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What happens if the appraisal is lower than your offer? Here’s what N.J. real estate agents say.
Updated 11:15 AM;
Today 11:00 AM
What do you do when the appraisal comes in lower than the offer?Patti Sapone | NJ Advance Media
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Home buyers in today’s seller’s market are battling through low inventory and stiff competition by taking on huge risks including an appraisal contingency waiver.
Mortgage lenders send an objective party, known as an appraiser, to look at the home and give it a value. And with the average price of a home in New Jersey rising $100,000 since last year, the appraised value is often coming in lower than the offer price.
It’s a seller’s market, but is this really a good time to sell your home?
Updated Apr 04, 2021;
Posted Apr 04, 2021
There s no end in sight to the seller s market. But if you do sell, where can you go? Inventory is low and competition is fierce. AP Photo/Matt Rourke
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It’s a seller’s market, which makes it sound like a really good time to put your house on the market.
There are very few houses for sale. And multiple offers are driving up prices on the ones that are, putting more money in seller’s pockets.
Housing stock in N.J. is half of what it was last year, pushing prices to $500K on average
Updated Mar 01, 2021;
Typically this time of year in Randolph, there are 120 to 140 homes listed for sale. Right now there are just 23.
It’s a trend agents and buyers are seeing throughout the state brought on in part by COVID-19 concerns and the intense competition for the few houses that are on the market.
“The inventory is ridiculously low. Unprecedented,” said Missy Iemmello, office manager for Weichert Realtors corporate sales office in Morris Plains, which has 120 real estate agents doing business in Morris, Sussex, Warren, Bergen and Essex counties.