Dear Monty: I just bought my first home. I discovered at the closing that it was appraised for a much higher price than I paid. It is so much more that I'd like to know if I should resell it now.
Monty’s Answer: There is no exact price for a home. If you asked 10 appraisers for their opinion, there would be variation between the low and high opinions. The variation could be 30 percent or higher if the house is in a rural area and/or there are few comparable sales. Many home sellers see real estate agents as a commodity. This perception suggests that all agents will evaluate a home equally or very close. Based on my experience, many real estate agents need more skill or judgment to properly value a home.
