How long is a home appraisal good for?

A question that is often posed to me by many home sellers I meet with. The answer is the appraisal is good for the day it was done. Now it may give you a good price range within 1 to 6 months after you have had it but just because you had an appraisal a few weeks or months ago doesn’t necessarily mean your home is still worth what it was appraised for. I like to use the stock analogy. If you purchase a stock today and once the market closes the Wall Street Journal will publish the closing price in tomorrow’s paper. Just because you have that paper 2 months from now, it doesn’t mean that stock is still worth that then. It may be higher, or it may be lower but to the consumer looking to buy that stock or from you then, it is only worth what it is worth the day it is bought. This holds true for the housing market too. Market Value is defined by what someone is willing to pay for something right now.


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