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I’m looking at several listings on my local MLS and most of these homes are priced substantially higher than what they are actually worth or appraised at. When an offer does arrive at a price the Seller is aiming for, how do appraisals pass through to make that amount? Are some appraisers corrupt, where do they come up with these numbers
Help us out and post examples with your evidence that they are too high? It would not be common for you to know what price a home has been appraised at. Where are you getting your information?
Do you mean assessed at? By the county or city for tax purpose? Those are usually far below or behind actual current market value. Because when they err the other way? Citizens do things like dump tea in the bay, or fail to re-elect County Assessors. I would NOT equate assessed value with the current fair market value.
Help us out and post examples with your evidence that they are too high? It would not be common for you to know what price a home has been appraised at. Where are you getting your information?
Do you mean assessed at? By the county or city for tax purpose? Those are usually far below or behind actual current market value. Because when they err the other way? Citizens do things like dump tea in the bay, or fail to re-elect County Assessors. I would NOT equate assessed value with the current fair market value.
Since I’m unable to post photo documents of several examples I will write it out:
9023 Langdon Ln
Assessment year 2018
Assessed value Total $150,000
Market Value Total $150,000
List price $249,000 ————> $229,000 decreased
Here, the assessed value is a LOT less than what homes sell for.
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The issue is you think that you understand what is going on but you do not.
First step in rectifying this is learning what others have already said, assessed value and appraised value are not the same thing.
Second is googling some information on how appraisals work and the major methods used to find a homes "market" value.
Third realize that appraisals are a science with a bit of art. There is room to play with things but in general keep in mind that appraisers aren't in the business to kill deals and the reason for the appraisal will impact value some. I will get a different number from one appraiser for step up in Tax basis on an inherited house than I would for an appraiser hired to find that value for a VA loan.
Assessed value means squat and is often far below market value. You have much to learn Little Grasshopper.
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