{"id":3148,"date":"2022-05-25T15:50:36","date_gmt":"2022-05-25T15:50:36","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/05\/25\/floor-plans-a-real-estate-agents-secret-superpower\/"},"modified":"2025-03-13T02:43:09","modified_gmt":"2025-03-13T02:43:09","slug":"floor-plans-a-real-estate-agents-secret-superpower","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/05\/25\/floor-plans-a-real-estate-agents-secret-superpower\/","title":{"rendered":"Floor plans: a real estate agent’s secret superpower"},"content":{"rendered":"\n

The residential real estate market is no stranger to floor plans \u2014 they\u2019re often part of the home-buying process, typically as a marketing asset on a listing. However, in recent months, floor plans have significantly increased in importance to the sale, moving from a nice-to-have to a must-have for real estate professionals.<\/p>\n\n\n\n

Why have floor plans shifted to secret superpower status? And how can real estate professionals take advantage of them before they become table-stakes on listings? Read on to find out.<\/p>\n\n\n\n

What\u2019s Changed<\/strong>?<\/h4>\n\n\n\n

It\u2019s no secret that we\u2019re currently in a seller\u2019s market. Although forecasts say the market is plateauing<\/a>, low inventory and rising prices mean that challenging times will continue. Used as a marketing tool, a floor plan can make a listing even more attractive to buyers, and especially in the current market as sellers expect buyers to make an offer immediately. <\/p>\n\n\n\n

But to understand why floor plans are more important than ever to the home buying process, it\u2019s important to look at current market context.<\/p>\n\n\n\n

Floor plans and desktop appraisals<\/h4>\n\n\n\n

During the pandemic, the Federal Housing Finance Agency<\/strong> allowed appraisers to complete home appraisals remotely<\/a> (called desktop appraisals). This temporary measure was implemented permanently for single-family homes as of March 19, 2022, with Fannie Mae and Freddie Mac accepting desktop appraisals.<\/p>\n\n\n\n

Because appraisers no longer have to do a physical inspection of qualifying residential properties, other data, such as tax records, public records, and \u2014 you guessed it \u2014 floor plans that show gross living area and other standards, are part of the new requirement.<\/p>\n\n\n\n

What\u2019s more: This news illuminates the deficiencies in the traditional appraisal process.<\/p>\n\n\n\n

Where traditional appraisals go wrong<\/h4>\n\n\n\n

Traditionally, when a seller accepts a buyer\u2019s bid, the buyer works with their mortgage company to kick off the loan process, which involves sending an appraiser to assess the property. Today\u2019s hot market combined with a lack of appraisers means this can take up to 20 days or more to get an appraisal back. This two- to three-week time frame opens both sides up to potential issues.<\/p>\n\n\n\n

For sellers, some of these issues include:<\/p>\n\n\n\n