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HoagiesDad t1_iysmwht wrote

Your house is only worth what similar homes in the neighborhood sell for. If you put in a bunch of upgrades it will attract buyers but the banks look at numbers. My home in Frankford is really nice. I might get $180k but chances are it will asses for less because the surrounding homes sell in the $160k range. Mine being nicer is irreverent. Now if someone comes in with a cash offer or big down payment. I will probably get asking. That will change the appraisals in the area slightly upwards. Demand and ability to pay mortgages increase appraisals. Period

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Indiana_Jawnz t1_iyt9v91 wrote

Exactly; Location, location, location.

My home would easily be worth double it's value if it was located in, say Havertown, and probably near triple if it were in Lower Merion.

But it's location is what it is, so it isn't.

I tried to buy a home in Lansdowne a few years ago but the bank appraised it lower than what I needed for a mortgage for, so that was that.

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