$100k Increase in Home Value????

[flylo]

I'm tired of all this race BS & that's all it is BS. I'm in SW Mich & don't see any race problems.

 

[mmpsteve]

I'm tired of all this race BS & that's all it is BS. I'm in SW Mich & don't see any race problems.

I run a print shop in Schererville. I have clients of all races and sexual orientations. We get along just fine. Treat each other with respect, and are courteous.

As much as we are different, we have one big thing in common: we're all PRODUCTIVE human beings. Productive people don't have all the problems that the other types have.

.

 

[AtTheMurph]

This is definitely a 1 off. I'm an Appraiser I don't care who is at the house or who the owner is, I'm appraising the real property. I feel frustrated that more people than this believe this is systemic issue in the profession, IT IS NOT! I have never ran into a discrimination problem with any appraisals, appraisers, or owners. I cover 13 counties, so I am in all types of markets, and have never seen or heard any problems.

Exactly! Why would an appraiser risk their job/certification by purposely making a low appraisal? The claim of racism is BS. If the appraiser was racist he could just decline to do the appraisal.

 

[AtTheMurph]

Don't ever believe or use Zillow as a reputable source. It uses an algorithm to estimate, again ESTIMATE, property values. That's my two cents.

Zillow used to be about 95% accurate in their appraisal prices. Not so much anymore as it is harder to estimate as homes are selling like hot cakes and many over asking price.

But even a professionally done appraisal is only an estimate of value. Whether a single appraisal may be more or less accurate than Zillow's is debatable. I know that Zillow's estimate for my 2nd home has been woefully low for several years. Only in the last couple of months has it caught up to what I know I could sell it for.

hence my post before that Zillow raised my "value" by over $100k in the past 30 days.

 

[phylodog]

Not to go off topic too far but.... what does an appraisal cost these days? My neighbor just told me this morning what his place appraised for and I'm curious what someone would say ours is worth. I may be getting one done soon anyway for a home equity loan to rehab our barn.

 

[SheepDog4Life]

Don't ever believe or use Zillow as a reputable source. It uses an algorithm to estimate, again ESTIMATE, property values. That's my two cents.

Like I said, FWIW... for what it's worth...

HOWEVER, a big part of the story was that the first two appraisers did not use comps from her mostly-white neighborhood... as the sold map shows comps within that neighborhood are sparse, and those go back several years... most too old for a comp. I looked at the neighborhood directly south of there... 1990's build dates... comparable to 1950's build remodeled? IANAA, but I wouldn't think so... so the next closest neighborhood with 1950's remodels? If it happens to be a mostly-black neighborhood, and she's black, does that mean the should search further? In different school districts?

Another part is her assertion that her house doubled in value in 4 years... even though all of the remodeling was done PRIOR to her buying it. And, even though only one fully remodeled home sold in her neighborhood in the prior 2-3 years.

And, FWIW, the sales dollar amounts and dates match in the Marion County assessor's site.

 

[gemihur]

Nothing makes sense since Joe took the helm

 

[jamil]

Indianapolis homeowner files discrimination complaint after removal of Black identifiers leads to $100,000 appraisal increase

INDIANAPOLIS — A housing discrimination complaint filed by a Black Indianapolis homeowner alleges that after she removed items from her home that identified her race and asked a white male fr…

www.google.com

Can someone explain the difference? Is this a common occurrence, or does one think this is a one off?

If the story is true it's at least a two-off.

 

[gregr]

A house is a house in this market and yes one appraisal might not match the 2nd. Neighborhood might have a small effect depending.

I would say neighborhood would have a HUGE impact. To paraphrase an InGo mantra, Follow the blight. The blight makes a difference.

 

[BigRed]

Don't know if this is common or not, but I hope she sells before the county assessor reads this and decides to up her assessed value. Tax time will HURT next year!

I wonder if I could work her scheme in reverse to drive down my assessments.

 

[amboy49]

Not to go off topic too far but.... what does an appraisal cost these days? My neighbor just told me this morning what his place appraised for and I'm curious what someone would say ours is worth. I may be getting one done soon anyway for a home equity loan to rehab our barn.

Most banks absorb the cost of the appraisal when a home equity loan is requested. Usually the lender uses a modified appraisal format that utilizes comparable sales as the primary valuation method. Tax assessment records will show total square feet. There may be a “drive by” exercise to obtain a snapshot and to make a general assessment of the exterior condition.

When we obtained a home equity loan a couple of years ago there was no internal inspection done for the appraisal. The fact that our home was lien free ( no amortizing first mortgage )and our request was approximately one third of the market value made the appraisers job easier as well.

Check with a few lenders and I think you’ll find there are few, if any closing costs for home equity (HELOCs) other than, perhaps, some recording fees of less than a hundred dollars.

Other folks who appraise for a living or lenders feel free to correct any of my above statements.

 

[Ingomike]

Zillow used to be about 95% accurate in their appraisal prices. Not so much anymore as it is harder to estimate as homes are selling like hot cakes and many over asking price.

This is just TOTAL BS. First they were not appraisal prices, that only comes from an appraisal, and that is law. In the local area Zillow never had access to the data the needed to come even close to an accurate value. AVS are just a starting point and are nowhere near accurate enough to use for most lending.

As of this year, Zillow is now just another Realtor company and you must join them to see the estimates, but they still are not appraisals...

 

[SheepDog4Life]

This is just TOTAL BS. First they were not appraisal prices, that only comes from an appraisal, and that is law. In the local area Zillow never had access to the data the needed to come even close to an accurate value. AVS are just a starting point and are nowhere near accurate enough to use for most lending.

As of this year, Zillow is now just another Realtor company and you must join them to see the estimates, but they still are not appraisals...

THIS... Zillow is not an appraisal, just an estimate based upon recent nearby sales. If the recent sales aren't comparable to your home, or there aren't many recent sales nearby, then that estimate isn't very meaningful.

Kinda like when the house down the street sold for X... might be a house just like yours, in the same condition... or not at all.

BUT, you do NOT have to join to see the "Zestimate", the info they have on that location nor the recent sales in that area. Just google "Zillow" with the address.

 

[HoughMade]

...Another part is her assertion that her house doubled in value in 4 years... even though all of the remodeling was done PRIOR to her buying it. And, even though only one fully remodeled home sold in her neighborhood in the prior 2-3 years...

My house had nearly doubled in the 6 years since I bought it, but I bought it really right (divorce and foreclosure and I waited until the foreclosure "pause" was about to be lifted to make an offer...it pays to know how to read a docket). Also, it was in moderate disrepair and I have brought it up to snuff. This doesn't even account for the 900 sq feet of living space I am adding by finishing the walk-out basement.

Point is, there are many, many factors that go into home value and the biggest increase in my home's value was not anything I did, it was the change in the market.

 

[4651feeder]

Many of my news feeds continue to pump this like it's the latest breaking story after being how old?
A cynic might think it's intended design is to create outrage and dam the details.

 

[AtTheMurph]

This is just TOTAL BS. First they were not appraisal prices, that only comes from an appraisal, and that is law. In the local area Zillow never had access to the data the needed to come even close to an accurate value. AVS are just a starting point and are nowhere near accurate enough to use for most lending.

As of this year, Zillow is now just another Realtor company and you must join them to see the estimates, but they still are not appraisals...

They are appraisals of market price, as in an estimated market price. Not to be confused with a paid professional appraisal used by a lender, which is of course an estimate of the value of the property, only done by a paid professional.

 

[indiucky]

We bought 30 acres for $79,000 4 years ago and now 30 acres, just like ours, a mix of wooded and tillable bottomland is going for between $140,000 and $155,000....

Note: in order to be that high the land needs to butt up against the Hoosier National Forest....

Perry county WAS the last cheap land in the state....

 

[Ingomike]

They are appraisals of market price, as in an estimated market price. Not to be confused with a paid professional appraisal used by a lender, which is of course an estimate of the value of the property, only done by a paid professional.

NOT an appraisal in name of any kind. That would violate the law to call it it an appraisal, as that is false advertising and HUD considers that a big no-no.

It is an opinion of value of the entity, but not an appraisal. Much like calling a magazine a clip...

 

[Ingomike]

THIS... Zillow is not an appraisal, just an estimate based upon recent nearby sales. If the recent sales aren't comparable to your home, or there aren't many recent sales nearby, then that estimate isn't very meaningful.

Kinda like when the house down the street sold for X... might be a house just like yours, in the same condition... or not at all.

BUT, you do NOT have to join to see the "Zestimate", the info they have on that location nor the recent sales in that area. Just google "Zillow" with the address.

Just figured out they don't show value on current listings, just off market properties as it appears to me.

 

[BigRed]

Many of my news feeds continue to pump this like it's the latest breaking story after being how old?
A cynic might think it's intended design is to create outrage and dam the details.

Why do you hate?