Skyrocketing Los Angeles Home Prices Make Appraisals Tricky
The market for residential homes in Southern California and other markets throughout California and the US is very, very tight. Low inventories and historically low mortgage interest rates are creating buying frenzies. Where a year ago, a new listing might sit for months without an offer, today a quality property in some neighborhoods might get multiple offers above theasking price the first day it is on the market.
This creates a nightmare for appraisals. If the most recent comp for your area is $40,000 less than the buyer just offered you, it may be hard to get an appraisal that will help the buyer secure a mortgage. We help people through such situations with creative approaches, but you can help yourself by doing everything possible to increase the value determined by the independent appraiser.