Certain home sales of $400,000 and below will no longer require an appraisal, under a new rule that took effect this month. Homes that qualify for the appraisal exemption can receive an evaluation instead. The National Association of Realtors® has advocated that any loan limit related to an appraisal exemption be tied to specific markets rather than a blanket number for the whole country. A $100,000 limit might be reasonable in some parts of the country, and a $500,000 limit might be reasonable in others, depending on average housing values, NAR says.

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