- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Are houses appraising in accordance with the inflated sales price?
Posted on 7/27/21 at 9:04 am
Posted on 7/27/21 at 9:04 am
I’m in the process of exploring a move. Ideally I would like to build, but with the current prices I just don’t think it’s feasible. I know a couple of people who sold recently. One of them sold for 40k more than they paid for the house in 2018. Are appraisals matching these inflated sales prices?
30
Posted on 7/27/21 at 9:25 am to Chef Curry
No, not in my area anyway. You need extra cash on hand if you buy one that gets into these bidding wars.
Realtors have actually started mentioning this in their listings.
Realtors have actually started mentioning this in their listings.
Posted on 7/27/21 at 10:10 am to Ham Solo
Good to know, thanks!
Posted on 7/27/21 at 10:12 am to Chef Curry
I would hope appraisals don't match the inflated prices, that would mean a shite load more in property taxes. But you can bet that parish/county tax assessors will try to get like a 20% tax higher base towards EOY. That's what those fvcks did in 2006/07 post Katrina.
Posted on 7/27/21 at 10:13 am to Chef Curry
Just completed an appraisal for ours in Nashville. The number matched the current sales prices.
Posted on 7/27/21 at 10:14 am to Chef Curry
Bought in 2016 for 210k and had an appraisal done recently for 280k.
Posted on 7/27/21 at 10:15 am to Chef Curry
Ours did (thankfully) last month, as anecdotal as that is
ETA: one of our comps still showed as pending when we looked it up, which seemed odd
ETA: one of our comps still showed as pending when we looked it up, which seemed odd
This post was edited on 7/27/21 at 10:18 am
Posted on 7/27/21 at 10:16 am to Ham Solo
quote:
No, not in my area anyway. You need extra cash on hand if you buy one that gets into these bidding wars.
Realtors have actually started mentioning this in their listings.
That’s exactly how it is in palm beach county right now. There is not enough inventory to match the crazy demand.
This post was edited on 7/27/21 at 10:18 am
Posted on 7/27/21 at 10:16 am to Chef Curry
Appraiser use the comps within the last 6mnths
Posted on 7/27/21 at 10:16 am to Chef Curry
quote:
I’m in the process of exploring a move
Do you just have to do that right now? It's like the worst time to be buying.
Posted on 7/27/21 at 10:19 am to Chef Curry
Mine just appraised last month for 50 k more than what we bought it for 10 years ago.
My first thought was “let’s sell this bitch” but buying a house around here is tough right now. Almost nothing on Zillow and when a good one pops up someone puts in a bid immediately for full ask or even more.
My first thought was “let’s sell this bitch” but buying a house around here is tough right now. Almost nothing on Zillow and when a good one pops up someone puts in a bid immediately for full ask or even more.
This post was edited on 7/27/21 at 10:21 am
Posted on 7/27/21 at 10:19 am to Chef Curry
Just had my house appraised and yes it is matching the inflated sales price.
My value is up 26% since 10 years ago.
My value is up 26% since 10 years ago.
This post was edited on 7/27/21 at 10:20 am
Posted on 7/27/21 at 10:23 am to Chef Curry
The Orleans accessor is increasing the assessment to the sale price. Fundraising by any other name is still fundraising!
Posted on 7/27/21 at 10:24 am to GetCocky11
quote:
My value is up 26% since 10 years ago.
congrats you didn't even keep up with inflation lmao
Posted on 7/27/21 at 10:25 am to Areddishfish
Yes, they are appraising for the inflated sales price.
Can also attest to this. We have been looking to move for 2-3 years now, but in the past always found a reason not to. We finally decided to go all in and WISH we would have bought 2 years ago. The market is insane. Aside from inventory being low, house prices are crazy. On one occasion we offered the list price less than 24 hours after the house it the market (it was a reasonable price). Lost out because the seller got an offer $20k over list. On another we made an offer OVER a reasonable (at least for this market) list price less than 12 hours after the house went on the market and lost out to an even bigger offer.
At this point we have decided it might be better just to sit out for a bit. Luckily, we don't HAVE to move. I'd be sick if I were in that position right now
quote:
It's like the worst time to be buying.
Can also attest to this. We have been looking to move for 2-3 years now, but in the past always found a reason not to. We finally decided to go all in and WISH we would have bought 2 years ago. The market is insane. Aside from inventory being low, house prices are crazy. On one occasion we offered the list price less than 24 hours after the house it the market (it was a reasonable price). Lost out because the seller got an offer $20k over list. On another we made an offer OVER a reasonable (at least for this market) list price less than 12 hours after the house went on the market and lost out to an even bigger offer.
At this point we have decided it might be better just to sit out for a bit. Luckily, we don't HAVE to move. I'd be sick if I were in that position right now
Posted on 7/27/21 at 10:26 am to Tomatocantender
quote:Huh? An appraisal is supposed to be what the market value is on a house
I would hope appraisals don't match the inflated prices, t
If houses everywhere in your market are selling high, the appraisal should match
Most places the appraiser is simply matching the offer price because honestly old compa are worthless
Posted on 7/27/21 at 10:33 am to Chef Curry
No because appraisers are lazy pieces of shite, and appraisals arent worth anything to a bank.
I keep seeing the price per foot rising in my area, yet when friends get appraisals they're 18 months behind in price.
House goes for sale, they get offers for 10% over list.
I keep seeing the price per foot rising in my area, yet when friends get appraisals they're 18 months behind in price.
House goes for sale, they get offers for 10% over list.
Posted on 7/27/21 at 10:39 am to Chef Curry
Appraisals are always going to lag the current market, but this market is so crazy that you are almost guaranteed to have to bring additional cash to cover the appraisal gap.
Homes in our area are regularly selling for $40-100k over asking.
Homes in our area are regularly selling for $40-100k over asking.
Posted on 7/27/21 at 10:40 am to Chef Curry
quote:
Are houses appraising in accordance with the inflated sales price?
Pretty sure the main component of appraisals are comparable sales (I am not a real estate expert) which would include inflated sales prices.
Posted on 7/27/21 at 10:41 am to Chef Curry
Just got my appraised and it did match what houses are selling for.
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News