Smoke and mirrors?
Some people think so.
It actually comes from several factors. They include the homes size and square footage, the condition of the home and the location or neighborhood. Recent sales of properties like yours also factor heavily on the appraisers guess as to your homes value.
Some houses are affected by historical info like who lived there, for example President Obama’s old houses are selling for way above market value due to his living there. You can find detailed appraisal standards online. I have a list of reputable appraisers in the Chesterfield area that I would be happy to share for free.
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