“Hi Gary. My neighbor’s home next door was appraised at $825,000. My home is in better condition, so I know mine is worth over $850,000. How can I find out a realistic value without paying for an appraisal?”
***ANSWER:
Before you go any further, let’s look at three questionable assumptions you’ve made to arrive at your 850K+ figure:
1. The neighbor told you their correct appraisal figure
2. That appraiser was accurate
3. Your home is worth more than your neighbor’s
Re #1: While your neighbor was probably telling you the truth, many out of poor memory or foolish pride will quote a different, often higher number than it was actually appraised for
Re #2: Many appraisals are pinpoint accurate, others are WAY off. I’ve seen them off as much as 30%! Reasons include: the appraiser doesn’t know the area, the appraiser isn’t good at his/her job, the appraiser had a “target” price he/she was shooting for.
Re #3: Most homeowners think their home is nicer than their neighbor’s, but that’s not always the case. And even if it is, there are many other factors influencing value such as square footage, yard size, view, etc., that can outweigh the “niceness factor”.
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If you’re thinking of selling your home, I’d be happy to come by and give you an accurate idea of its value at no charge. Just call me at (858)457-KENT.
