By “old” I mean an appraisal from more than about 3 months ago. It doesn’t matter if you have an appraisal from 6 months, a year or two years ago, they’re ALL extinct and there’s absolutely no way they can be used to justify the current list price of real estate in Charlotte NC for sale today.
An appraisal is simply an opinion of value at a given point in time. Since real estate values in Charlotte NC change over time, an old opinion of value(Charlotte NC real estate appraisal) has no bearing or relevance to current value of real estate in Charlotte NC.
Sometimes the current realistic value range for real estate in Charlotte NC is higher than it used to be, sometimes (as in many many cases today) it’s lower than it used to be. Bottom line is that an old appraisal is irrelevant. End of story.
When it comes to the current value of real estate in Charlotte NC and any given home for sale in Charlotte NC RECENT data and activity for similar homes in the same area as the subject Charlotte NC home are all that matter.
Buyers purchasing real estate in Charlotte NC set current (realistic) real estate market value and speak in the form of successfully sold Charlotte NC homes. Sellers don’t determine current real estate market value in Charlotte NC, BUYERS do. And buyers really won’t care about an old appraisal, buyers searching today care about today’s Charlotte NC real estate market not what any opinion of value might have been last season, last year or even worse several years ago. Current, fresh and relevant (meaning valid real estate comparables for Charlotte NC homes) real estate market data and information matter, old appraisals don’t.
Related Articles: Home Equity in Charlotte NC – Reality vs Perception
Copyright©2009 by Diane McDermott, All Rights Reserved, “NO!!! You Cannot Use An Old Appraisal”