Home Selling in Menlo Park>Question Details

Matt, Home Seller in Menlo Park, CA

I had my house in Menlo Park appraised.Typically how do appraisal values compare to market value(sales price)?

Asked by Matt, Menlo Park, CA Tue May 20, 2008

Help the community by answering this question:

Answers

4
Appraisal values are usually based on comps of surrounding homes that have recently sold so they are a good indicator of what your home would sell for. However, your home will only sell for what someone is willing to pay for it and this may be different than what figures the appraised value came in at.
1 vote Thank Flag Link Tue May 20, 2008
Matt,

The appraisal will give you an opinion based on the similar properies that were resently sold in your area, it could indicate the market price at the day of the offers for the comp. properties. The best method of determing the current market (lising price) is to perform CMA - current market analysis. Any RE agent in your are will do it for you.

Gene
0 votes Thank Flag Link Tue May 20, 2008
Matt,
What was the reason for the appraisal? Is your home in the process of being sold or are you trying to get a loan? With the credit crunch that we are currently experiencing, everything attached to financing has changed, including appraisals. Appraisers have tightened there belts, so your appraisal is probably more accurate than it has been in the recent past. No appraiser wants his/her appraisal to be questioned. If an appraiser inflates the property value he can face penalties and possibly forfeit his/her license if problems arise. Just like every other facet of this industry there are good and not so good appraisers, but those with a bad track record are being weeded out.
Appraised value to market value, very close!
I hope I helped!

Charles
0 votes Thank Flag Link Tue May 20, 2008
Keep in mind that an appraisal is only for that point in time. It will give you a general idea as to what your home is worth, but as quickly as the market is changing these days, it may not be accurate for very long. That being said, now that you have an appraised value, it might be a good idea to sit down with your insurance agent, if you have not done so in a while, to make sure you are adequately covered. With the way bay area home prices have increased over the last 10 years there are many people that are underinsured and they don't even realize it.

If you are considering selling your home, and want a more accurate value, you really need to have a realtor do a market analysis on the property. Realtors are on the ground in your community looking at houses everyday and are familiar with the nuances in your local market allowing them to be a little more accurate in determining the value of your home. Most realtors will do this for you free of charge if you ask.
0 votes Thank Flag Link Tue May 20, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer