Posted by
Message
Chef Curry
USA Fan
Member since Mar 2019
1127 posts

Are houses appraising in accordance with the inflated sales price?
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?


Ham Solo
Arkansas Fan
Member since Apr 2015
5890 posts

re: Are houses appraising in accordance with the inflated sales price?
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.


Chef Curry
USA Fan
Member since Mar 2019
1127 posts

re: Are houses appraising in accordance with the inflated sales price?
Good to know, thanks!


Replies (0)
Replies (0)
00
Tomatocantender
LSU Fan
Boot
Member since Jun 2021
811 posts

re: Are houses appraising in accordance with the inflated sales price?
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.


StripedSaint
New Orleans Saints Fan
Member since Jun 2011
2381 posts

re: Are houses appraising in accordance with the inflated sales price?
Just completed an appraisal for ours in Nashville. The number matched the current sales prices.


Shadowlink
LSU Fan
The Shadows
Member since Apr 2014
1411 posts

re: Are houses appraising in accordance with the inflated sales price?
Bought in 2016 for 210k and had an appraisal done recently for 280k.


Slagathor
Makin' jokes about your teeny tiny
Member since Jul 2007
33308 posts

re: Are houses appraising in accordance with the inflated sales price?
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
This post was edited on 7/27 at 10:18 am


Replies (0)
Replies (0)
32
tigerpimpbot
LA-Monroe Fan
Chairman of the Pool Board
Member since Nov 2011
60441 posts

re: Are houses appraising in accordance with the inflated sales price?
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 at 10:18 am


Replies (0)
Replies (0)
20
SDVTiger
Hawaii Fan
Cabo San Lucas
Member since Nov 2011
55575 posts

re: Are houses appraising in accordance with the inflated sales price?
Appraiser use the comps within the last 6mnths


Replies (0)
Replies (0)
90
Areddishfish
Yale Fan
Luiziana
Member since Oct 2015
3218 posts

re: Are houses appraising in accordance with the inflated sales price?
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.


jkylejohnson
New Orleans Saints Fan
Alexandria
Member since Dec 2016
9205 posts

re: Are houses appraising in accordance with the inflated sales price?
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.
This post was edited on 7/27 at 10:21 am


Replies (0)
Replies (0)
30
GetCocky11
South Carolina Fan
Arlen, TX
Member since Oct 2012
43682 posts

re: Are houses appraising in accordance with the inflated sales price?
Just had my house appraised and yes it is matching the inflated sales price.

My value is up 26% since 10 years ago.
This post was edited on 7/27 at 10:20 am


tigernnola
LSU Fan
NOLA
Member since Sep 2016
3194 posts

re: Are houses appraising in accordance with the inflated sales price?
The Orleans accessor is increasing the assessment to the sale price. Fundraising by any other name is still fundraising!


rocket31
Toledo Fan
Member since Jan 2008
39720 posts

re: Are houses appraising in accordance with the inflated sales price?
quote:

My value is up 26% since 10 years ago.


congrats you didn't even keep up with inflation lmao


Replies (0)
Replies (0)
202
Alt26
LSU Fan
Member since Mar 2010
19840 posts
 Online 

re: Are houses appraising in accordance with the inflated sales price?
Yes, they are appraising for the inflated sales price.

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


lsupride87
LSU Fan
Member since Dec 2007
76643 posts

re: Are houses appraising in accordance with the inflated sales price?
quote:

I would hope appraisals don't match the inflated prices, t
Huh? An appraisal is supposed to be what the market value is on a house

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


YumYum Sauce
Arkansas Fan
Arkansas
Member since Nov 2010
5854 posts

re: Are houses appraising in accordance with the inflated sales price?
No because appraisers are lazy pieces of shit, 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.


Replies (0)
Replies (0)
81
seawolf06
LSU Fan
Raleigh, NC
Member since Oct 2007
7894 posts

re: Are houses appraising in accordance with the inflated sales price?
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.


Replies (0)
Replies (0)
30
hubertcumberdale
LSU Fan
Member since Nov 2009
3685 posts

re: Are houses appraising in accordance with the inflated sales price?
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.


dyslexiateechur
LSU Fan
Louisiana
Member since Jan 2009
25631 posts

re: Are houses appraising in accordance with the inflated sales price?
Just got my appraised and it did match what houses are selling for.


Replies (0)
Replies (0)
00
first pageprev pagePage 1 of 3next pagelast page

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram