"buyer emotion and market timing often matter more than appraisal figures..."
I get your point, but relying too much on buyer emotion can be risky. Sure, in a hot market, buyers might overlook a low appraisal, but what happens if the market cools down? When we sold our last place, the appraisal was lower than we hoped, and buyers used it as leverage to negotiate down. So yeah, emotion counts—but I'd argue appraisal numbers still hold significant weight, especially when markets shift unexpectedly...
"Sure, in a hot market, buyers might overlook a low appraisal, but what happens if the market cools down?"
That's exactly what I've been wondering. Emotions can swing both ways, right? Buyers might get excited and overlook appraisal numbers when things are booming, but if the market shifts, won't those same emotions turn cautious or even fearful? I remember a friend who bought at the peak of the market—ignored the appraisal because they loved the house—and then struggled when they had to sell a few years later. The appraisal mattered a lot more then, unfortunately.
So maybe the real question is: how much risk are you comfortable taking on by betting against appraisal figures? Seems like it could pay off big...or backfire pretty badly. Curious if anyone else has seen this play out differently?
That's a good point—emotions definitely swing both ways. I've seen friends get burned by ignoring appraisals too. But sometimes, if you're planning to stay long-term, it might not matter as much...depends on your goals and comfort level, I guess.
Fair enough, but I'd argue that even if you're planning to stay put long-term, a lower appraisal can still matter down the road. Life changes unexpectedly—job relocation, family shifts, or even just opportunities you didn't anticipate. And let's not forget refinancing options or home equity loans; those can get tricky if your appraisal stays low. I've seen folks regret shrugging it off later...just something to consider before deciding it's no big deal.
That's a valid point, but I'd also suggest looking at it from another angle. Appraisals can fluctuate quite a bit based on market timing or even the appraiser's subjective view. I've seen situations where a home appraised low initially, but a year or two later, the market shifted, and the appraisal jumped significantly. If you're not immediately refinancing or selling, it might not be worth stressing too much over a single appraisal. Markets evolve, and sometimes patience pays off...just something else to keep in mind.