You may have heard that there’s a shortage of available homes on the market. And it’s sparked bidding wars amongst eager (and sometimes desperate) buyers who are just looking for a place to live. This is causing homes to sell at record highs.
Then it happens… the home appraisal comes in LOW 📉😱!
With how quickly homes have been appreciating, comparable sales, which are typically used for appraisals, can be lagging, causing what we call an “appraisal gap.”