One of the biggest problems these days is you can’t get an appraisal for the contract price.
Exactly what happened to me. We are empty nesters and downsizing. I had a signed Purchase Agreement at $248K and my house appraised for $213K. The County Assessor had the property at $244K. The appraisal challenges have to do with the comps. The appraisers have to use 2 comps in your neighborhood. They don't have to be comparable houses, just have to be in your neighborhood, and in our cases a different and lesser desirable school district. Given the current rules, I don't see how real estate can ever appreciate.