Can anyone comment on how appraisals have been coming in on home sales for Cedar Park......higher/lower than listed price?

Asked by Btorresjr, Plano, TX Mon Aug 20, 2012

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Don Groff, Agent, Austin, TX
Mon Aug 20, 2012
BEST ANSWER
Hello,

I am a mortgage broker and Realtor in Cedar Park so I see a lot of appraisals. On the real estate side I have not had many issues. Remember that the list price may or may not be an accurate depiction of the properties value. People can list a home at whatever they want. You really need to take a good hard look at the comps before you make an offer on a property so you fully understand the market. Only then can you feel confident in your offer.

On the mortgage side I have a lot of clients in the area that I have helped refinance over the years... many of them several times as rates have been coming down since 2009. Several clients I have recently refinanced this year had their appraisals come in lower than the year before. Appraisals are also subjective to an extent as well because it all depends on how that appraiser interprets the data he or she has in front of her.

So my best advice is to work with a Realtor who truly understands the market and can help educate you so you can make an informed offer on the properties you are interested in.

Best of luck to you,

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
1 vote
Austin Real…, Agent, Austin, TX
Mon Aug 20, 2012
Appraisals have been coming in as expected in most cases in the Cedar Park area, I haven't had much trouble with contracted homes appraising at or slightly above contract price. Occassionally in prices ranges that involve more government loans such as FHA or USDA with little or nothing down, the buyers will ask the seller to pay all of their closing costs and offer more than the home's list price. That practice will sometimes lead to an appraisal coming in low. Also, in some new homes areas, home prices are rising quickly with growing demand. When the appraiser looks for comparable sales to justify the contract price, they sometimes have trouble when they see that the same home(floorplan) sold and closed for a lower price within the last 90 days.

If you question is aimed more broadly about values in the Cedar Park area,and not specifically appraisals, I can report that values and rising in most CP submarkets, mainly responding to decreased supply of homes coupled with increased sales.
1 vote
Dallas Texas, Agent, Dallas, TN
Mon Aug 20, 2012
Appraisals can't come in higher or lower ?... Are you talking about compared to list price ? Unless you are the buyers agent you would never know what the appraised value of the homes it ... not published info for the general public

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0 votes
Carla Pennin…, Agent, Georgetown, TX
Mon Aug 20, 2012
I haven't had any recently in Cedar Park, but in Georgetown (close by) I haven't had any issues with appraisals killing deals. They seem to be coming in about market value.
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