Quoted:
Tactical The Magnificent predicts that your home will appraise for an amount [i]mysteriously[/i] close to whatever the amount is that you are refinancing it for.
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Usually. Unless you're detached from reality and think you live in the Taj Mahal while your immediate neighbors are in duplexes.
Funny how people think things like faux-painted walls, marble floors, crystal chandeliers, award-winning rose bushes and sterling silver fixtures will have ANYTHING to do with the appraised value of the house.
Real estate appraisals MOSTLY depend on:
1) very recent comparable sales in the neighborhood.
2) see #1
"Comparable" refers to:
1) square footage
2) lot size
3) number of rooms
4) location
5) age of house
Lesser items that are considered include pool, fireplace, garage size, view/frontage, etc.
Quoted:
Am I psychic? No. Appraisals are a scam for justifying loans and have very little to do with a home's actual value.
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Bzzzt. Wrong.
A home's value is determined by sales of recent comps in the neighborhood.
The appraised value is determined by sales of recent comps in the neighborhood.
Appraisers do have some leeway in choosing comps, but they can't make a $150,000 house appraise for $200,000 if the comps aren't there.
It ain't a scam - it's market forces in action.
Quoted:
You might guide the appraiser toward some homes which sold for approximately what you are looking for, but they probably already know.
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That could help.
Get a list of recent sales of similar sized houses in your immediate neighborhood.
The more remote you live, the more difficult it may be to come up with adequate comps. THAT'S where the experience and integrity of the appraiser is most important.