Browne said a townhouse in the same development that isn't as nice as the one he wants to buy was just appraised for $261,000 - $2,000 more than his offer. "There's obviously no standard," he said. Now his plan is to get a second appraisal after that sale closes, because then it becomes a "comp" for an appraiser to consider.
If that doesn't work, he said, he won't be keen to look at more homes to replace the one that got away.
"It's just too much up and down," Browne said.
Part of the difficulty in appraising homes is that value is a moving target. The decline in average price in the metro area last month ranged from about 3 percent in Harford County to more than 17 percent in Anne Arundel County.
Sales, meanwhile, rose fractionally in Baltimore County and about 1 percent in Anne Arundel, 3 percent in Howard, 5 percent in Carroll and 12 percent in Harford. City sales declined 1 percent. That's a big change from recent months of home sales falling at a double-digit pace, and Khan was delighted to hear it even as he worries about appraisals.
"It's wonderful," the real estate agent said. "It's just great news."
