If you are talking about tax appraisal...you need to read my blog post. Often hugely inaccurate....above or below the market value.
One home I looked at today shows:
2002-2004...3years at the same value
2008-2010....3years at the same value (increased since 2004)
in 2007 to 2008 nearly $40,000 jump in value.
This just goes to show you how the tax values can't be trusted as market values....and should never be used as a basis for offers.
Do you really think the value of any house stayed exactly the same for 3 years 2002-2004 or 3 years from 2008-2010....was there some magically price hike in 2007 to increase the value by $40000? I don't think so.
They're interesting to look at...the only thing they are good for is estimating taxes.
If you have a bank appraisal for $215,000 that is an entirely different issue. Just let us know if that is the case as there will be a very different answer. Your realtor should be explaining this to you. If not let us know and we can assist you. Again tax value above or below the asking price is NO indicator of a good or bad deal.