Hi,
We are considering purchasing a house in the bay area. Likely in peninsula or fremont. Preferably 3 bed 2 bath SFH. For those who bought a house in the bay area in the last year or two
1. How much was the appraisal gap?
2. With reference to the asking price, how much over did you bid? Any recommendation of how much extra dollars we should keep to fill in the appraisal gap?
#housing #sanfrancisco #mortgage
Household TC: $350K
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comments
1. 0% (For some reason the 0% makes this all feel like a joke, our personal feelings were that we were overpaying)
2. 17.5% over listing, ~12.5% over zestimate
Overbidding of $300k was norm in 2020-2021, with higher interest rates, I expect cooling off down to $100-$200K
2. ~200k over comps, 600k over listing