With the depressed market these days, are the selling prices seen around 10% below the appraised values?

Asked by Steven Pollock, Whitefish Bay, WI Tue Feb 17, 2009

This question is about this property: http://www.trulia.com/property/1047490851-744-Sunnyview-Dr-R…

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Polly Briley, , Boone, NC
Tue Feb 17, 2009
Just one other things. We are seeing homes not appraising out for the lender. It hasn't been too common in Wisconsin yet, but that could change as foreclosures are popping up in the comparables. The accepted price is becoming a true art form. It is now not just was the buyer will pay, the seller will accept, but also what the bank will lend.

Seriously, find a local realtor who can guide you through this needle eye art form.
Web Reference:  http://www.thepollyblog.com
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Debby Thomps…, Agent, Wauwatosa, WI
Tue Feb 17, 2009
It depends on what it is listing for. If the seller are over priced then the sale price is lower. If the home is priced under value we are seeing many offers and it is going over list price. I went to one that was below the market and it had 10 offers on it. So it is all in the pricing. You have to do your homework and know what is fair market value for the home at this time.
Web Reference:  http://www.debbyrealtor.com
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Polly Briley, , Boone, NC
Tue Feb 17, 2009
That depends on who is doing the appraising. If you are talking about your city/township/county tax appraisal, then the questions is when the last appraisal was done. Often the appraisal is based on the last known sale of the property or a reappraisal following a building permit inspection. Some communities do a complete reappraisal on a regular basis and others rarely.

In my own home community of Oshkosh we had a full community appraisal about three years ago during the height of the housing boom. Our appraisal fall off might be more significant than other communities. On the other hand, homes in my neighborhood are up a little over our appraised value.

A local real estate agent can research the neighborhood and current market to get you the number you are looking for on this particular property.
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