Exactly! Appraisals are often way low. I have a house in escrow that the appraisal came back at the sales price on. I got a copy and it was a joke. The appraiser used a comp that was 1100 sq ft and the house is 2000 sq ft. The appraiser used a comp 1 mile away that was 15 years older and $25000 higher than mine instead of 3 sales 2 blocks away that we’re 10 years newer but $125k higher. He under appraised the house by about $50,000 but no matter. It appraised for sales price which is what my clients needed. My client got a great deal on a short sale.
As for your spring selling season appraisal it was based on winter comps which had dipped not current comps which are much different. I know the comps are now about 50k higher for my house than they were in March.
But the reality to CARs situation is that her house is worth a significant amount more than she paid. On everyone but her planet, that is known as significant appreciation. Also the market is far from slowing. I just checked her immediate area and while there are 5 or 6 homes on the market (not a large amount) they are well overpriced. Anything priced at market has offers
