My appraisel when I refi’d was absurdly low. Piggington shows a 10-15% increase from the bottom, but it came in at what I paid at the bottom, actually less when you account for renovations. Meanwhile smaller houses on smaller lots keep selling for 50k+ more than the appraisel. This could have been an issue if I were closer to 80% LTV.

Then there is the absurdity that appraisals on purchases always come in at exactly the purchase price. So if I had a buyer at the real market price, the same appraiser would have given a much different estimate.