Colli Real Estate

Home appraisal; is appraiser wrong?

A year ago we checked into refinancing our 2nd mortgage and had to go through a new appraisal. Our home was appraised at $225k 6 years prior, but this appraiser is telling us that it has dropped down to $185k which is an 18% decrease in value. From all the websites I’ve looked at, in WI property has, on average, dropped in value by about 1 or 1.5%; not 18%. Could this appraiser be way off? There are no foreclosures in our neighborhood or area to bring values down that much either. I’m worried now as we’re going to try this year to combine both of our mortgages and need it to appraise at $190k at least to do it. Our property taxe assesement is at $204k w/ the fair market value listed at $235k; which to me is way off, but you can’t tell the assessors that. Do you think the first appraiser could have been way off? We have done some improvements since first appraisal at $225k 6 yrs ago, but nothing has gotten bad to justify the $40k drop??

This is the first I have heard of any state missing the real estate crash. It does not sound correct, the appraiser is likely spot on. Your tax essessments mean nothing in regards to the appraisal.

Have a real estate agent give you a comp report, you will find out that houses in your area are selling for less then you think they do.

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