There was an article about a month ago in the business section of the NY Post that said that today's bank appraisers are working VERY conservatively when they appraise home values following the home market meltdown of 2008-09. Many people are getting very surprised when the price and the appraisal are differing by large amounts. If you use the Zillow website and compare listing prices in this area to their "Zestimate" tool you often find differences of many thousands of dollars. If you're buying a home and you have to get a mortgage it could be well worth your while to hire your own appraiser on a home you really like or want, because you may have to do some heavy negotiating with the bank because their appraiser comes in with a much lower value.
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