Did the appraiser give you any feedback or explanation at all about why they valued it lower? Sometimes their reasoning can be pretty insightful, even if it's frustrating... Curious if they mentioned anything specific about comparable properties or market conditions.
When we built our place, the appraisal came in lower too, and the appraiser mentioned something about comparable homes being older and smaller, which threw things off a bit. Did yours say anything similar about comps not matching up well? Sometimes they pick properties that seem kinda random... Did they mention if market trends in your area were affecting values lately? Curious if it's a local thing or just bad luck with the comps they chose.
"Sometimes they pick properties that seem kinda random..."
I've noticed this too, but honestly, appraisers often have limited options depending on what's recently sold nearby. When we built our home, the comps were also older and smaller, but the appraiser explained that adjustments are supposed to account for those differences. Market trends definitely play a role, but sometimes it's just the nature of custom builds—harder to find exact matches. Might not be random, just limited data points to work with.
Yeah, I get that comps can be limited, but sometimes the adjustments they make seem kinda off to me. When we refinanced last year, the appraiser used a house down the street that was way smaller and older, and the adjustment didn't really reflect the upgrades we'd done. Makes me wonder how much flexibility they actually have with those adjustments...anyone ever successfully challenged an appraisal? Curious if it's worth the hassle.
Appraisers definitely have some flexibility, but it's not unlimited. They're bound by guidelines on how much they can adjust for size, age, upgrades, etc., and sometimes their hands are tied by available comps. That said, I've heard of people successfully challenging appraisals—especially if you can clearly document improvements or find better comps yourself. A friend of mine did this recently by providing detailed receipts and photos of upgrades, and the appraisal was revised upward. Might be worth a shot...just be ready for some paperwork.
