Stay Ahead of the Curve: Don’t Let Low Appraisals Derail Your Plans

2025-05-22 | 09:25:31

There’s a new trend in town: low appraisals. Mortgage professionals are seeing home sale prices that aren’t supported by comparable sales. This is happening more frequently and not only in areas where there are bidding wars pushing offers above what lenders consider “fair market value.”

Keep in mind, lenders focus on what an independent appraiser says the home is worth, and not the purchase price of the home. If the appraisal comes in lower than expected, the buyer could have a financing gap on their hands – unless the shortfall can be made up with cold, hard cash, the bank of Mom and Dad, or cash advances on credit cards (not recommended and requires requalification of your mortgage due to increased debt servicing ratios). Failing those options, the entire transaction could fall apart.

The benefits of staying ahead of the curve and getting the appraisal done as soon as your offer is accepted include avoiding last-minute surprises, staying on schedule, and not having to find new financing or renegotiate terms. If you’ve ever purchased a home before, you know exactly what I’m talking about.

If you're buying a home

• build in a five-day financing condition to your offer
• get an appraisal done before you waive any conditions
• avoid making emotional decisions
• talk to a mortgage professional, like me – before you start looking for a new home

If you’re refinancing your mortgage…

• the lender may use an Automated Valuation Model (AVM), a computer program that uses statistical modeling and current property information to estimate the value of a property. The information is available immediately to confirm if your property value is supported. If not, an independent appraisal may be ordered and could possibly change the valuation of your property.
• talk to a mortgage professional, like me

Let me help you find the perfect mortgage! It’s not necessarily the one that offers the lowest rate, but rather a complete package of terms, conditions, rates, and fees that fit your specific short and long-term financial goals. Connecting with me is easy!

Congratulations Sid Stacey

The Stacey family is proud to announce that Sid Stacey has been appointed to the Public Health Agency of Canada’s Suicide Prevention Expert Roster.

This opportunity means Sid will be working alongside a dedicated team of professionals to help advance national suicide prevention strategies and support efforts to improve mental health across Canada. As a member of this expert roster, Sid will provide scientific advice and evidence-based insights to guide federal policy development and strengthen suicide prevention efforts. ️

We are so grateful for Sid’s passion and dedication to this vital cause, and we know this work will make a meaningful impact on those who need it most.

Mental Health Week (May 5-11): Unmasking Mental Health

Tracy Irwin supported Mental Health Week at CF Lime Ridge Mall in Hamilton, where she shared great conversations and resources.

This year, the Canadian Mental Health Association’s theme is Unmasking Mental Health. Everyone across Canada is encouraged to look beyond the surface and see the whole person. https://cmha.ca/

By embracing honesty and vulnerability, we open the door to deeper connections and the mental health benefits that come with it. In doing so, we can create a ripple effect of courage and understanding across the country.

Locally, a major fundraiser for the Suicide Prevention Community Council of Hamilton is Running For Rachael. 

Running For Rachael 2025: Sunday, September 28

You’re Invited to Participate in One Race, One Mission, One Incredible Community.

Join us in advancing the work of suicide prevention in Hamilton. Running For Rachael is a 5K Walk/Run that starts at CF Lime Ridge Mall in Hamilton. Last year, we raised $40,862.44, and thank you for that!

This year, our goal is 300 participants! Please help us continue to make meaningful changes in our community. Here’s how you can help:

• Read Rachael’s Story 
• Stand at the starting line with 299 other committed and motivated participants
• Walk, run, roll, or stroll your way to the finish line and feel immense pride that you made a difference
• Build a team with family, friends, co-workers, and create a little friendly competition
• Sponsor (as an individual, small business, or corporate enterprise)
• Donate 
• Promote the event by sharing this post and encouraging others to participate
• Volunteer before, during, or after the event

We get it! We’re all living with uncertainty right now. That’s why we’ve reduced the registration fees. Early Bird fees until June 30: $10 per individual and $30 per family. Register today!

One Race, One Mission, One Incredible Community. 

Fun Family Time