The Art of Appraisal

White and Red Wooden House with Fence

As much as real estate pros try to get it right, the act of assessing the value of a property is very much a subjective process. Licensed appraisers learn all there is to learn about the subject and still don’t get it right sometimes. The same is true for real estate agents. No matter how much minutia is in the mix, you can only get so close to the real value. That is because the real value is only what someone will pay. Sometimes that’s higher or lower than an appraisal. A rogue sale (a buyer who grossly overpays) will add another dimension as an owner can latch onto it to justify their price. I have often used appraisers to bring in reality with an impartial opinion of value. Sometimes this backfires too with a radically low appraisal. Still, it works more often than not and helps homeowners “get real” about what to expect for offers.