Quote Originally Posted by Pax View Post
I feel ya Indy, we bought our house in June of '08, refied it the next year and the appraisal came in a little higher than we paid originally. We've put almost $40,000 into the house (new garage, driveway, roof) and we're looking at an equity bump in this market of a whole $8000.
Ugh. It's so depressing.

I'm going to try to get my hands on the appraisal to check for any obvious errors. I have a feeling I know why it dropped so much. The house immediately next door to us recently sold after being on the market for some time. I was a flip purchased from an estate sale for pennies. Another house had been on the market forever with some substantial price drops. The house itself was huge, and I have a feeling that there was something really wrong with it because they could hardly give it away. Ours, in contrast, has sold twice now in the last five or so years and, each time, was on the market for less than a month. It's a very attractive house and, unlike many of our neighbors, we have both a garage and a yard both of which add a lot of value since in our area most homes have neither.