Taking the pulse of recent appraisals vs. actual closing costs

[Richie Thomas]

Hey y'all, trying to gauge how appraisals are coming in these days, compared to closing prices.  In a red-hot market like Huntsville/Madison, I imagine appraised prices typically come in lower than actual closing prices, right?  If so, how far behind are appraisals lagging, compared with current market conditions?

Curious about both pre-existing homes and new construction, i.e. whether or not appraisals more closely match closing prices for new construction.

[Michael S.]

We have yet to ever have an appraisal come in for less than our offer amount that was accepted by the seller. 

Conversely, we've had several times where the appraisal was 5 figures higher than what we offered and was accepted by the seller.