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re: Are houses appraising in accordance with the inflated sales price?
Posted on 7/27/21 at 10:48 am to hubertcumberdale
Posted on 7/27/21 at 10:48 am to hubertcumberdale
quote:
which would include inflated sales prices
I think the OP's concern is that they would not keep up and cause a lower appraisal due to the lag (at least that was our big worry when purchasing last month like idiots)
0
Posted on 7/27/21 at 10:50 am to Chef Curry
Mine did not match my offer. Came in low but that was January. They might say it was worth that now.
Posted on 7/27/21 at 10:55 am to Chef Curry
Bought July 2020 for 657,000.
Sold June 2021 for 836,000.
Bought July 2021 for 761,000. Listed for 650,000. Appraised for 685,000.
It’s crazy out there.
Sold June 2021 for 836,000.
Bought July 2021 for 761,000. Listed for 650,000. Appraised for 685,000.
It’s crazy out there.
Posted on 7/27/21 at 11:02 am to Chef Curry
Bought a house in Atlanta in 2015 for $235,000.
Could sell it today for $500,000+ based on similar home sales around me. It's a crazy market.
Could sell it today for $500,000+ based on similar home sales around me. It's a crazy market.
Posted on 7/27/21 at 11:06 am to Chef Curry
Um, yes and no. My best friend's sister's boyfriend's brother's girlfriend heard from this guy who knows this kid who's going with the girl who saw a Realtor negotiating additional value at 31 Flavors last night. I guess it's pretty serious.
Posted on 7/27/21 at 11:11 am to tigernnola
quote:
The Orleans accessor is increasing the assessment to the sale price. Fundraising by any other name is still fundraising!
I assume this is pretty standard practice everywhere. Why wouldn’t the assessed value reflect the most recent sales price?
Posted on 7/27/21 at 11:53 am to Chef Curry
Cash is about to lose much of its value so investment companies are buying up tons of real estate. This is the reason for the inflated prices. It is happening nationally.
This post was edited on 7/27/21 at 11:54 am
Posted on 7/27/21 at 12:06 pm to Chef Curry
Bought my house in 2016 for $251,000. Did repairs after the flood and another major renovation. According to Redfin, it could list for $750,000. Don’t know if it would appraise for that, but it would be interesting if it did.
Posted on 7/27/21 at 12:10 pm to Alt26
Glad I bought my current house about 3 years ago.
Combination of being able to move before prices got insane while getting out of my old neighborhood before the property values collapsed due to a glut of cookie cutter houses hitting the market.
Combination of being able to move before prices got insane while getting out of my old neighborhood before the property values collapsed due to a glut of cookie cutter houses hitting the market.
Posted on 7/27/21 at 12:35 pm to Areddishfish
quote:
Do you just have to do that right now? It's like the worst time to be buying.
I agree it’s not ideal, but who knows how long this will last. My daughter is a year away from starting Kindergarten and I’d prefer for her to start in the place we want to be.
Posted on 7/27/21 at 1:10 pm to Tomatocantender
All the Louisiana tax assessors are finna eat:
New bill signed into law this year.
Basically, it allows all the assessors in the state to take a 15% allowance of their annual salary for a car. I think the assessor's base salary range is anywhere from $131,000 to $181,000, so they're looking at a $19,000 to $27,000 per year raise.
With all these houses selling for stupid prices, I imagine it would be quite easy to hide that in the increased assessments.
New bill signed into law this year.
Basically, it allows all the assessors in the state to take a 15% allowance of their annual salary for a car. I think the assessor's base salary range is anywhere from $131,000 to $181,000, so they're looking at a $19,000 to $27,000 per year raise.
With all these houses selling for stupid prices, I imagine it would be quite easy to hide that in the increased assessments.
Posted on 7/27/21 at 1:15 pm to soccerfüt
quote:
My best friend's sister's boyfriend's brother's girlfriend heard from this guy who knows this kid who's going with the girl who saw a Realtor negotiating additional value at 31
Legit sauces in my opinion.
Posted on 7/27/21 at 1:19 pm to lsupride87
quote:
Huh? An appraisal is supposed to be what the market value is on a house
People on this board seem to think that the real estate market has somehow become irrational compared to some notion of "what things are actually worth"- whatever that means.
I mean, I'm not generally one of those "muh market" Libertarian types, but who else decides what something "is actually worth?"
Posted on 7/27/21 at 1:27 pm to GetCocky11
Had mine appraised last week and value had increased 58% in 26 months since I purchased the place. I live in a rural county in a town less than 15,000.
Posted on 7/27/21 at 1:36 pm to Chingon Ag
Mine just appraised for $30k more than I bought it for 2 months ago and I haven't even closed.
Posted on 7/27/21 at 1:40 pm to soccerfüt
quote:
Um, yes and no. My best friend's sister's boyfriend's brother's girlfriend heard from this guy who knows this kid who's going with the girl who saw a Realtor negotiating additional value at 31 Flavors last night. I guess it's pretty serious.
You were dying to use a Ferris Bueller reference which forced you to actually google then copy and paste...but you used it on a thread about inflation and house appraising? Really, of all the juvenile threads in the OT that your Kristy Swanson quote would have been funny, but you landed in this thread?
Posted on 7/27/21 at 1:41 pm to Chef Curry
No, Purchase Agreements are written with a clause requiring the Buyer to being X amount of $ to the closing.
Posted on 7/27/21 at 1:42 pm to Chef Curry
quote:
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?
Well yeah lol. They use comps and comps are the strongest indicator when determining the current value of a home. They do not consider currently listed or pending homes though. Usually it is homes that were sold in the past 60-90 days
This post was edited on 7/27/21 at 1:43 pm
Posted on 7/27/21 at 1:55 pm to Chef Curry
No, the buyer is having to show they have the funds to cover the difference.
Posted on 7/27/21 at 1:58 pm to calcotron
Built a home in Texas in 2019 for 357…sold for 600 and appraised at that value. All in 2 years. It’s just stupid.
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