"maybe appraisers are struggling to keep pace with how unpredictable the market's gotten lately."
Yeah, makes me wonder if they're relying more on neighborhood comps than actual home improvements lately...has anyone else noticed appraisals being less tied to upgrades and more to market swings?
I've actually been wondering the same thing lately. We refinanced a couple months ago, and I was surprised how little attention the appraiser gave to some of our recent upgrades. Installed new hardwood floors and redid the kitchen counters, but he barely glanced at it. Seemed way more interested in recent neighborhood sales and comps.
Maybe it's because the market's moving so fast they just don't trust renovation values to hold steady? Or maybe they're just playing it safe, since market swings seem to overshadow individual home improvements these days. It does make me curious though—if upgrades aren't boosting appraisal values much right now, is it worth investing in them purely for resale value? Guess I'll be holding off on that bathroom remodel for now...
We just went through something similar when we bought our first home last year. The previous owners had done a bunch of upgrades—new appliances, fresh paint, even a deck—but the appraiser barely mentioned any of it. He mostly focused on recent sales nearby and market trends. I guess appraisers are just cautious right now because the market's been so unpredictable lately...makes sense they'd rely more on comps than renovations. Still, it was a bit surprising to us too.
We had a similar experience refinancing a rental property last year. The appraiser barely glanced at the new flooring and kitchen upgrades we'd done, even though we thought they'd bump up the value quite a bit. He mostly talked about comparable sales and market conditions. Seems like lenders are just extra cautious right now, especially with how volatile things have been lately. As for HARP, I'm pretty sure that program ended a few years back...might wanna double-check if there are newer alternatives available now.
Actually, while HARP itself did wrap up a few years ago, there are still similar programs around—like the FMERR or HIRO programs—that help homeowners refinance even if they're underwater or close to it. Might be worth looking into those options instead...
