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[Long Island] Appraised lower than expected, advice welcome.

Disclaimer: mobile, apologies for any formatting issues.

My husband and I are under contract to purchase our first home. We both thankfully remain essential employees working from home. We live in an extremely high CoL area.

When we put in our offer, we deliberately offered more than asking price, because we wanted to lock in the house asap and we really liked it. Homes in our region and budget have come on the market and accepted offers in literally 2 days (I wish I was making that up). House was listed for 370k, we basically agreed to pay 390k. We are putting down 75k, no PMI with our lender.

Today, we learned that the house appraised at 33k under our offer because of some of the features of the house are outdated (old bathroom, kitchen could use updating, and some of the hardwood flooring had scrapes and dents, etc.). We intend to live in the house for at least 5-7 years, and we intend to make plenty of upgrades to the house. We were under the impression that the long island real estate market will generally remain a sellers market and when we go to sell, we will be able to get a return on our investment. While we expected a lower appraisal than our offer, we did look at comparisons for the house when we put in our offer, with the help of our agent. How concerned should I be at this point?

submitted by /u/aeistrya
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source https://www.reddit.com/r/RealEstate/comments/fs9ha9/long_island_appraised_lower_than_expected_advice/
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