5 Reasons Why Your House Didn’t Appraise For What You Thought it Should!
Excellent Article from my Appraiser Friend Tom Horn in Birmingham AL! Tom helps explain some of the myths in today’s housing markets. Although Tom is located in Birmingham AL, some of his points are valid. Baton Rouge may be in a better housing market environment though.
I Love These 2:
COST DOES NOT EQUAL VALUE!
YOUR NEIGHBOR DID NOT TELL YOU THE TRUTH!
NO, Cost Does Not Equal Value. Installing Slab Granite Counters in a $300,000 subdivision makes a lot more sense to the market than installing it in a $100,000 first time home buyer market. The $35,000 IG Pool or $18,000 Metal Building on Slab with electricity might be worth only $5,000 to a buyer.
NO, Your neighbor was wrong! I get this each month where I’m doing an Appraisal and homeowner tells me the neighbor told them that such and such house sold across the street for $X amount of $. Or, there’s been 2 recent sales on our street for $X amount and they’re really only listings and not solds.