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Bj12 | I had an appraisal done 6 months ago? |
I had an appraisal done 6 months ago and it came in at 400,000.00. I had recently put about 150,000.00 in home improvements in this house. I just got another one done and it came in at 390,000.00. How can this be? |
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mbrcatz
|
Easy. Appraisals are pretty much only "market value" for the house. Market values fluctuate. Usually they go up, sometimes they go down. Occasionally they crash hard.
Also, not all appraisers are "honest". The ones hired by the mortgage companies know that if the value isn't high enough, then you're not going to get the loan - so they tend to be on the high side.
From an insurance point of view, you need to call your agent, and have them calculate the REPLACEMENT COST of your house, which can be completely unrelated to the market value - or what your appraisal says. |
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ThePerfectStranger
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Appraisals are not an exact science. They are done based on similiar homes that have sold in your area recently. Depending on the appraiser, different homes may have been selected to do the comparisons. |
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Insurance Biz CT
 |
Let me get this right, for the sake of some of your answerers: Your value went down $10K after you put $150K into the property? That seems like more to be concerned about than a 10% difference that some may have considered minor.
Fair market value is based on what similar properties in areas close to your property are being sold for, or "Comps". Just because you spent money to remodel or upgrade does not mean that you will have increased the house value in the same amount. The housing market is soft, so the value pre-improvements is less than it was 1 year ago.
It will come back, but it may take you several years to recover the full $150K you invested in the house. |
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randyvigil2003
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houses in your area could be selling for less, because there having a hard time selling them in the area. go to www.abcrealeste.com and it will tell you how much houses are selling around your area. |
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Doogie
|
The real estate market in your area has obviously changed since your appraisal. |
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ricks
 |
there could be a number of reasons including market change. But it is not that unusual to get a difference with 2 people. They most often will not get the exact number. It is not a large variation either, so not much to worry about.
They must also go by what the surrounding area is doing. Did your neighbor drop his price in order to sell? Have there been any sales at all recently in the area?
My question to you would be, why sweat a $10k difference? You are talking about a 2% change in 6 months. Why are you doing this so often? Would you also be worried if it went up $10k? |
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