The problem with my area of Austin, all the comps were sold for more than they appraised mine at, and about 30% of the comps not only sold for more than mine, but they were demo'd within a couple months.
The older homes that sold and were not demo'd, were major remodel/rehab and sales price was higher than the appraisal for mine, but the remodel costs were in the 50K to 100K range.
My argument for last 10 years is age / condition of the house and all comps being sold are demo'd. This year the comps not only were demo'd, they sold about 50K more than mine was appraised. I have taken estimates to redo roof, plumbing, wiring, redo the wood floors and repair sheet rock. to various Arb meeting. The one thing one has to be very careful of, is not paint your property to be in such a bad light that it gets moved to the bad condition list and then city code compliance comes out and demands repairs or flags the house for demolition.
Need a new strategy for next year. I am thinking about every cold caller that calls wanting to buy the place, telling them to send a contract to look over.
The older homes that sold and were not demo'd, were major remodel/rehab and sales price was higher than the appraisal for mine, but the remodel costs were in the 50K to 100K range.
My argument for last 10 years is age / condition of the house and all comps being sold are demo'd. This year the comps not only were demo'd, they sold about 50K more than mine was appraised. I have taken estimates to redo roof, plumbing, wiring, redo the wood floors and repair sheet rock. to various Arb meeting. The one thing one has to be very careful of, is not paint your property to be in such a bad light that it gets moved to the bad condition list and then city code compliance comes out and demands repairs or flags the house for demolition.
Need a new strategy for next year. I am thinking about every cold caller that calls wanting to buy the place, telling them to send a contract to look over.