Common Myths about Appraisals in The Home-Buying Process

Myth:  Appraisers set the value of a home.

Fact:  Appraisers don't set the value of a home, nor do they confirm a home's sale price.   Their role is to produce a credible opinion of value which reflects the current market.

Myth:  The money put into a home translates dollar - for - dollar into a higher appraisal.

Fact:  The cost put into a home improvement project may very well add value to a home; however, the value of any improvements are based on what the market is willing to pay for them, and may not necessarily correlate to the cost.   Not all renovations positively impact property values.    

Denise Maran

Denise Maran

BROKER SALESPERSON, REALTOR®
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