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Now I am refinancing again and the appraisal was $265,000. Why such a huge difference? I was told there should be only a 6% drop in difference.
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Posted: Aug 25, 2008 at 11:41 AM
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Sterling Heights has seen a 28-30% drop in property values. Not sure where or who told you 6% but that is not the case. As you know, there is a large number of bank owned homes being sold for as little as $.50 on the dollar and this also contributes to your homes value being so much lower.
Jan 13, 2009 at 2:23 PM
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Recent sales and comparables in the area may have skewed the appraisal. 6% is low for many markets in current economic climate. Adjustments may have to be made here.
Do not despair. Market cycles are inevitable.
Sep 8, 2008 at 10:42 AM
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Dear Mary Anne,
I'm not sure where you received the 6% number. Even so, some areas have been hit harder than others. I can provide you sales and statistical info as I cover your area.
max
Aug 28, 2008 at 10:35 PM
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