Tag Archive for: market value

$839K Listing Sells For $300K Over; Provides Two Great Appraisal Lessons!

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Per our client’s agent, there were 22 offers – and our client’s $1,150,000 offer was not even in the running. So, we’re assuming the home sold for close to $1,200,000, but we won’t know for sure until it closes. The home is a 1,600 SF, 3/2 with a 1-car garage, built in 1948. AND – IT PROVIDES TWO EXCELLENT APPRAISAL LESSONSRead More

“It’s Raining Low Appraisals” Why & What To Do

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We have seen an onslaught of low appraisals recently. The primary reason is that the market is heating up in some areas – so offers are coming in that are higher than all of the closed comparable sales in the immediate neighborhood.Read More

Appraised Value Can’t Exceed Highest Comps; Appraised Value ≠ Market Value; WHY WE NEED AGENTS!

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We had an appraisal come in $40,000 under contract a few weeks ago – and both the buyers and sellers were furious… solely because they did not understand appraisal guidelines.Read More

How Much Power Do Appraisers Have Over Market Values? Holy Rate Volatility, Batman!

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Boing, Boing, Boing, Boing The above subheading is the sound of interest rates bouncing up and down, and today they are way up. This is exactly the type of volatility […]Read More

No Appraisals For Loans Under $400,000; “New Home Premium;” Appraised Value’s Not Market Value

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I want to share a few more interesting comments about appraisals today. On Wednesday I blogged about how appraisers can’t ignore comps that don’t support value. The agents wanted us […]Read More

When “Appraised” Value Is NOT Market Value

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Because the market is heating up again, we have had several appraisal issues recently where there were simply no comparable sales available to support the contract price (despite multiple offers […]Read More

Appraised Value Often Does Not Equal Market Value

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In hot housing markets, appraised value often trails market value because appraisers must rely on recent closed sales, not current offers or pending deals, which can understate a home’s true worth.Read More

Paying More Than Appraised Value? Why? Appraisal Not Market Value

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Several realtors have asked why borrowers are willing to pay over appraised value. There are several reasons that we have observed: (1) the buyer is a 27 year old social […]Read More

Appraised Value Often Not Market Value; Happy Thanksgiving!

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This is a reminder that appraised values often do not reflect market values. Appraisers are trained to make a concerted effort to correlate to contract price whenever there is a […]Read More

Why Appraisals Do NOT Reflect Market Values In Hot Markets

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Appraisals don’t always match rising home prices in hot markets. Since appraisers can only use closed sales, fast-moving price increases are often missed.Read More