Appraisals in San Francisco
Hi there!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.
Thank you!
Linda Kittlitz
Our reply:
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market it could sell for less because the market is moving so fast the comparable sales from 3-6 months ago can be out of date.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
posted by SFResidence.com @ 8:55 PM
1 Comments:
Thank you for your answer, Janis! I can only hope my property is higher. I have a large amount of land and am on the NW area of Bernal Heights. My house has historical value, so cannot be changed as for the outside look on the front! I hope to stay here for many years to come! I really love my home.
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