Home Selling in 37029>Question Details

Shelley Totty, Real Estate Pro in Fairview, TN

Are appraisles going up?

Asked by Shelley Totty, Fairview, TN Wed Oct 19, 2011

Help the community by answering this question:



Unfortunately appraisals are not going up (especially here in the NY outer boroughs), we've had several issues where the agreed upon sale price is a bit higher or exactly what the appraisal comes in for. It's mainly due to the regulatory changes which has affected appraisers after the Market Meltdown.


Marco Gomez
Keller Williams Landmark II
0 votes Thank Flag Link Thu Oct 20, 2011
Let's hope they are, lol. Any increase would be beneficial at this point
0 votes Thank Flag Link Thu Oct 20, 2011

The fact of the matter is that most RE markets are (as the experts say) bumping along the bottom. Therefore we would expect that some positive movement would be observed. So depending on the location or home, some are "going up" while others are still seeking the bottom.

More to come.......

0 votes Thank Flag Link Thu Oct 20, 2011
In some areas yes and some areas no. If your market area is in a declining area your appraiser will make a note of it and make the appropiate adjustments in the appraisal report. I would contact a local appraiser and see what your market area is categorized as?
0 votes Thank Flag Link Wed Oct 19, 2011
We're stilling having trouble with appraisals not coming in high enough. I think appraisers are still being overly cautious. Another problem we are having is appraisers not familiar with the area being tasked with the appraisal and not pulling the right comps and making the correct adjustments.
0 votes Thank Flag Link Wed Oct 19, 2011
Appraisals are based on market conditions so they will increase when home values go up. Your home is only worth what other homes in your area are selling for. I hope you are in an area that has at least stabilized!
0 votes Thank Flag Link Wed Oct 19, 2011
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