What Can Lower My Home Appraisal — And Can I Do Anything About It?
Typically when you get your home appraised, you root for that appraised value to come back as high as possible (unless you’re buying out another person’s share in a home and hope to save money). But the job of a home appraiser is to provide an impartial and unbiased opinion of value, not bend to your wishes. Appraisers assess the condition and features of your individual home and put it into the context of your surrounding market. As for what can lower the appraisal, you’re looking at a combination of factors specific to your property (such as its structure, condition, and size) and which direction your local market is headed at the time that you get your home appraised. To...