When homeowners start thinking about selling their house, many decide to get an appraisal to see what it's worth. But unless the appraiser is willing to buy your home, don't assume that the appraised value is the same as market value - what buyers are willing to pay.
According to a recent article in CNN Money, "Taming inflated home appraisals", 90% of appraisers feel pressured to reach a figure that pleases the person ordering the appraisal.
Even if the appraiser doesn't feel pressured to inflate the value, appraisals typically don't consider active competition or look at houses that failed to sell (expireds). And in a rapidly changing market, an appraisal more than 60 days old may already be outdated.
There are many pieces of information to consider in pricing your house. An appraisal is just one of them.
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