Why Did My Home Not Appraise

Why Did My Home Not Appraise

So I recently had a conversation with one of my mortgage friends and the subject of home appraisals came up. He said that he has recently had 3-4 appraisals on homes where the appraised value was less than purchase price. I'm curious as to what your thoughts are on this matter. I think one thing to consider is that for the past several months we have had a shortage of inventory for homes for sale. I have many times seen multiple offers on homes and in some cases homes selling for more than list price. This means the demand for homes is great and generally the higher the demand constitutes a higher value or price. I understand that appraisers/lenders are "gun shy" on placing a higher value on homes after the real estate bubble back in 2008 but a healthy market should increase in value anywhere from 2.5% to 4% a year and personally I have not seen this type of growth in the Columbia area in several years. It seems to me that homes have maintained their value for the past 5-6 years with little if any increase in market value. I think appraisers need to take this into consideration as the market has seemed to have a slight shift in recent months. I'm not saying that things should have a HUGE increase but they need to keep a pulse on the current market and maybe speak with local real estate agents who are trying to find homes for their clients in a market that is definitely in need of more inventory! SO WHAT ARE YOUR THOUGHTS?

Laurie Rowe Headshot
Phone: 803-518-1815
Dated: June 14th 2017
Views: 1,235
About Laurie: Let me help you with everything you need to know about buying or selling a home! As a real estate p...

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