Question:
“My home was appraised a couple of months ago for $725,000. What price do you think we should ask?”
Answer:
It depends on what your home is worth.
But wait a second… You just had it appraised for $725,000, so that’s what it’s worth, right?
Not necessarily.
Check out the example I’ve reproduced to the right. One of my clients had her home appraised, but it was over THIRTY PERCENT more than the actual value. The appraisal was riddled with errors of all kinds.
Bottom line: NEVER depend on an appraisal for your home value. It could be right on, or terribly far off.
