On April 8th, Mitsubishi Jisho Real Estate Services together with internet marketing company NEXER, announced the results of a joint survey on the discrepancy between real estate appraisal and actual sales prices.
The online survey was conducted between March 14th to 18th, targeting men and women nationwide who had sold property in the past.
The total number of valid respondents was 410 people.
When asked about the presence or absence of a difference between the appraisal value and the actual sales price, 17.8% responded "there was a significant difference," and 37.3% responded "there was a slight difference," totaling 55.1% who answered "there was a difference."
Among those who responded "there was a difference," 33.2% said they sold for a higher price than the appraisal value, while 66.8% said they sold for a lower price.
Among the 66.8% of respondents who reported selling for less than the appraisal value...
12.6% of these said they sold for "less than 500,000 yen"
20.5% said "500,000 to less than 1 million yen”
25.8% said "1 million to less than 2 million yen”
21.1% said "2 million to less than 5 million yen"
In other words, of the 66.8% who reported actual sales prices lower than the initially given appraised price, 80% of this segment reported a differential of less than 5 million yen.
This meant that also of the 66.8%, approximately 20% reported a lower price difference of over 5 million yen, and about 6% reported a difference of over 10 million yen.
For these large differentials in expected versus actual pricing, “lack of market experience by the seller themselves and/or their agent(s)” was the most common reason given.
Sources:
R.E. Port News (Japanese only)
NEXER K.K. Press Release (Japanese only)
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