“I’m going to be selling my home in La Jolla shortly and moving to Rancho Santa Fe. I just refinanced last month and have a pretty current appraisal for $1,420,000. Should I depend on that to price my home?”
Answer:
No!
Some wonderful clients of mine recently had 3 appraisals on their home. Two were for the same amount, but the other was for over 10% higher.
Not only that, but all three appraisals were riddled with errors:
-One appraisal used the list price of a home that never even sold
– Two used sales from a much pricier area nearby but made no adjustment
– All three made little or no adjustment for appreciation or wide differences in views, condition, or location of the “comparable” homes compared to my clients’ home
Don’t get me wrong, there are some highly skilled, very accurate appraisers out there. I know several.
But because you won’t know if your appraiser fits that description, NEVER depend on an appraisal to determine what price to ask or expect to receive for your home.
