I was checking Zillow tax history of a house and it looks quite under the value for which it has been listed. I also keep reading here in Blind about stories of appraisals coming up with substantially different numbers.
My main fear in layman terms is buying. ahouse and realizing 2 months later that its value is 100k below the price I paid for it. Any recommendations from seasoned folks on what to do to avoid that?
House location: East Bay
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This comment was deleted by original commenter.
Since the rate of price increase is likely high, appraisal values will lag since they are based on recently sold comparables. There is a chance that, if you buy, you’ll pay more than the appraised value (which you’ll have to cover if you need a mortgage). However, since prices are increasing, comparable homes sold after yours will appraise higher which will make your home more valuable.
So, like another comment said, if you stay in the house long enough (which isn’t long in a hot market), you’ll close any value gaps.