My appraisal came back and the number was so wild I had to call the guy

Got my house valued for a cash out refi in January, and the guy said it was worth $425,000. Just got a new one done this week because rates dropped, and the new value is $510,000. The only thing I did in those six months was paint the front door bright red and fix a wobbly fence post. Has anyone else had an appraisal jump like that for basically no reason?

3 comments

3 Comments

ericgonzalez1mo ago

Seen this happen with cars too. Buddy's truck was worth nothing last year, now dealers are begging to buy it back. Feels like the price of everything just detaches from reality sometimes. Makes you wonder what anything is actually worth.

john_singh1mo ago

What kind of truck does your buddy have, @ericgonzalez?

evan2951mo ago

That's actually a really good point from ericgonzalez. The thing is, a truck's value didn't just go from nothing to something. It was always worth the metal and work that went into it. The market just got weird for a while, with low supply and high demand. It makes the price feel fake, but the truck itself is still the same machine. The number on the tag just lost its connection to the actual thing for a bit.