Long Beach Island Real Estate Appraisal Differences
Long Beach Island Real Estate and Appraisals
The LBI real estate market has seen significant changes in the past year and a half. COVID increased what was already a robust real estate market and has caused prices to rise. The substantial rise in prices in such a short time period has caused some challenges with appraisals in the LBI real estate market. In the past, appraisals were usually not an issue, but more and more, we see some disparity between the sales price and the appraised value of a home. There are three main reasons for this, and they are:
- Some appraisers are using outdated comparable sales from Long Beach Island
- Some appraisers are not from the area and are not assigning proper adjustments for differences between subjects and comparables
- Some buyers are willing to “overpay” in the market, which can skew appraisals and sales prices
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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