Bank house appraisal vs. actual value?

240sxer wrote: ↑ Hi all,

Is there a typical estimated difference between what the bank appraises your house vs what a real-estate agent would for a fair price on the market? I understand the banks tend to go on the lower side but what are we saying here, 5%? 10%?

I just got my appraisal from the bank and I am pleasantly shocked and now wondering if based on that alone, my house is worth much more and it's worth moving.

NeilJoseph wrote: ↑ Here is my take..
Both appraisers (used by banks) and realtors look at comparable sales in the neighbourhood to base their valuation off. In a rising market, the difference is banks are looking at the past (i.e. realized value) vs. realtor is looking into the future (i.e. factoring in growth that could be realized based on demand). So, the rate of growth in prices + time period to sale could be the justifiable difference.