Appraisal values generally are lower this year than last year – some areas by a little, and some by a lot. Unless an appraiser is just plain dishonest, you can’t argue with market data, both recent sales and active listings. I’ve done quite a few appraisals in the last 6 months, where the current value is lower than the outstanding loan amount.
Some appraisers will try to push the value up, but most banks will have a private fee appraiser or on-staff review appraiser look at the appraisals they receive. (At least I hope most do.) It’s very common for the review appraiser to cut the appraised value.
