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Tilted Cat Head
Administrator
Location: Manhattan, NY
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Quote:
Originally Posted by NoSoup
As in insider, here's my opinion on the appraisals - there is a common misconception they often inflated them. However, keep in mind that their job is to determine "market value" - basically, the price that someone would buy it for. Remember when houses were increasing hundreds of percent a year? It wasn't because appraisers were typing in some artificial number on an arbitrary report that noone ever sees, it's because consumers were actually paying those prices, causing the true market value to be increased exponentially....
Just food for thought.
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that's correct!
I looked at lots of comparable properties to determine if what I was about to make an offer on was "fair market" or "bargain".
Ultimately it became smarter to follow the rule of thumb that one uses in apartment shoppingin Manhattan.... price/square foot. Once you saw that number you realized just how much you were paying for something bringing it back down to a bit more reality.
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