[crabtrees]

I guess if home values overall are rising, then in theory, as each newly listed home sells it should be selling/appraising higher than what the last home in the neighborhood sold for. Still, when a seller agrees to sell for say $387k and the appraisal comes in at exactly $387k you know the appraiser probably values the house at a lower amount but gave it the right number to keep the transaction going.

[Cold Warrior]

Originally Posted by crabtrees

I guess if home values overall are rising, then in theory, as each newly listed home sells it should be selling/appraising higher than what the last home in the neighborhood sold for. Still, when a seller agrees to sell for say $387k and the appraisal comes in at exactly $387k you know the appraiser probably values the house at a lower amount but gave it the right number to keep the transaction going.

The opposite.

[crabtrees]

Originally Posted by Cold Warrior

The opposite.

Really? I guess I never thought about it that way, but it does make sense.

[jet757f]

Originally Posted by crabtrees

I guess if home values overall are rising, then in theory, as each newly listed home sells it should be selling/appraising higher than what the last home in the neighborhood sold for. Still, when a seller agrees to sell for say $387k and the appraisal comes in at exactly $387k you know the appraiser probably values the house at a lower amount but gave it the right number to keep the transaction going.

You would think but as I have found most appraisers are not that nice. I have had a hard time with the appraisal even on a refinance.

[LinkFromSoCal]

Regarding appraisals: my only real experience here was when my parents tried to move here from California in 2010-2011. Back then, the market was nearing its lowest point, and I think it showed in appraisal values.

In March or April of 2011, they found a home they loved in Green Valley and offered the 215k asking price. They immediately went into escrow, and my dad had a feeling that the appraisal would come in low and we'd negotiate. Lo and behold, the house appraised for 189k (this was a 4-bedroom, 2400 sq ft cul-de-sac house with a beautiful pool in Green Valley). We eventually agreed on 201k.

I'm sure things are much more stable now, but back when the market was horrendous, the appraisal game seemed like one big crapshoot.

[crabtrees]

Originally Posted by LinkFromSoCal

Regarding appraisals: my only real experience here was when my parents tried to move here from California in 2010-2011. Back then, the market was nearing its lowest point, and I think it showed in appraisal values.

In March or April of 2011, they found a home they loved in Green Valley and offered the 215k asking price. They immediately went into escrow, and my dad had a feeling that the appraisal would come in low and we'd negotiate. Lo and behold, the house appraised for 189k (this was a 4-bedroom, 2400 sq ft cul-de-sac house with a beautiful pool in Green Valley). We eventually agreed on 201k.

I'm sure things are much more stable now, but back when the market was horrendous, the appraisal game seemed like one big crapshoot.

I just think it's odd for an appraisal to come in at an odd number...like 189k. Why not just make it $190k, or $185k? My last property was bought for $418k and the appraisal came in at exactly $418k! I'm glad it did, but I'm still very skeptical, even though it came in at my favor.

[GinoPaul]

vegas is still number 1 in underH2O mortages.

[aswontsp]

Appraisals tend to come in at or around that of a given 'accepted' offer, unless there is something financially grossly out of bounds with the offer being presented. Inventory is low with little competition to drive the market. Lots of foreign investors came around in 2008-2010 and gobbled the available inventory. Someone from China bought up all the foreclosures on my block and they are have all been rentals since. It is not going to change any time soon either.

[LVguy]

question: haven't checked my local comp in awhile so figure I will take a look. within 1k feet no house was sold in the last 10 months! before that houses around 2500 sq ft sold for $130 per sq ft. but 3600 to 4300 sq ft houses were much lower, 100 to 110 per sq ft and all of those houses are within 1000 feet and in the same community, what's gonig on? market for smaller houses is hot but larger houses it's just cold? also the houses are near Aliante nature discovery park.

also faraday future what's going on with them

[BBMW]

I wouldn't bank on FF actually coming to anything.