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You are here: Home / Blog / Tips for Home Buyers

What to expect as appraisal gaps grow

June 29, 2021

What to expect as appraisal gaps grow

In today’s real estate market, low inventory and high demand are driving up home prices. As many as 54 percent of homes are getting offers over the listing price, based on the latest Realtors Confidence Index from the National Association of Realtors (NAR). Shawn Telford, Chief Appraiser at CoreLogic, elaborates:

“The frequency of buyers being willing to pay more than the market data supports is increasing.”

While this is great news for today’s sellers, it can be tricky to navigate if the price of your contract doesn’t match up with the appraisal for the house. It’s called an appraisal gap, and it’s happening more in today’s market than the norm.

According to recent data from CoreLogic, 19 percent of homes had their appraised value come in below the contract price in April of this year. That’s more than double the percentage in each of the two previous Aprils.

The chart below uses the latest insights from NAR’s Realtors Confidence Index to showcase how often an issue with an appraisal slowed or stalled the momentum of a house sale in May of this year compared to May of last year.

If an appraisal comes in below the contract price, the buyer’s lender won’t loan them more than the house’s appraised value. That means there’s going to be a gap between the amount of loan the buyer can secure and the contract price on the house.

In this situation, both the buyer and seller have a vested interest in making sure the sale moves forward with little to no delay. The seller will want to make sure the deal closes, and the buyer won’t want to risk losing the home. That’s why it’s common for sellers to ask the buyer to make up the difference themselves in today’s competitive market.

Bottom Line

Whether you’re buying or selling, let’s connect so you have an ally throughout the process to help you navigate the unexpected, including appraisal gaps.

Filed Under: Tips for Home Buyers, Tips for Home Sellers Tagged With: Appraisal

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"Russ Fortuno is a 5-Star professional who I highly recommend without reservation. He is knowledgeable, experienced, prompt, efficient, polite, fair, honest, and very personable. We interviewed four real estate agents and he was far and above the most experienced, proficient, and knowledgeable. He gave us excellent advice on how to prepare the house for the market, and directed us on having an estate sale. He sold our house in Green Valley, AZ before it even went on the market, and did an excellent job negotiating a fair price. Our entire family was thrilled with the service he provided to us. You cannot go wrong with Russ Fortuno."
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"Or home buying process took about 5 months and Russ was there for us the whole time. Never pushy always ready with advice and options. When we finally found the perfect place he was always on top of every detail and kept us informed and prepared for each step. Russ provides an extraordinary real estate experience for his clients. Professional, knowledgeable and ready to answer all our questions honestly and quickly. He was a joy to work with."
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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