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Updated over 3 years ago, 09/07/2021

User Stats

127
Posts
20
Votes
Kay March
  • Gainesville, FL
20
Votes |
127
Posts

If appraisals are based on comps, how do prices rise over time?

Kay March
  • Gainesville, FL
Posted

This is a technical question that arises from the painful experience of having an appraisal come in low. It happened two years ago when a VA appraiser, citing comps, said that the price my buyer had agreed to pay for my single family house was too high by $10,000. Today, two years later, that house is worth about $40,000 more than the price my buyer was allowed to pay. So can someone please explain how prices in general can rise over time if appraisals are based upon comps?

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