how should one compare appraisal for refinancing to the real value of the house at a given market?

Answer 1

Appraised value does NOT equal market value. In either a strong or declining market the next sales will go for more (or less) than the previous. The appraisal does not take that into account. Also, generally appraisers have a wide service area, they are not necessarily an expert on your neighborhood. They will look for nearby comps roughly the same size, but they haven't seen the interior of those sales, and might not be able to recognize the factors that would make it more or less desirable than your property.

The best way to gauge the current market value of your home is to get the opinions of 2 or 3 local real estate agents that do a lot of business in your specific neighborhood.

Answer 2

The appraisal IS the best indicato of real value of the house, at current market conditions. The appraisal value is based on the size, style, age and upkeep of the home, as well as what other similar properties in the surrounding area have sold for.

The only other ways to look at the value of the home are the tax value assigned to the home by the county the home is in, which is typically fairly accurate or on the low side, and lastly the value that the home owner themselves places on the home, or what is considered the "emotional" value of the house.

Hope this helps!

Answer 3

Take the appraised value and compaire it to the taxable value of your house. if the amount is more than 2.3% you are going to over and its not worth it. Take the most expensive house in your area, and the less and compaire, and base your price somewhere on the low side.

Answer 4

The appraisial value should be very close to the real value