U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-27-2011, 08:34 PM
 
289 posts, read 526,489 times
Reputation: 389

Advertisements

Ok, so we just got an appraisal on our property that seemed pretty low. I am curious as to how much re-fi appraisals reflect sales price or current market value?

Our home was worth $650,000 in the peak bubble, we bought it in 2008 for $529,000 in a short sale,I figured now it is worth $450-475,000,maybe 500.
Our appraisal came in at $415,000 last week. Anyways I am confused, the home is in NE Santa Rosa,CA.

The market is so out of whack right now, our neighbor with the same house pretty much just pulled off the market,they were listed at $670!!!!!!!! Over $100,000 too high.Another neighbor just listed at $550 with 500 less sq. ft.,worse location & worse condition house & the same lot size, I don't think they will sell either,but they were advised to list that high by someone. 2 houses behind us closed in Dec. for around $525 similar to ours,they were both listed at $599, but it seems values have fallen since then.
Reply With Quote Quick reply to this message

 
Old 07-28-2011, 09:27 AM
 
3,029 posts, read 7,347,647 times
Reputation: 3222
All appraisals should reflect current market value or whatever is called for in the report.
Reply With Quote Quick reply to this message
 
Old 07-28-2011, 02:34 PM
 
289 posts, read 526,489 times
Reputation: 389
So is that the price they think the property would sell at? I would think we could list it higher, but maybe it is only worth $425 ish at best?
Reply With Quote Quick reply to this message
 
Old 07-28-2011, 03:28 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 19,529,241 times
Reputation: 6389
rather than look at the properties you mentioned in your post, you should be looking at the comparables that the appraiser used. perhaps s/he missed something, (It happens) but maybe they are dead on the money. As to what price you should be on the market, any real estate agent can do a comparative market analysis get a few and see if they use the same comps as your appraiser.

You'll learn fairly quickly about what is going on in your neighborhood.
Reply With Quote Quick reply to this message
 
Old 07-28-2011, 03:29 PM
 
22,770 posts, read 26,767,880 times
Reputation: 14581
worrying about your neighbors asking price is distracting you from settling on a reasonable price of your own.
Reply With Quote Quick reply to this message
 
Old 07-28-2011, 06:03 PM
 
289 posts, read 526,489 times
Reputation: 389
Well, they used pretty bad comps, my loan guy is appealing it now. The houses they used are on busy streets, which our house address is, but our house is set up on a hill off the street surrounded by tons of vegetation, you can't even tell there is a house there,but it still is open with sun when you get up to the house. It is also in very nice condition inside & out. The comps they used were nearby, but right on the street with a sidewalk & view of traffic, which we don't have at all. They also looked like rentals with 5 cars in the driveway & junk in the yard on a couple, not at all like this house.

Like I said 2 almost identical properties behind us closed at around $525,000 in Dec., but it seems values have come down since then. We don't need to sell so we were advised to list at $550-525 by our guy & closing between $475-525. Right now though I don't know if that is too high though, a few other agents suggested listing it in the high 400s, but at that point we would lose too much equity. So we don't have to sell, but with properties being down so much I thought we could lose some equity & maybe buy something better, but looks like a fat chance now.

I really just want to know our value, selling aside. I just thought that $415 was awfully low, but maybe I'm in market denial right now like a lot of folks.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top