Unrealistically Low Appraisal Values in Up Markets a Problem

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  1. Robert Horvath

    We are in a market wihere the are few homes for sale. Homes are being put up for sale at prices higher than before the 2005 to 2007 period. Just to get a listing a real estate person is adding $100,000 to $200,000 to the price of the home. Buyers are paying 20 to 25% more for a home than 5 months ago. Maybe we should require all real estate persons to be educated as appraisers before we allow them to go out into the field. Two cases at point. A condo development had two sale within the last 11 months of $600,000 and $605,000 and a new listing was priced at
    $711,000. Thats an increase in value of 18.4%?? In another case a buyer paid
    $435,100 for an old house and the lister put it on the market 6 mos later for
    $599,000, almost 27% higher with no improvements.