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Don't get too worried.. refi's and HELOC appraisals are always less than those for purchases. It's called CYA! They are typically coming in at 80% of what you could probably sell it for.
if a doctor told me I needed surgery, I'd get at least one other opinion.
it does indeed sound low, but all real estate is local.
Hudson & Bergen counties are seeing stable sales volume, in fact my lawyer tells me that inventory is no longer swelling.
YMMV
Her refi is going through based on the appraisal she has- so why spend the $$ on a "2nd opinion"? Who cares what the second appraiser says? If the first appraisal nixed her refi, then it would make sense to look for another appraisal that makes the deal work, but in this case it'd be a complete waste of money.
Her refi is going through based on the appraisal she has- so why spend the $$ on a "2nd opinion"? Who cares what the second appraiser says? If the first appraisal nixed her refi, then it would make sense to look for another appraisal that makes the deal work, but in this case it'd be a complete waste of money.
exactly. this number is low so it'll actually work in my favor as far as reassessment for tax purposes.
for this to affect my refi, prices would have to be down to about 1994 levels, LOL.
Don't get too worried.. refi's and HELOC appraisals are always less than those for purchases. It's called CYA! They are typically coming in at 80% of what you could probably sell it for.
i'm not worried since we're staying put...but it was eye opening for sure!!!
Very true. Very few transactions are going through which makes it difficult to gauge the current fair market value.
Your appraisal definitely sounds "light" unless you overpaid in '99. I highly doubt you did but like you said it doesn't matter because you aren't looking to sell.
For the life of me I can't understand why LV has been hit so hard. It's a great area with good schools. In my town most homes are still listing at '04 levels. But again, not much is moving.
we definitely did NOT overpay in 99. we didn't get a bargain, basically FMV.
I don't understand it either. I think what really started the slide was when gas was so expensive. Maybe people are nervious that it may shoot up again.
My friend had to pull her house off the market - listed at $525K, 6 bdrms, about 4800 sq ft (i think that included finished basement). house definitely needed some work, but it's in a great area. didn't get a nibble!
Very true. Very few transactions are going through which makes it difficult to gauge the current fair market value.
Real estate cheerleaders think that this is because people are just holding back, afraid of the doom and gloom that "the media" is spreading.
The real reason is that few people simply can afford to buy houses, jobs are disappearing, lending standards are tightening, and people were already barely scraping by before this mess started.
Real estate cheerleaders think that this is because people are just holding back, afraid of the doom and gloom that "the media" is spreading.
The real reason is that few people simply can afford to buy houses, jobs are disappearing, lending standards are tightening, and people were already barely scraping by before this mess started.
It's going to get ugly.
no, the worst is over.
is it party time ? the answer is also "no"
NJ has always been expensive.
lending standards are tighter, yes -- that's not a bad thing
all real estate is local. the high end homes aren't selling, but anything under $400K in a decent town is selling in less than 30 days.
You really don't seem to grasp the downward spiral we're in.
Even if the banks weren't holding on to a ton of inventory that they are afraid of marking to market and trashing their balance sheets (which they are), the worst wouldn't be over until unemployment stabilizes and we stop losing hundreds of thousands of jobs each month.
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