Home Selling in Montpelier>Question Details

Katiejan, Home Seller in Montpelier, ID

Our home is the largest in our area. The home across the street sold at $90/sq foot. They are comparing our house to it, even though our home is

Asked by Katiejan, Montpelier, ID Tue Mar 16, 2010

twice as large, beautifully finished by a contractor (theirs was done by the owner, and he did a nice job) they are appraising ours for a much much lower value, $37 a square foot. Am I crazy or is this really unfair? Both homes have basements, ours is finished, theirs is not, ours is huge, theirs is not. Why should their house be worth almost what ours is?

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Each Appraiser is different. Their process for arriving at a value for the subject property should be quite similar yet results often vary quite a bit. Quality of finish work and features may be difficult to ascertain as the appraiser may not have been inside any of the properties he/she is comparing to the subject property. If a buyer and their bank believe an appraisal may be way off they can order and pay for another appraisal. There may be other comps that are being missed that will help shed some light on value.
0 votes Thank Flag Link Wed Mar 17, 2010
Who is they? Is your home listed and the new buyer obtained an appraisal? It's not clear who did the appraisal from your question.

A home is worth what someone is willing to pay. If you are selling your home and don't want to have an appraisal contingency then say so. A buyer can pay over and above what the appraisal comes in at. Or if your house is that great maybe you can get a cash buyer who will not care about doing an appraisal.

Market your property correctly, perhaps even have it staged to get top dollar!
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0 votes Thank Flag Link Tue Mar 16, 2010
The biggest portion of the cost of a house is in the basement and first floor. The second story costs roughly about 60% of the cost of the first story. If your home is a two story and the comparable a one story, this could account for some of the differential. The other consideration is size. It is never good to be "the big boy on the block." I agree that the difference between $90/sf and $37/sf seems to be too great though. Who is doing the comparison? I think I would ask for a second opinion.
0 votes Thank Flag Link Tue Mar 16, 2010
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