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Old 05-01-2015, 08:39 AM
Location: Texas
1,316 posts, read 1,100,437 times
Reputation: 1822


Yes they are. It started about 2 years back when people started going crazy to live here.
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Old 05-01-2015, 09:40 AM
547 posts, read 1,234,906 times
Reputation: 436
Originally Posted by eirenecat View Post
I know there have been people paying $10-20K over appraisal in my neighborhood as of last fall when we bought. Like riaelise, I would not do that personally. I think other neighborhoods in NW Austin have been experiencing significant over-appraisal offers.
If you know multiple people doing that, that's a pretty strong indicator that the appraisers are getting it wrong.
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Old 05-01-2015, 10:15 AM
Location: Round Rock, Texas
10,727 posts, read 10,120,297 times
Reputation: 14204
I'm on an iPad so I'm not gonna go post by post. But I will say this. The appraisal number is one of many factors, but it will be considered. I will say it again, I personally won't pay over. I've never had to and I know I won't either. I am in my ideal house for twenty plus years anyway. Has nothing to do with stretching ourselves financially either.

At least to me, there is no such thing as a perfect house. There are many great areas too. I have no doubt I'd find what I was looking for if I decided not to pay any overage. There are several beautiful neighborhoods in the same five mile radius. I also won't get involved in shark feeding frenzies either. And let's be clear, considering other homes and places isn't "settling". Putting all of your hopes on one place is crazy. I had three target areas, not one. I liked one more than the other two, but still liked all three so I had a better selection.
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Old 05-01-2015, 12:09 PM
Location: Austin
12,061 posts, read 6,882,866 times
Reputation: 13316
We "overpaid" for our house, based on comps, probably (comps were hard to come by!), but we wanted the neighborhood, location, and style of house we bought. We looked for months and didn't see anything we liked until the house we bought.

We didn't consider resale when we bought our home, only what our needs and wants were long term. If I was looking to sell the house in a few years I might have made a different choice.
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