Hi. This is frustrating and unfortunately it is not uncommon to see these days. There are signs that the market is changing due to lower interest rates and with prices so low now, there is definitely more movement in the marketplace. When markets are in the process of changing often times you will see that appraisals do not always reflect the value of home to a buyer. Keep in mind that appraisers are using historical data, and with many areas affected by an increase in foreclosures, these properties that are often distressed, have a negative affect on the values of other homes located in the area. I actually live in Maxwell Park, and area not far from Millsmont, the same has occurred here as well.
As long as you are looking to stay in your home for a period of time, I do believe you will see an increase in value. If you look at the value of Real Estate over time in the Bay Area, there is an intrinsic long term return of your investment.
Good luck in your new home and welcome to the area!
Alain Pinel Realtors
I would not typically recommend to a client to purchase a home for a higher price than its appraised value, that being said, It sounds to me like you are happy with your home purchase and to that I say Congratulations! It can be difficult to find just the right house and when you do, its important to play it smart so that you dont get caught up in the excitement and love of the house to the point that you over pay. $379 for your dream home sounds like a pretty good deal to me:) So try not to get hung up in all the downer information on the news and the negetive nellies out there. If you are planning to live in your home for at least 5-10 years, you should come out on top.
All the best~
First and foremost YOU are NOT ENTITLED!!!
Second, any person who calls himself or herself a real estate agent and who has been in the biz for less than 10 years has to go by his or her true title, "huckster".
Some of the responses here are on the verge of cutting edge ignorance.
Here is the real story:
Same bus, second shift!
FHA-backed loans: the next subprime crisis?
Half of 'rescued' borrowers still default
Remember! the sun doesn't shine when you're under the bus!!!
So, Cindi, my agent made it very clear that there was not going to be any negotiation with the seller.
I bought the house because I love it, I feel it is a good deal for what it is regardless of appraisal (which is based on comps within 90 days and heavily weighted with foreclosures), and I have been looking for 7 months and bid much more than this on similar places without getting them.
OR are you stating your home has decreased in value since you purchased your home? That is same with other home buyers across the country home values have decreased due to number of foreclosures.