Market Value vs. Appraised Value

[CJ M.]

(For those of you that leverage your properties), how accurate do you find the appraised values? For example, do you feel the properties are generally worth more, less, or exactly what they appraised for if say hypothetically you sold them immediately?

[Russell Brazil]

On a sale, the appraisal will be extremely close to the market value typically. On a refinance I find the appraisal is typically low in the suburbs and high in the city in my market.