Myth: An appraisal is a guarantee of what my house is worth.  My lender used the appraisal three years ago and the house was worth more than you are saying it is worth now.  If your appraiser said your Oakland county home was worth $300,000  two years ago it was because there were homes similar to yours that were selling for that price.  Unfortunately Michigan house prices have fallen in 2006 and 2007.  So many Michigan houses for sale were over priced when they went on the market in 2007. 

Fact:  An appraisal is a tool that lenders use to find out if the value of the home is there to give a loan out.  Appraisers are licensed by the state and take continuing education classes.  In Michigan appraisers have over 2000 hours of schooling, and internship under another appraiser.  The lender does not ask for a guarantee of value they are looking for a professional opinion.

Fact:  Sometimes appraisals are rejected by the bank. Banks have other appraisers double check the appraisal.  If that appraiser feels the value is not there then they give a different value and the original appraisal may not be used.

So when you are ready to price your Michigan Home whether it is a Livingston county home, a Wayne county, a Washtenaw county home, or Wayne county home call me to get you a CMA of your home.  That way you will have the necessary information to price your home.   Whether you are moving out of state or relocating in Michigan a CMA is a valuable tool. It will give you what is for sale locally, what homes that are similar in size, style, and condition have sold for recently.  That will give you the information to make a sound decision.  Email me to get a CMA or go to my other website www.checkmyhousesvalue.com