[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f3crk7lg2a0ss2":3,"$ffeh0925h8cuz":46,"$f2emv3tus0uf1":50,"$fbwk2pqjjqsc7":54},{"item":4,"previous":34,"next":40},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":33,"updatedAt":33},1917,"what-to-expect-as-appraisal-gaps-grow","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 \u003Ca href=\"https:\u002F\u002Fcdn.nar.realtor\u002Fsites\u002Fdefault\u002Ffiles\u002Fdocuments\u002F2021-05-realtors-confidence-index-06-22-2021.pdf\">54%\u003C\u002Fa> of homes are getting offers over the listing price, based on the latest \u003Ca href=\"https:\u002F\u002Fcdn.nar.realtor\u002Fsites\u002Fdefault\u002Ffiles\u002Fdocuments\u002F2021-05-realtors-confidence-index-06-22-2021.pdf\">Realtors Confidence Index\u003C\u002Fa> from the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR). Shawn Telford, \u003Cem>Chief Appraiser\u003C\u002Fem> at \u003Cem>CoreLogic\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fwww.seattletimes.com\u002Fbusiness\u002Fhomebuyers-increasingly-willing-to-pay-above-asking-price\u002F\">elaborates\u003C\u002Fa>:","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F06\u002F28171928\u002F20210629-KCM-Share.jpg","In today’s real estate market, low inventory and high demand are driving up home prices. As many as \u003Ca href=\"https:\u002F\u002Fcdn.nar.realtor\u002Fsites\u002Fdefault\u002Ffiles\u002Fdocuments\u002F2021-05-realtors-confidence-index-06-22-2021.pdf\">54%\u003C\u002Fa> of homes are getting offers over the listing price, based on the latest \u003Ca href=\"https:\u002F\u002Fcdn.nar.realtor\u002Fsites\u002Fdefault\u002Ffiles\u002Fdocuments\u002F2021-05-realtors-confidence-index-06-22-2021.pdf\">Realtors Confidence Index\u003C\u002Fa> from the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR). Shawn Telford, \u003Cem>Chief Appraiser\u003C\u002Fem> at \u003Cem>CoreLogic\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fwww.seattletimes.com\u002Fbusiness\u002Fhomebuyers-increasingly-willing-to-pay-above-asking-price\u002F\">elaborates\u003C\u002Fa>:\u003C!--more-->\r\n\u003Cblockquote>\u003Cstrong>\u003Cem>“The frequency of buyers being willing to pay more than the market data supports is increasing.”\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fblockquote>\r\nWhile 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 \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2021\u002F01\u002F26\u002Fwhats-the-difference-between-an-appraisal-and-a-home-inspection\u002F\">appraisal\u003C\u002Fa> for the house. It’s called an \u003Cstrong>\u003Cem>appraisal gap\u003C\u002Fem>\u003C\u002Fstrong>, and it’s happening more in today’s market than the norm.\r\n\r\nAccording to recent data from \u003Cem>CoreLogic\u003C\u002Fem>, \u003Cstrong>19%\u003C\u002Fstrong> of homes had their appraised value come in below the contract price in April of this year. That’s \u003Cstrong>more than double\u003C\u002Fstrong> the percentage in each of the two previous Aprils.\r\n\r\nThe 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.\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2021\u002F06\u002F20210629-MEM-Eng-1.png\">\u003Cimg class=\"aligncenter wp-image-44636\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2021\u002F06\u002F20210629-MEM-Eng-1.png\" alt=\"What To Expect as Appraisal Gaps Grow | Simplifying the Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>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.\r\n\r\nIn 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.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nWhether you’re \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2021\u002F06\u002F21\u002F5-things-homebuyers-need-to-know-when-making-an-offer\u002F\">buying\u003C\u002Fa> or \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2021\u002F06\u002F16\u002Fdont-wait-to-sell-your-house\u002F\">selling\u003C\u002Fa>, let’s connect so you have an \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2021\u002F06\u002F14\u002Fthe-right-expert-will-guide-you-through-this-unprecedented-market\u002F\">ally\u003C\u002Fa> throughout the process to help you navigate the unexpected, including appraisal gaps.","\r\nWhether you’re \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F06\u002F21\u002F5-things-homebuyers-need-to-know-when-making-an-offer\u002F\">buying\u003C\u002Fa> or \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F06\u002F16\u002Fdont-wait-to-sell-your-house\u002F\">selling\u003C\u002Fa>, let’s connect so you have an \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F06\u002F14\u002Fthe-right-expert-will-guide-you-through-this-unprecedented-market\u002F\">ally\u003C\u002Fa> throughout the process to help you navigate the unexpected, including appraisal gaps.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2021\u002F06\u002F20210629-MEM-Eng-1.png",false,[17,21,25,29],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},6,"For Sellers","sellers",{"id":26,"name":27,"slug":28},9,"Home 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Year?","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F06\u002F29150053\u002F20210630-KCM-Share.jpg","2021-06-30T10:00:50Z",{"cover":47,"open":48,"shareSpread":49},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",{"cover":51,"open":52,"shareSpread":53},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Magazine-original.png",[55,59,60,61,65,69,70,74,78,82,83,87,91,95,99,103,107,111,115,119,123,127,131,135,139,143,147,151,155,159],{"id":56,"name":57,"slug":58},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":22,"name":23,"slug":24},{"id":62,"name":63,"slug":64},7,"Foreclosures","foreclosures",{"id":66,"name":67,"slug":68},8,"Infographics","infographics",{"id":26,"name":27,"slug":28},{"id":71,"name":72,"slug":73},11,"First-Time 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