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When the housing industry & economy is as poor as it is now, does it have an effect on home appraisals? We remodeled our entire home and were hoping to get back clothes to what we had invested. However, the appraisal came back much lower than we expected. Is this because of the current housing industry and the economy?
alterfemego 10:32 am on November 27, 2009 Permalink |
Yes. Appraisals are based on the market activity, and what has sold. Unfortunately, values have declined in alot of markets, and we are hoping to see an end soon. While activity has picked up, value is still an issue. The best thing you can do is sit tight and ride out the market downturn.
RM 10:32 am on November 27, 2009 Permalink |
Appraisers can only give value to a house comparable to what your neighbors houses are selling for. If you bought a house for 200K put in 50K in upgrades, but your neighbors house just sold for 208K, there’s no way an appraiser can say yours is worth 42K more, even if it’s in 100% better shape.
If values are declining, your value can not go up very much without someone questioning it in the mortgage industry.
You’ll have to wait about 5 years probably to recoup the investment you put in.
angela 10:32 am on November 27, 2009 Permalink |
Yes, the housing market (and economy) affect appraisals. The values have dropped in most areas so any new appraisal is going to be lower. The way an appraisal works is the appraiser compares your house to roughly 3 other houses in the area that are similar to yours and that have sold within the past few months. Since prices have dropped then the houses that they use as comparables have a lower value then the houses that sold a couple of years ago. If you had had your house appraised a couple of years ago the appraisal probably would have come back higher then it might now. A lot of it depends on the area where you live. In the areas where the housing market has dropped then you’ll get lower appraisals then you might have expected.
bonsai 10:32 am on November 27, 2009 Permalink |
Appraisers are tea leave readers. A house has no practical value, unless somebody wants to pay for it.
Until 1 year ago, appraisers just set in the appraised amount as the sales price or asking price, whatever was wanted.
All that comp stuff they do is useless unscientific magic.
They take the comps from the MLS and Realist , which are so full of BS, it’s funny.
Today, they have directions from the lenders to go as low as possible with their estimates. But in a reality, your house has no value anyway, since there are no buyers.