If I had my property appraised in Aug. 2005, do you think the appraisal is still good? Also, do you think the value is better today? The appraisal had 2 separate figures, one for the land and one for the house. I’m not ready to sell, but I’m curious as to the value of my property today.
An appraisal from August of 2005 is definitely NOT valid for today’s market. In San Francisco and especially Bernal Heights, I would assume the value is now higher. Of course, I do not know what properties the appraiser used or if that appraisal was a true “fair market value”. Sometimes appraisals are not really what the property would sell for in the open market because the appraiser is using comparable sales that can be months old or the appraiser did not see the comparable properties.
Appraisers do not usually go and see homes that are on the market like real estate agents do so they are not necessarily aware of the differences that make one house sell for more that another one even though they looked like they were the same.
Also, in a hot market your property could sell for much higher than the appraised value and in a declining market it could sell for less because the market is moving so fast the comparable sales from 3-6 months ago can be out of date. From August 2005 until today we have gone through a decline and an upswing. So the best solution would be to get a new appraisal based on the latest sales.
- Janis Stone
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