What To Expect as Appraisal Gaps Grow
By Shayne Stone, "Your Rock Solid Choice Realtor" RETIRED
(HomeSmart)
In todays real estate market, low inventory and high demand are driving up home prices. As many as 54% of homes are getting offers over the listing price, based on the latest Realtors Confidence Index from the National Association of Realtors (NAR). Shawn Telford, Chief Appraiser at CoreLogic, elaborates:The frequency of buyers being willing to pay more than the market data supports is increasing.While this is great news for todays sellers, it can be tricky to navigate if the price of your contract doesn't match up with the appraisal for the house. Its called an appraisal gap, and its happening more in todays market than the norm.According to recent data from CoreLogic, 19% of homes had their appraised value come in below the contract price in April of this year. That's more than double...
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