Davis is a unique community in many ways but what really stands out are housing prices compared to the neighboring communities. Woodland, Dixon and West Sacramento are only 10 miles from Davis but home prices in Davis are just about double of those in the neighboring cities.
The demand for homes in Davis has three main factors driving it - the amenities of a university town, the quality of the local school system, and the resolute no growth attitude of the citizens which prevents the construction of many new homes.
Net result - much higher home prices. Add in an out of town appraiser and you've got a recipe for disaster. Friends of mine recently had their home in East Davis appraised. They thought it might be worth as much as $500,000. OK, so I think they are kind of optomistic, but if put on the market at $400,000 I'd have multiple offers on it within days.
The appraiser - from out of town and unwilling to either admit his ignorance or be educated - valued their home at $200,000. Unreal - in Woodland or Dixon their house would be worth more than that. In Davis that is less than half the true value.
So what do we do as agents when an appraiser displays such incompetence and arrogance and complete unfamiliarity with a local market? Why is such a person allowed to stay in the business?
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