Is there apt to be significant differences in appraisels from one to another?

Asked by Dave Broadway, 65787 Sun Apr 28, 2013

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Royce Kemp’s answer
Royce Kemp, Agent, San Diego, CA
Sun Apr 28, 2013
Hi Dave,

It's quite possible, just depends on the amount of data available to the appraiser, and what it is that is being appraised. A track home or a condo, where there might be many very similar, nearly identical, units, with recent sales comps, will have less variation than say a $4million custom home on Mt. Soledad.

Also, appraisals are time-dependent, and are an opinion of value on the day they are performed, so an appraisal done months later might reflect differences in the market, which can be substantial in a hot market, or if better data (i.e. comps) becomes more available.

Thanks for the great question, always available if you have others.

Royce Kemp
Premiere Properties
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JR Thrasher, Agent, San Diego, CA
Thu Jun 27, 2013
YES! Appraisal is a highly subjective profession. Appraisers are highly educated and go through a long apprenticeship before they are allowed to do appraisals on their own. That being said, appraisal is a lot like quantum mechanics, there is a lot of math, a lot of theory and no guarantee of the outcome. If you are trying to obtain a higher or lower value of a home by getting multiple appraisals you are better off going with the one you have as the outcome has an equal chance of being less favorable for you as it does helping your situation.

As one of the founding members of the National Valuation Standards Institute I have trained over 1200 agents on how to complete a Broker Price Opinion on single family homes. Personally I'm proud to say that I have never been more than 2% different from the official appraisal for every home I've sold. If you have a question about the value of a property feel free to contact me at any time.

J.R. Thrasher
San Diego Real Estate Veterans
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Manju Gupta, Agent, Poway, CA
Sun Apr 28, 2013

Actually sometimes it could happen for many reasons. One significant reason for instance is when the appraiser takes into consideration the distressed properties. One has to find out the reasons.

Hope this would help you.

For further help, please contact me at:

Manju Gupta
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Dean, Other Pro, Knoxville, TN
Sun Apr 28, 2013
Of course there is. An appraisal is an opinion. Opinions can vary. The good thing is, to become licensed or certified as an appraiser takes several years, so they generally know what they are doing. However, not all appraisers are created equally,
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Cindy Davis, Agent, San Diego, CA
Sun Apr 28, 2013
Rarely are there significant differences in an appraisal. There's been a steady stream of home sales in San Diego so hopefully there are some good comps.

What neighborhood are you in? Why do you ask?

Please let me know if I can help in any way.

Cindy Davis
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