Yep, it’s happened again. An appraiser working out of his area (only slightly) has confounded me with an appraisal. This on a bank owned property I have listed. The seller had it appraised on September 25 2009 (what, 4.5 months ago?) and it came it at $47,000. I thought that was a bit high, and since the seller wanted to be aggressive, we took it on the market at $34,000.
New appraisal? $28,000.
The appraiser discounted listings that sold 3 months ago by 5%, indicating he believes the market to be declining at an annual rate of around 20%. That may be in his market area, but in the TAAR MLS, the 4 month average sale price trend is 3.07% to the positive.
