Posted on: 14th Jan, 2009 04:11 pm
If I had my house appraised in May of 2003, is it possible that it depreciated $37,000.00? I've been charged $350.00 for them to tell me that my house is this much less? What can I do? Is this possible even though I have made significant improvements? What does this mean?
Hi Jewels,
Unfortunately, it is possible. In today's climate, most folks value has declined. I know is my area (Atlanta), my neighbors and I have seen drastic declines since last January. Why were you getting an appraisal? Are you trying to refinance?
Depending on your value vs the loan amount you are trying to achieve, you may still be ok. As long as you are not trying to sell your home or refi, quite frankly, the value of your home doesn't matter. In time, as the supply is absorbed, the values will respond in kind. So I have tried to not think much about it.
Kim
Unfortunately, it is possible. In today's climate, most folks value has declined. I know is my area (Atlanta), my neighbors and I have seen drastic declines since last January. Why were you getting an appraisal? Are you trying to refinance?
Depending on your value vs the loan amount you are trying to achieve, you may still be ok. As long as you are not trying to sell your home or refi, quite frankly, the value of your home doesn't matter. In time, as the supply is absorbed, the values will respond in kind. So I have tried to not think much about it.
Kim
Hi Jewels,
Like Kim, I am also in the Atlanta area so I cannot speak on the market trends for your area. I have seen some areas here declining as much as 10% or more PER QUARTER, so it may not be so bad depending on your price point. It has been a tough ride this past year but hang in there, it will get better.
Of course, to answer your original question, appraisers opinions can vary. If there is a high level of homogeneity in your neighborhood, then two appraisals should be pretty close if both are done properly. In areas that lack homogeneity or very slow markets, it is possible for opinions to vary considerably.
Like Kim, I am also in the Atlanta area so I cannot speak on the market trends for your area. I have seen some areas here declining as much as 10% or more PER QUARTER, so it may not be so bad depending on your price point. It has been a tough ride this past year but hang in there, it will get better.
Of course, to answer your original question, appraisers opinions can vary. If there is a high level of homogeneity in your neighborhood, then two appraisals should be pretty close if both are done properly. In areas that lack homogeneity or very slow markets, it is possible for opinions to vary considerably.
HI jewelsiniowa,
I agree with Kim. Keeping mind today's market situation, there are a large number of people who are facing similar issues like you. A lot of properties have been depreciated in value and people are upside down on their mortgage due to this. And if you are planning to refinance the property the property, then you will have a tough time getting a refinance as the property has depreciated in value.
Thanks
I agree with Kim. Keeping mind today's market situation, there are a large number of people who are facing similar issues like you. A lot of properties have been depreciated in value and people are upside down on their mortgage due to this. And if you are planning to refinance the property the property, then you will have a tough time getting a refinance as the property has depreciated in value.
Thanks
Thanks to all of you for responding! Actually, I was trying to refinance at a way lower interest rate and due to the appraisal being the exact same amount as my mortgage, they won't let me refinance now. Thanks again for the info!!