True, In the past, they used to have 50k to 100k difference ! I guessed a value for my rental home and the appraisal came just 12k less than my guesstimate !
Interesting article. Couldn’t find another thread so posting it here.
sadly not suprising.
I really despise that style of article. They get a sample size of 1 then extrapolate to systematic racism. It’s specifically designed to get an emotional reaction.
If it was systematic, someone should be able to analyze home values in the same zip based on race of the owner and prove it with data. The first appraiser might have just been incompetent or didn’t correctly value the addition. It seems the $/sq ft should have shown an obvious issue, but they don’t even mention it.
I don’t trust the news media. Prices have skyrocketed this year
Plus there is a question about all the improvements
Permits, professionally done? Of course the news media will
play the race card. Makes good press. But I’ve seen prices go up 50% in the last 6 months. Did the reporter consider that?
I was trying to find more details on this particular story, but I found the same article repeated on every news source and missing all details.
I couldn’t any in depth article examining these points.
The American news media is obsessed about finding systematic racism anywhere and everywhere. I get it. It was to get rid of Trump. But it is way better than 50 years ago. Digging up lies to
promote a leftist agenda is tearing the country apart for no reason.
Are you saying this specific to African Americans or anybody who is non caucasian? Cuz in BA non whites might be similar in number as caucasians, and I’m not sure if non caucasians in BA have this complaint at least as far as House appraisals are concerned.
I had a Latino appraiser from Stockton under appraise a house in Redwood City. He had no idea what RWC prices were.
I didn’t call the news media with the race card. Appraisals are notoriously bad. They destroyed the economy in 2008 for over
appraisals. Maybe the reporter could have dug a little deeper and explained the vagaries of the business instead of creating a fictional stereotype of white oppression.
I had a similar experience from an appraiser from San Ramon. He had no idea of the area where I was buying the house from. He under appraised it.
Having said that, I do not understand $500K difference though, seems too high.
This is a hot market right now. 3 month old sales are going to
make all appraisals low.
As far as the $500k difference. If could have been a horrible addition. Generally a1000sf addition greatly changes a house for better or worse . Half of my work as a structural engineer was helping design additions. Many should never have been done.
Never trust the news media. Fools driven by fools . Here they are again making Trump a star. What idiots