SDappraiser is probably looking for a job:-).Probably makes him (her) want to fight and also try to justify the really high appraisals done in the past, creating this bubble.
SDappraiser, if new home builders are selling new homes with the same sqft for $100,000 less than the asking price of all of the resale homes, does that not make the resale homes ALL overpriced?
(and don’t say the new homes does not have landscaping or upgrades, these homes are all upgraded with granites and appliances and landscaped)
Appraisers make a distinction between “price” and “value”. A house that’s overpriced is one in which the price is not supported by the current sales data.
A house can be very fairly priced and still be horribly overvalued. Or undervalued, for that matter. We would say that most sales that occurred in 2005 were probably fairly priced at the time but have proven to have been overvalued relative to the economic fundamentals.
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