My home in Glennville Ga was appraised for 19100 in 2008 and now is being appraised for 135000. How is this possible?

Asked by Connie, Glennville, GA Fri Sep 3, 2010

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Hank Miller, Agent, Alpharetta, GA
Fri Sep 10, 2010
The house is worth what others like it are selling for. The market and economy continue to tank and this trend is not likely to change for another 2-3 years - things have to stabilize before they improve.
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, ,
Sat Sep 4, 2010
Hi Connie, and I agree with Ken Cook, it has to do with the comparable sales in your neighborhood, and I am guessing distressed sales (foreclosures and short sales) also are playing a large part nationally in the large drop in home prices both in your area and nationwide. Both the comparable sales and distressed sales have really impacted home values. If it is any consolation, in the late 80's early 90's home prices shrunk by as much as 35%. I bought my home at that time, and I was VERY worried too. But, I still needed a house to live in, and my mortgage was about the same as rent....and by 1995 or so prices were back to where I purchased. Imagine my surprise with the price increases for homes from 1995-2006. The house tripled in value. With the marked now, I have lost 1/4 of my value again, but still my house is worth over twice what I paid. The old adage plays out, "what goes up, must come down" and hopefully soon, in this market, vice-versa!
Good luck, I hope these comments help! Jim Ryan, Home Savings of America, 703 591 5626 ext 419.
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Ken Cook, , Atlanta, GA
Fri Sep 3, 2010
Connie it has happened all across the nation. It has as much to do with how much the homes in your immediate area have sold for as anything else. If your neighbors sold low it decreased the sales value of your home. The link is to some market stats from Savannah where we do a pretty good bit of business - just to give you an idea.
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