My home in Corvallis MT appraised for $374,000 in the summer of 2006 as a 4 bd / 2 bath home. Since then, we

Asked by Rob, Kalispell, MT Wed May 27, 2009

added a 3rd bathroom, new interior paint and a large deck onto the back of the 2600 sqft home. Is it worth less, more or the same, taking into consideration the current economy situation and the improvements?

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Joede Vanek’s answer
Joede Vanek, , Stevensville, MT
Fri Jun 19, 2009
Only a certified appraiser is qualified to give you a definite current market value of your home. As a realtor, I can calculate a comparative market analysis (CMA) if you are interested in listing your house for sale. This CMA can determine a good listing price for what your house should sell in this current market. -Ginger Vanek, Eickert Realty
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Darwin Ernst, Agent, Ravalli, MT
Thu Jun 6, 2013
The only point in looking through an old appraisal would be to estimate your comfort level with the prior valuation conclusion. If the data within the report is inaccurate, there is a good chance the concluded opinion of value isw also inaccurate. If you need to know what the home is worth now, you should probably have a professional appraiser complete a new valuation with a recent effective date.
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Ron Thomas, Agent, Fresno, CA
Thu Jun 6, 2013
This is FOUR YEARS OLD!!!!
Is there any point?
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Darwin Ernst, Agent, Ravalli, MT
Thu Jun 6, 2013
The answer is always ... "it depends". I am a Montana licensed real estate appraiser (15 yrs) and real estate agent located in Ravalli County and I have completed an extensive amount of data analysis on property values over time in this market known as the Bitterrot Valley. The data shows property values declined in the Bitterroot Valley between the fourth quarter of 2007 through the second quarrter of 2012. If you would like more specific details, please feel free to contact me. (Just search for my name in google or any other search engine and you can find my contact information.)

Look through your appraisal report carefully and see if the information regarding your home is accurate. This will help you to decide if you really think you received a valid opinion of market value in 2006. If there is minimal deferred maintenance and recent remodeling, the physical depreciation should be minimal, but the external depreciation caused by current economic market condition have affected all the residential properties in this market.

An appraisal is an opinion, but most agents are over-listing properties, which results in long exposure times in the market. Get an expert's opinion of what your property is really worth from a qualified professional appraiser and then use a real estate agent to help you sell your property to a qualified buyer at a reasonable sale price.
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Travis Marti…, Agent, Hamilton, MT
Mon Sep 7, 2009
Any improvements you can do to make your house stand above the crowd will definitely help. In this market more people are asking "will" my home sell, rather than "what will" my home sell for. If you are just curious to see if your improvements are paying off with no serious intention of selling your house now, then yes your improvements are benefiting. How much I dont know and will they be able to lift your home value above what it appraised for 3 years ago, again I dont know. if you are looking to sell your home, get it on the market now. An appraisal is only an opinion, your home is really only worth what a buyer is willing to pay.
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Doug Deshazer, , Libby, MT
Sun Jun 21, 2009

One thing to remember is that the market differs GREATLY from area to area. In some areas prices are hanging tough. So I believe the best thing to do is contact an agent in your area and ask them about the market, then have them do a CMA (competitive market analysis). That will give you an approximate idea of what your house would sell for.

Doug DeShazer
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