Meadows | $359,785 (+6.6% YoY) | 66 | 105 | 146 | 42 | 50.1% | 3.4 |
| Cicero | $332,301 (+7.2% YoY) | 66 | 97 | 185 | 61 | 39.2% | 4.9 |
| Burbank | $311,813 (-2.6% YoY) | 63 | 87 | 148 | 53 | 42.7% | 3.8 |
| Westchester | $393,764 (+5.0% YoY) | 61 | 82 | 116 | 40 | 66.8% | 2.3 |
| Dolton | $149,910 (-11.8% YoY) | 61 | 91 | 218 | 94 | 36.8% | 6.7 |
| Forest Park | $346,293 (-8.3% YoY) | 61 | 77 | 128 | 43 | 45.1% | 3.2 |
| Western Springs | $1,080,403 (+18.1% YoY) | 61 | 80 | 109 | 38 | 53.5% | 2.1 |
| River Forest | $669,599 (+1.1% YoY) | 59 | 56 | 93 | 43 | 41.5% | 1.4 |
| Chicago Heights | $192,885 (+2.1% YoY) | 57 | 93 | 182 | 73 | 46.5% | 5.3 |
| Prospect Heights | $351,290 (+5.5% YoY) | 57 | 71 | 102 | 52 | 41.2% | 2.3 |
| Palos Heights | $329,803 (-9.6% YoY) | 56 | 72 | 108 | 47 | 32.8% | 2.6 |
| Evergreen Park | $330,802 (+10.3% YoY) | 55 | 75 | 118 | 64 | 53.8% | 3.0 |
| Brookfield | $394,764 (+3.6% YoY) | 54 | 73 | 102 | 39 | 56.7% | 2.6 |
| Matteson | $259,844 (+8.3% YoY) | 54 | 72 | 150 | 88 | 24.6% | 4.8 |
| La Grange | $587,149 (+6.8% YoY) | 53 | 76 | 106 | 45 | 63.6% | 2.8 |
| Winnetka | $1,878,876 (+10.5% YoY) | 53 | 58 | 86 | 30 | 61.7% | 1.2 |
| Country Club Hills | $237,808 (+24.5% YoY) | 53 | 103 | 190 | 63 | 38.5% | 6.3 |
| Barrington | $594,644 (+0.2% YoY) | 51 | 77 | 106 | 45 | 26.1% | 2.9 |
| Markham | $154,907 (-6.1% YoY) | 50 | 80 | 156 | 77 | 49.1% | 5.9 |
This article has been generated, in whole or in part, using generative artificial intelligence (AI) technology, with input from Redfin head of economic research Chen Zhao. While efforts have been made to ensure the accuracy and reliability of this information, you should independently verify all data, facts, and citations contained in this article before relying on it for any purpose. This information is not a substitute for advice from a real estate agent, financial advisor, or other licensed professional. County-level data is not seasonally adjusted. Check the Redfin Data Center for additional in-depth housing market data.
I was an early adopter of AI for the least glamorous reason imaginable.
It was 2021, and I was going through a divorce and had a pile of paperwork and a very expensive attorney. AI turned out to be a gift from above. I discovered an Apple app, Typing Mind, and learned about API keys to access multiple AI providers — OpenAI, Anthropic, Google, Perplexity, OpenRouter — through a single frontend.
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To the uninitiated, like me, it was transformational. Where before I had felt powerless and uninformed, now I felt more informed and a little confident, too. The AIs were helpful and full of suggestions for my attorneys (which they hate by the way). I began to have some hope.
But I soon learned that AIs are like “that friend”: You know the one who’s super helpful, always hyping you up, super confident but gets their information from YouTube or Reddit. Well-intentioned but prone to text you at 10 p.m. with political conspiracy theory videos they saw on Facebook.
You love them. They mean well, but …
AI models are fast, helpful and eager to please. They are also too friendly, too confident and more than willing to invent details when the real answer isn’t in their data. In plain English, they will lie with the confidence of a 3-year-old to keep you happy and make you think they’re smart
I learned to prompt the models to cite sources and provide links. The more I used them, the more I learned how to use them. And the more I used them, the more I learned I couldn’t trust them.
It’s the defining feature of the technology, and real estate agents need to understand it before they build a business around it.
Once you start testing models side by side, the pattern shows up quickly. One model sounds more polished. Another sounds more analytical. Another sounds warmer. But the behavior is consistent across the board. They are designed to be helpful and engaging.
That’s great when you are drafting an email to a past client, but less great when you are making decisions about a property, a loan, a contingency or whether that crack in the foundation is “cosmetic” or structural.
A model will tell you “this seems like a fair price” with complete confidence, but it doesn’t know that the comps it’s using are six months stale or that the comparable sale it’s referencing closed 12 percent below asking because the foundation was failing. The model doesn’t know what it doesn’t know. It just sounds like it does.
Real estate is where AI gets interesting because the industry runs on information, timing and interpretation. That makes it a natural place to use AI and a dangerous place to use it lazily.
The National Association of Realtors 2025 Technology Survey found that 68 percent of agents now use AI tools in their business, yet only 20 percent use them daily. That gap isn’t about access. It’s about trust. Agents are experimenting, but they haven’t integrated AI into their workflow.
Agents are already using AI for listing copy, social media, email follow-up, market research and client education. Consumers are already using it to compare homes, summarize neighborhood data and ask questions they used to ask a human first. Vendors are already selling AI as though it is a shortcut to intelligence.
It’s just a shortcut, and that’s why verification is the new core skill.
The real estate industry has always loved the promise of a shortcut. A better lead source. A smarter CRM. A predictive pricing tool. A dashboard that will somehow replace discipline, judgment and follow-through.
AI slots into that dream because it sounds like the next upgrade. It is faster, cheaper, writes better and has no problem doing all the things agents and assistants hate doing, so of course, vendors are pitching it like a panacea.
That is why so many vendors are selling AI the way they used to sell “synergy” and “blockchain.” They know the average user will not check the work. They know most people are too busy, too trusting or too relieved that the machine wrote the email for them.
But in real estate, convenience without verification is just a fast way to get into trouble.
The smartest people I know are not treating AI like a magic wand. They are treating it like a junior assistant who works very fast and occasionally tells lies with eye contact.
That means the output gets reviewed. The facts get checked. The assumptions get tested. The final word stays human.
This is where real estate becomes the perfect case study for AI trust. The industry already depends on translation. We take complex facts and turn them into usable advice. We explain contracts, financing, market behavior and why the seller’s “firm” price is negotiable when the home has been on the market for more than 30 days.
That makes AI useful, but it also makes it risky. Because we are in a business where a shortcut can cost a client tens of thousands of dollars, confidence is not enough. We need verification.
Ultimately, AI can be a timesaver and a great starting point, and for those who understand that simple fact, AI is a great tool. However, it is not the final answer.
That distinction matters because consumers are being told that AI can help them write listing descriptions, summarize market trends, answer pricing questions and explain contract language. Some of that is true.
Some of it is useful. But useful is not the same thing as trustworthy, especially when the thing being discussed is governed by a regulatory framework that gets very tetchy when it catches people being lazy.
The winning agents in the next cycle will not be the ones who adopt AI fastest. They will be the ones who learn to verify AI output fastest. They will be the ones who treat the model as a starting point, not a final answer.
Rising incomes and stock market gains have created more luxury buyers; however, the Agency’s inaugural mid-year report reveals supply lags behind.
The affordability crunch has reached the luxury market, according to The Agency’s inaugural Red Paper Mid-Year Report. The report, which dives into six major trends from the Gen-X and Millennial wealth transfer to the impact of artificial intelligence, contextualizes proprietary and third-party sales data with insights from The Agency’s global network of agents.
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Mauricio Umansky | The Agency
“We are seeing some of the most consequential shifts in buyer behavior and market dynamics in recent memory,” said Mauricio Umansky, CEO and founder of The Agency, in a prepared statement. “This report gives our clients and agents a precise, real-time examination on where the market stands and, more importantly, where it is headed.”
The report revealed that the share of homebuyers with upper-middle-class incomes has risen 210 percent since 1979, going from 10 percent to 31 percent of the U.S. adult population. That — matched with a 142 percent increase in home equity since 2020 and three years of record stock market gains — has increased the number of homebuyers who can afford entry-level luxury homes priced between $1 million and $5 million.
However, inventory levels don’t match demand, creating hyper-competitive landscapes in key luxury markets, including Anchorage, Alaska; Bend, Oregon; Dallas; Marblehead, Massachusetts; and Hilton Head, South Carolina.
Some U.S. homebuyers are looking to foreign locales to stretch their buck, with the report highlighting Canada and Spain as starter-level hotspots.
“Inventory in Canada is the opposite of the U.S., with more luxury homes available now than in 2019,” The Agency Managing Partner Steve Bailey said of the firm’s Waterloo, Brantford, Oakville, Muskoka, Toronto West, York, Niagara, and Halifax regions. “In Canada, our mortgages have terms of five years, so even if you have a 25-year loan, you need to renew it every five years.”
“We’re seeing a more balanced market now, with at least six months of inventory in the C$1 million to C$3 million price range (US$731,000 to US$2.2 million),” he added.
Meanwhile, in Spain, Madrid offers a 40 to 60 percent discount on comparable properties in other European hubs, like London and Paris. However, U.S. homebuyers interested in Madrid should act sooner rather than later, as a surge in demand is pushing prices up.
“Our luxury threshold used to be €800,000 to €1 million (about US$935,000 to US$1.17 million), but now luxury costs €3 million (about US$3.5 million),” The Agency Madrid Managing Partner Patricio Guzman said. “We’ve seen a big influx of investors from Venezuela, Mexico, and Colombia in the past few years, which rapidly pushed up prices.”
The Agency President Rainy Hake Austin said the report reflects how quickly the market has changed since January, and the need to proactively adjust to those changes.
“The Agency has built its reputation on staying ahead of the market, and this mid-year report is a direct extension of that commitment,” she said. “It gives our agents the intelligence they need to guide their clients with confidence through the rest of 2026 and beyond.”
When the market slows down, joining a real estate team can start to feel like the obvious answer.
Leads are harder to come by. Buyers are cautious. Sellers are harder to price. Deals take longer. Then an agent looks around and thinks, “Maybe I just need to join a team, and everything will get easier.“
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Sometimes that is the right move.
But sometimes it is just a panic decision dressed up as a business strategy.
Joining a team can be a great way to get support, structure, mentorship and more opportunities. It can also be a great way to lose time, give up margin and tie your business to someone else’s goals without realizing it until you are already deep in their systems.
Before you join a real estate team, ask these five questions.
Before you ask the team leader anything, ask yourself this first: What do I actually want my real estate business to look like in five years?
If your goal is to become a strong solo agent, the team you join should help you build skills, systems and confidence that eventually allow you to stand on your own. If your goal is to start your own team someday, look for a team where you can learn leadership, operations, lead generation and business math from the inside.
But if your goal is to stay on a team long term and focus mainly on sales, that is a different decision. You may want strong support, consistent lead flow, clear accountability and a structure where you can plug in and perform.
None of these goals are wrong.
The problem is joining a team before you know which one applies to you. It’s hard to choose the right team when you have not defined what you want the team to help you build.
Once you know your goals, you need to understand theirs.
Ask the team leader what the long-term plan is. Are they growing? Are they staying the same size? Are they shifting markets? Are they moving into listings, expansion, coaching, recruiting or something else?
I once heard from an agent who joined a team and loved it for the first six months. The systems were solid, the people were good, and she was finally getting into a rhythm. Then the team leader announced they were retiring and disbanding the team in a few months.
That is a brutal surprise.
She had spent months learning their systems, adjusting her business, and building around a team structure that was about to disappear. That question should have been asked much earlier.
If the team leader’s future does not match the future you are trying to build, you need to know before you join.
A lot of agents join teams because they hear the team is high-producing. That sounds great, but it does not tell you much.
You need to know what kind of business they actually do.
Are they buyer-heavy? Seller-heavy? Investor-focused? New construction-heavy? Relocation-based? Luxury? First-time buyers? Geographic farm? Paid leads? Referral-based?
This matters because you need to know where you fit.
If the team is built around listings and you have never worked with sellers, that may be a great learning opportunity, or it may be a brutal learning curve, depending on the support they provide.
If the team is buyer-heavy and you hate running around showing homes nights and weekends, that might not be the right fit.
You also need to ask about the people side. Will you fit with the team culture? Will you fit with how they communicate? Will you fit with how they distribute leads, handle accountability and manage expectations?
A team is not just a lead source. It is an operating environment. Make sure it is one you can actually succeed in.
This question tells you a lot if you listen carefully.
Ask the team leader what they track, what they care about and what they are trying to improve inside the business. If all they talk about is GCI, volume, units, awards and rankings, pay attention.
Those numbers are not automatically bad, but they are often vanity metrics. They tell you the business looks busy. They do not always tell you the business is healthy.
A better team leader should be able to talk about profitability, net commission, cost per closing, lead conversion, agent retention, client experience, repeat business and how many deals it takes to break even.
That is the kind of person you can learn from.
If your long-term goal is to build a real business, do you want to learn from someone who understands business math or someone who just knows how to look successful online?
The way a team leader talks about their business will tell you a lot about what you are actually joining.
This sounds simple, but agents miss it all the time.
Do not assume that because a team is in your MLS, most of their business is in the city or area you expect. Teams can operate across large markets, and their actual lead flow may be concentrated somewhere very different from where you want to work.
I learned this one personally.
We had a really good team member leave because we never had a clear enough conversation about where most of our listings were. That mattered because our listing leads came from that area. She assumed the business was concentrated closer to where she wanted to work, but it was farther than she expected, and the drive eventually became too much.
That was avoidable.
Ask where most of the team’s buyers and sellers are. Ask where the listing leads come from. Ask how far agents are expected to drive. Geography affects your time, your energy, your profitability and your ability to serve clients well.
Joining a real estate team can be a smart move, but it is not automatically the fix for a slow market.
Sometimes the better answer is to stay solo, buckle down, learn new skills, improve your lead generation and build a stronger business. Other times, a team can give you the mentorship, structure and opportunity you need to grow faster.
Do not join a team just because the market is hard. Join one because it fits your goals, aligns with the team leader’s direction, matches the kind of business you want to build and gives you the opportunity to learn from someone who understands more than vanity metrics.
The right team can accelerate your career. The wrong team can delay it.
In June, Inman goes deep on real estate teams: what it takes to join one, how to build a team worth joining, and yes, when it’s time to leave. During Teams Month, we’ll be drawing on the best team leaders in the country to bring you the insights, frameworks and hard-won lessons that don’t usually make it into the highlight reel.
Josh Ries is a real estate broker and a lead generation consultant. You can connect with him on TikTok and Instagram.
Wendy Forsythe has spent decades in real estate leadership roles, building a reputation as an industry veteran and a visible voice in the brokerage world.
Now, after serving two years as chief marketing officer of eXp Realty and helping lead a brand transformation, Forsythe has been promoted to chief operating officer of the cloud-based brokerage. She is also one of the real estate leaders tapped to join Inman’s new advisory council.
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Forsythe spoke with Inman about her new role, eXp’s evolving operations, the role of AI in brokerage support and what she hopes to see from Inman’s next chapter.
The following conversation has been edited for length and clarity.
Inman: You were recently promoted from CMO to COO at eXp Realty. What were some of the initiatives from your time leading marketing that you were most proud of?
Forsythe: Since I’ve joined eXp, we completely took the brand through what we called a brand glow-up. The look and feel and how the eXp brand shows up in the marketplace, we modernized in every way — from the colors, logo, design and aesthetic to the messaging of the brand and how we talk about the brand.
That has been really important because we needed the energy of the brand to match the energy of the stakeholders in the brand. When you think of our agents, who are high-performing professional entrepreneurs out there in the marketplace, those two things need to align. To bring the brand and our agents’ energy into alignment has been something I’ve been hugely proud of.
We’ve also brought some great products in terms of increasing our value proposition to the agent. Canva is one. We were the first to introduce Canva at an enterprise level to the platform and add that to our value stack for our agents. That was a huge initiative.
I’ll never forget when we rolled Canva out to the agents. We did it at our big event, eXpcon, and that was like an Oprah moment on stage, saying, “You’re all going to get Canva at no additional cost.” Almost 6,000 people in that audience went crazy because they were already Canva users.
eXp Realty has roughly 83,000 agents, and it is also now integrating NextHome. What are some of your goals in the COO role, and what does “agent-obsessed operations” look like at that scale?
If we talk just from the eXp Realty perspective, which is where I am hyper-focused, we have always been the most agent-centric brokerage on the planet. That is our North Star.
We are at such an inflection point right now with AI and the opportunity that it gives us to really be AI-forward in how we operate a brokerage business. We closed 343,000 transactions last year as a brokerage. You can imagine the volume of work that is for an operations team to get every single agent involved in every one of those transactions paid every single day. We do that in a matter of minutes, and that is our commitment.
To be AI-forward yet people-centric is at the core of our operations commitment. For me, stepping into the role of COO is to help bring that vision to the next level, because we have this inflection point of reimagining what that looks like using AI in brokerage operations. It has given us a whole new world to think about what best practices look like, because tomorrow and today are not what yesterday was in our business.
The nature of competition in brokerage has changed so much. It is not just tech stack or agent tools anymore. There are also questions around transparency, control over listings, consumer interests and broader industry principles. What is your industry thesis right now?
My ethos is that we are at a pivotal moment in the industry, and all of us in leadership need to anchor on transparency and what is right for the consumer. If we anchor our decisions on that, we’ll navigate through the various decisions that need to be made in the right way to get to the right place.
We are all running businesses. We are all responsible to our shareholders. We are responsible to the stakeholders in our businesses, and we should be competitive. We need to be competitive. That’s what business is. But you can be competitive and still anchor on doing the right thing for the consumer. That is how we compete every single day, and that is how we want our agents to show up and compete every single day.
We will continue to do that in a very compelling way and in a way that will continue to see eXp grow in market share, grow in agent count and grow in all of the KPIs that are important for our business to grow in.
Shortly after the NAR settlement, eXp introduced forms and made them available for others in the industry to use. From an operations perspective, do you expect eXp to continue down that same path around forms, plain language and open-sourcing resources when it makes sense?
If it anchors in, “It’s the right thing to do for the consumers, it’s the right thing to do for the business,” we’ll always anchor in that first as we make our business decisions. We’ll make the right decisions around that for the business, and then we’ll compete to go out there and compete for business from there.
Holly [Mabery] is at the legislative meetings with NAR this week representing us. We have such a strong leadership team. When we talk about the overall value proposition of a business, the leadership element of that is one of the things that you can’t copy and paste. It is one of the things that I am most proud of as being part of the leadership team here at eXp. Leo [Pareja] and Holly and myself and Carrie Lysenko and Seth Siegler and, obviously, Glenn Sanford — we are just a team of practitioners who are out there every day living and breathing this industry.
I think our customers, our agents, respect that. I was on a call with an agent today, and he told me they respect that we have sold real estate, that we have dealt with forms, that we have been on committees, that we’ve walked the walk.
Pivoting to the Inman Advisory Council — how did that come together, and why did you decide to join?
Inman is in a new chapter with Tom [Bohn] stepping in as the new CEO. I was excited to welcome Tom into the role. I have been part of the Inman community for literally decades. Inman has been an important part of my career. I value the community so much. I value the place the community has in the industry.
When Tom’s announcement was made, I reached out to him right away to welcome him and introduce myself to him. That led to a conversation where he shared some of his thoughts and his goals. Being himself an outsider to the industry, one of the things he shared was that he wanted to put together this group of industry people that he could use as a sounding board and rely on to give him input, and to give the Inman leadership input, as they were imagining and crafting this next chapter for Inman.
He wanted people who were outspoken enough to give real opinions, because that is what we need as leaders. We need real feedback to help guide and craft decisions that we make. I was honored when he asked if I would participate, and I’m excited to be part of it and see this evolution of what the next chapter of Inman becomes.
The first advisory council meeting will be at Inman Connect San Diego. What are some ideas you would like to present? What would you like to see Inman cover more, or what conversations should the industry be having right now?
There is always a perspective about diversity in voices and getting as many different voices as possible as part of the conversation. I think there is an opportunity for that. Of course, you have to balance bringing the news to the industry, and the news is often made by a select few of those voices. But there are a lot of amazing stories out there that I think could balance that out.
In what we run, we are running stories all the time about our agents, so we try to find that same balance. I think that would be one of the things I would encourage: diversity in storytelling, not just from the headlines of industry news, but a different type of storytelling about what is happening in this industry from the ground level and the field level.
It does feel like we often hear from industry leaders and corporate voices, but at the end of the day agents are licensed professionals, independent contractors and the people carrying risk in the field. Is there anything else you would want to add about the industry, your new role or what agents need right now?
It is a time of change in the industry, and for agents, working in a stable environment has never been more important. In my new role and here at eXp, that is one of the things that we work toward every single day: providing that stability for them.
They know they can count on their brokers to be there to answer questions for them when they need us. They can count on getting paid quickly when those commission checks come. They can count on us to be there working for them on these important issues that are happening out in the industry.
That is more important than ever before. That is what I’m excited about: I get to represent all of our agents every single day.
SERHANT. is launching across four Texas markets simultaneously Tuesday, bringing 13 founding agents and six independent brokerages with nearly $1.5 billion in combined sales volume to the firm as it enters its 17th state.
SERHANT. is launching operations across four Texas markets simultaneously Tuesday, bringing 13 founding agents and six independent brokerages to the firm as it enters its 17th state.
The agents and brokerages joining at launch have collectively closed nearly $1.5 billion in combined sales volume over the past 12 months. The Texas expansion — spanning Houston, Dallas, Austin and San Antonio — follows the firm’s entrance into California earlier this year and extends a national footprint the company has been building since its 2020 founding in New York.
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Susana Sarvis will lead Texas operations as managing director and broker of record. A Houston native with more than 17 years in the industry, Sarvis previously held leadership roles at Real Brokerage, Compass and John Daugherty, Realtors.
Susana Sarvis | Houston Managing Director & Broker | SERHANT.
“After spending more than 17 years helping agents grow their businesses and navigate an evolving industry, I couldn’t be more excited to join SERHANT. and lead our Texas expansion,” Sarvis said in a statement. “Texas is home to some of the most dynamic luxury markets in the country, and I look forward to helping our agents elevate their businesses while delivering exceptional experiences for buyers and sellers across the state.”
The firm said the six brokerage agreements are not acquisitions; each independently chose to align with SERHANT. for access to its proprietary AI platform, S.MPLE, and its media infrastructure. Those brokerages include Truss Real Estate in Houston, led by Chris Phan; Evoke Realty in San Antonio, led by David Garcia Jr. and Alanna D’Antonio Garcia; MRA Realtors in Dallas, led by Robert Alvarez Jr. and Lisa Martin; KF Real Estate in Austin, led by Kasey Fagan; and Steele Portfolio Real Estate in Austin, led by Ellen Steele, who will operate as The Ausperity Group at SERHANT.
CitiQuest Properties, a Houston-based brokerage founded in 2008 and specializing in new construction and development, is also joining. Burbridge has spent 22 years in real estate, closing nearly $150 million in sales over the past 12 months and surpassing $2 billion in career volume.
Founding agents work in various markets. In Houston: Eric and Erika Nelson of Nelson Co., Nicole Lopez of Marlowe Group and Michael Bass of Bass Client Collective. In Austin: Arion and Nicole Crenshaw of Crenshaw Residential Group and Dustin Weiss of The Weiss Group. In Dallas: Matt Keeton, Aaron Shockey of Aaron Shockey Group and Michael Petersen of Petersen Real Estate Group.
SERHANT. reported $7.1 billion in sales volume in 2025 and said it has grown more than 100 percent year over year. The firm now operates in 17 states with more than 2,000 agents.
Email Jessi Healey
The real estate industry is experiencing a growing divide.
At one end are the mega brands — large-scale companies with massive technology investments, recruiting power, national visibility and acquisition-driven growth strategies. At the other end are boutique independents — highly localized firms winning through niche positioning, culture, relationships and hyperlocal expertise.
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Caught in between is the industry’s middle class: midsized brokerages, regional franchise systems, independent growth brands and emerging hybrid companies. And the pressure on that middle has never been greater.
For years, midsized brokerages thrived by offering what many agents wanted most: support, accessibility, culture, training, local leadership and operational flexibility.
But today, nearly every company claims those same differentiators.
Mega brands now market culture. Virtual models market collaboration. Independents market authenticity. Everyone markets technology.
The lines between brokerage models are rapidly disappearing, making it harder for midsized companies to clearly define what makes them different.
The recent acquisition activity throughout the industry has only accelerated that reality.
The integration of NextHome into eXp became one of the clearest signals yet that franchise and virtual models are no longer operating in separate lanes. The industry is converging, and that creates a difficult question for the middle: What exactly becomes the competitive advantage now?
Technology used to differentiate companies. Today, much of it has become commoditized.
Revenue share once felt revolutionary, but now it has become common conversation. Cloud-based operations are no longer unique, and even physical office space has become optional in many markets.
As a result, midsized brokerages are finding themselves squeezed from both directions.
Large companies continue using scale, acquisitions and recruiting visibility to dominate market attention, while smaller boutique firms lean heavily into identity, local expertise and personalized culture.
The middle often struggles to communicate why it matters differently.
And yet, many of these companies still represent the backbone of real estate in communities across America, especially in secondary markets, suburban regions and relationship-driven towns where local trust still matters deeply.
The challenge is that maintaining midsized operations has become increasingly difficult in today’s environment.
Margins are tightening. Technology costs continue rising. Recruiting expenses are growing. Consumer expectations are evolving rapidly. Compliance demands continue increasing. And transaction volatility has made operational predictability far more difficult.
For many midsized companies, scale is becoming necessary simply to survive.
Which raises the next question: Do midsized brokerages evolve, consolidate or disappear?
Some will likely become acquisition targets. Others may merge to strengthen regional presence. Some will reposition themselves as highly specialized firms focused on niche markets or elevated service models.
And some may thrive precisely because they remain midsized. Because despite all the industry changes, there is still enormous value in accessibility.
Many agents want leadership they can actually reach. They want decision-makers who understand their market. They want culture that feels personal instead of corporate.
That remains a powerful advantage — if executed well.
But midsized brokerages must become clearer than ever about who they are and why they exist.
“Full-service” is no longer enough.
Companies that survive the next decade will likely have extremely defined identities — community-driven, luxury-focused, technology-forward, agent development-centered, hyperlocal, investor-focused or relationship-first.
The middle can no longer afford to be generic.
At the same time, many of the industry’s largest companies are discovering that scale alone does not automatically create loyalty.
Agents today move faster than ever. Brokerage loyalty has weakened significantly. Recruiting has become more transactional. And many agents now view brokerages as platforms rather than long-term homes.
That creates opportunity for midsized companies willing to adapt.
Because while the giants battle for scale, many agents are still searching for connection, leadership, accessibility, authenticity and identity.
The next era of real estate may not belong exclusively to the biggest companies.
It may belong to the most adaptable ones — and adaptability often lives in the middle.
The brokerages that survive this consolidation era won’t simply be the ones with the most offices, the largest recruiting numbers or the loudest branding. They’ll be the companies that understand exactly who they serve, how they create value and why agents should stay when every competitor is promising the same thing.
The middle of the industry is under pressure. But pressure also creates reinvention. And the next few years may determine whether the middle disappears entirely — or emerges as the industry’s most important category.
A real estate script is off-the-rack. It fits no one perfectly, coach Darryl Davis writes. A custom metaphor is tailored to the person sitting with you.
Buyers and sellers can smell a memorized script from across the kitchen table, and the moment they do, your credibility drops. The fix is not a better script. It is learning to explain your value and handle objections with stories and analogies built for the specific person in front of you.
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Here is the simple system I have taught real estate professionals for years to do exactly that, on the spot.
A script is off-the-rack. It fits no one perfectly. A custom metaphor is tailored, cut to the person sitting with you. The acronym that lets you tailor on the fly is FORM: Family, Occupation, Recreation, Memories.
FORM is not something you spring at the closing table. It is intelligence you collect during the interview, while you are building rapport and asking about where they want to go next. As they talk, you are quietly filing away four things.
Say a seller who teaches third grade tells you, “I think I can just sell it myself.” Reach for her world.
“You know how a motivated parent can teach a child to read at home, and some really do a wonderful job? Yet schools still exist, because there is a whole system behind getting consistent results for every child. Selling a home is similar. You absolutely could do parts of it. My job is the system around it, the exposure, the negotiation, the dozen things that go sideways if no one is managing them.”
That lands far softer than “How many homes have you sold?”
Say a homeowner who runs a small construction business tells you, “I think my buddy in the business will just handle it.” Reach for the trade.
“You know how someone can hire a guy who frames on the weekends, and sometimes it works out fine? But when it is their own house, most people want the licensed pro who does it every day and stands behind the work. I am the full-time professional for the biggest sale of your life. Your friend may be terrific. The real question is whether this is the deal you want to learn on.”
Or the discount objection from a frequent traveler: “Another company will do it for less.” Use the road.
“When you book a trip, the cheapest flight is not always the one you take, right? Sometimes the bargain has three connections and lands at midnight. Price is one number on the page. What you are really buying is whether you arrive smoothly. My job is to get you to the closing table smoothly, and that is where the real money is made or lost.”
None of this works if you walk in cold, so collect FORM intelligence with simple, genuine questions while you build rapport. Map them to the acronym so nothing slips by.
By the time an objection surfaces, you already have the perfect frame waiting, drawn from their own life rather than a script.
Watch your timing, too. The goal is not to ambush a homeowner with an analogy the second they raise a concern. Listen fully first, let them feel heard, and then offer the picture. A metaphor delivered too quickly feels like a tactic. The same metaphor delivered after genuine listening feels like understanding, and understanding is what earns the listing.
Your first homemade metaphors will be a little clumsy, and that is fine. Repetition smooths them out. The clumsiest custom analogy still beats the slickest canned line, because it was built for that person.
So, at your next appointment, stop rehearsing lines and start listening for Family, Occupation, Recreation and Memories. Find those, and the perfect metaphor practically builds itself.
Darryl Davis, CSP, is a nationally recognized real estate speaker, bestselling author and coach with more than 40 years in the industry. Learn more at darrylspeaks.com.
A low appraisal can throw a wrench into a home sale, creating challenges for buyers, sellers, and lenders alike. The good news is that a low valuation doesn’t always mean the deal is dead. Knowing how to challenge a low appraisal can help you present additional evidence, correct errors, and potentially secure a revised valuation.
In this Redfin guide, we’ll walk through the steps to challenge or appeal a low appraisal, from reviewing the appraisal report to requesting a Reconsideration of Value (ROV). Whether you’re selling a home in Hawthorne, CA or buying a house in Wellington, FL, understanding your options can help you move forward with confidence.
In this article:
What happens when an appraisal comes in low?
Before the appraisal: How to strengthen your case from the start
Step 1: Review the appraisal report for errors or missing information
Step 2: Gather stronger comparable sales and supporting documentation
Step 3: Request a Reconsideration of Value (ROV)
What if the appraisal value doesn’t change?
How to challenge a low appraisal: Key takeaways
FAQs about challenging a low appraisal
A low appraisal occurs when a home’s appraised value is less than the agreed-upon purchase price. Because lenders typically base the loan amount on the appraised value rather than the contract price, a low appraisal can create a gap that must be addressed before the transaction can move forward.
While a low appraisal can delay a transaction, it doesn’t automatically mean the sale will fall through. Understanding your options and acting quickly can help buyers and sellers find a path forward.
When an appraisal comes in low, buyers and sellers generally have several options:
>> Discover: Home Appraisal Tips for Sellers: What Hurts (and Helps) a Home Appraisal?
While homeowners can’t control the outcome of an appraisal, they can take steps to ensure the appraiser has accurate and complete information about the property. Being proactive can help highlight upgrades, recent market activity, and comparable sales that support the home’s value.
“We always coach our franchisees that are selling a retail or rehabbed property to be proactive regarding the appraisal process,” encourages Kyle Amerson, franchise owner and development agent at WeBuyUglyHouses. “Leave a packet at the front door for the appraiser, containing the comparable sales (hopefully 3-5) used to support the list/contract price, a list of all features and updates/remodeling that was completed by the seller, and a summary of the number of showings, feedback, and offers (hopefully multiple). Keep the packet simple, if it looks like you are trying too hard to justify your value it might be a red flag.”
>> Read more: How to Prepare for a Home Appraisal (and What You Need to Know)
Before submitting an appeal, carefully review the appraisal report for mistakes or missing details that may have affected the home’s valuation. Even small inaccuracies can influence an appraiser’s opinion of value, making this an important first step in the process.
Pay close attention to the following:
As you review the report, make note of any discrepancies and gather documentation to support your findings. This might include floor plans, permits, receipts for improvements, recent comparable sales, or photographs of upgrades.
If you identify errors or believe the appraiser overlooked important information, those details can become the foundation of a Reconsideration of Value (ROV) request. A fact-based approach supported by evidence is typically more effective than simply arguing that the home’s value should be higher.
If you believe the appraisal undervalued your home, the next step is to build a strong case with relevant comparable sales and supporting evidence to increase your appraisal value. The goal is to demonstrate why the property’s value may be higher than the appraiser’s conclusion using objective market data rather than personal opinions.
When gathering documentation, focus on:
“To protect against a low appraisal, the listing agent should always meet the appraiser at the property with a curated pack of localized comparable sales to justify the purchase price,” states J.D. Songstad, realtor at MrWestside Real Estate. “If the valuation still comes in low, your next move is to submit a formal appraisal review through the management company. This appeal requires providing highly relevant comps – ideally within a one-mile radius – along with clear, line-item notes detailing how your property’s size, condition, and features compare. Fighting a low appraisal is challenging, but a precise, data-driven argument is your best shot at saving the deal.”
Once you’ve reviewed the appraisal report and gathered supporting evidence, the next step is to formally challenge the valuation through a Reconsideration of Value (ROV). An ROV is a request for the appraiser to review additional information that may have been overlooked or reconsider comparable sales that could support a different valuation.
“If your home appraisal comes in lower than expected, don’t panic. You have the right to request a Reconsideration of Value (ROV) through your mortgage broker or lender,” shares Colin Wellman at Silicon Beach Homes. “Work with your real estate agent to identify the strongest comparable sales that best support your home’s value and provide evidence of any overlooked features or upgrades. If the appraiser’s selected comparables are not the best representation of your property, clearly explain why and submit better-supported alternatives as part of the Reconsideration of Value request.”
The process typically involves working with your lender or mortgage broker to submit:
Even after a Reconsideration of Value (ROV), there’s no guarantee that the appraiser will adjust the home’s valuation. If the appraisal remains unchanged, buyers and sellers still have several options for moving forward with the transaction.
“If the value remains unchanged, the seller still has options: the borrower can make up the difference in value with cash and move forward with the purchase at the originally agreed upon price,” says Kyle Amerson at WeBuyUglyHouses. “The seller can agree to a price reduction. The buyer can terminate with their financing contingency, and the seller can go back on market, or accept one of the other offers received.”
Depending on the situation, the parties may choose to:
>> Check out: What Hurts a Home Appraisal? And 7 Things You Can Do to Fix Them
A low appraisal can create obstacles during a home sale, but it doesn’t always mean the deal is over. Start by reviewing the appraisal report for errors, overlooked upgrades, or comparable sales that may not accurately reflect your property’s value. Then, work with your real estate agent and lender to gather stronger evidence and submit a Reconsideration of Value (ROV).
While there’s no guarantee the appraised value will change, a well-supported, data-driven appeal can improve your chances. If the appraisal remains unchanged, buyers and sellers may still be able to move forward by renegotiating the price, covering the appraisal gap, or exploring other solutions.
An appraisal may come in lower than the purchase price when the appraiser finds that recent comparable sales don’t support the agreed-upon price. Other factors, such as changing market conditions, limited comparable homes nearby, or differences in the property’s condition and features, can also impact the final valuation.
Yes, a seller can help challenge a low appraisal by working with the buyer, lender, and real estate agents to provide additional information that supports the home’s value. While the formal Reconsideration of Value request typically goes through the lender, sellers can provide comparable sales, upgrade details, and other documentation to strengthen the appeal.
>> Discover: How to Contest a Real Estate Appraisal
Yes. Lenders typically use the appraised value – not the purchase price – to determine the maximum loan amount. If the appraisal comes in lower than expected, the buyer may need to bring more money to closing or renegotiate the terms of the sale.
In some cases, a second appraisal may be possible, but it depends on the lender, loan type, and circumstances surrounding the original appraisal. Buyers should discuss their options with their lender before ordering another appraisal.
Waiving an appraisal contingency can make an offer more competitive, but it also means the buyer may be responsible for covering a larger appraisal gap if the home’s value comes in lower than expected. Buyers should consider their financial situation and risk tolerance before waiving this protection.
>> More questions? Should I Be Waiving the Appraisal Contingency?