It may be that this home is special to you and well worth paying more than the appraised value. Only you can make that determination.
BRC Realty Group
1. How does your home compare to others (try to compare 3 BR/2 baths with 3 BR/2 baths, interior unit, same square footage, lot size, etc.).
2. Any improvements since the home was built? These can affect the value a lot without increasing assessed value.
3. Do you like the home and more importantly can you afford it?
4. Why did you choose this area? Have you tried the commute during rush hour?
5. What is the trend for home values there? You can take the percentage of the final sales price to the assessed value to give you one ratio. There are other ways to compare as well.
Call or email if you have questions.
~ Frank Diaz, MBA (RA), e-PRO
East Oahu Realty
Your ability to purchase the home will depend on your answer to the second question. If you have the money to make for the difference, you have to make the decision for yourself whether you want the property or not. Have you looked at other homes in the area? In the same price bracket, is the new home the best one for you?