MLS 'areas' and comp selection
Would arguing that an arbitrary 'area' border drawn up decades ago no longer holds weight with buyers in the market stand?
I’ll admit up front that im a loan officer and got a lower than expected value on a FHA refi. usually, I’ll submit a ROV just to say i did it and act shocked when there’s no change. But in this case, I grew up nearby and know the area quite well. FWIW, buyer bought for 700k in 2023 and todays value was 710k - a 1.4% appreciation rate.
The subject sits in the northeasternmost fringe of an MLS area. I. have a feeling that the appraiser simply selected the MLS area from the drop down, and didnt search by distance. There was a sale that closed days before the inspection that was nearly identical in size, style, etc, and as the crow flies, just a few blocks to the east, but its in a different MLS area. While I cant/shouldnt accuse the appraiser of doing this, thats just my hunch.