I am an a certified appraiser and I can tell you the problem right away, this is not bias, its an over improvement (at least with the first couple). Appraisers have to find comps to compare the home to, they built a one of a kind house at 1.8 mil, what comps can the appraiser use? Did they bother to see what the highest price sold in the entire county was? An appraiser cannot say a house is worth more than anything that sold within a year. If the highest price sold for a similar size was 1.6 mil in the entire county, that's the limit. The only way to break the limit is if people are willing to pay over the appraised price. Appraisers typically do not like going under the sale price because at the end of the day we want to make the client happy and get more work but we cannot lie or make things up. Its not fair to lay this all at the appraisers feet, if you build a 2 mil house and 95% of the properties in the area are selling for $500-700 you have a problem. PG has some wealthy people but it isn't Potomac. Ironically they could have hired an independent appraiser as a price check before they put a dime into it. Would have been alot cheaper than expecting the county to conform to your custom built desires.
I hope black people stay and combat those appraisal issues. There's a lot of haters that can't stand to see successful black neighborhoods and wan't them dismantled. I would like to move out that way and purchase a home myself.
I've spent a lot of time in Prince George's County (or PG as it is known regionally) and I think it has many nice suburban areas. I was awed by the low property prices in Q4 2019/Q1 2020 in the Greenbelt area for such decent single family homes. I thought to myself at that moment, "wow, I bet these properties will be a smart investment"...they are right next to a train station, so close to northern Va, and situated close to 2 airports!
I would tell that appraiser upfront that I’m aware of their shenanigans and that a have a lawyer on standby waiting to hit them with a FAT lawsuit if they try to pull a fast one 🙄🙄🙄
It all comes down to the schools.....the schools in Prince Georges Country are horrible, period......that alone drives prices. Look at Fairfax or Loudon country, schools are great and so are the prices of the homes.
(Regarding PG in particular not talking about any other home buyer/seller anywhere else in the country or world JUST prince George’s county) It’s called having a poor school system with below average to average at best school ratings, situated in the middle of a food desert, with high crime rates. That’s why it’s being appraised so low compared to the same exact home in a different county such as the same exact home in Bethesda or Potomac since we’re talking about new built luxury homes in Maryland and Washington metro area.
BS it occurs throughout the country, We were told to take down all black photos and ethnic items before we had an open house. This was not in this state either!
No corporate jobs? How far away to new purple line to Bethesda? Are corporate jobs in Laurel? IRS is New Carrollton. UMD is College Park, NOAA is there. Transportation is excellent to DC and Annapolis. Be part of the change. We've already hashed and re-hashed.
The problem with building a new home that you and several others live in is that the value wouldn't go up or stay the same on the actual home. You have literally depreciated it's value and then the area is a different story. If crime rises or something else going on community based you wouldn't be appraised higher. It's just like car sales as soon as you drive it off the lot it loses 5k value and is no longer considered a new vehicle but a used one. From there it will depend on how the owner treats it.
She’s clearly not smart !! She doesn’t realize that it’s a nation wide thing! That’s why it’s important to get black appraisal from black own banks. But a lot of black people often times default back to white institutions (like her self) after protesting & often times for get to support & back black American own institutions especially when it comes to banking
Location is everything. Schools, shopping amenities, taxes, crime, etc make the same house in one locale different in value from another, even adjacent counties.
It's lies, the two appraisals were performed by different appraisers, so how do we know that it isn't a competence issue of one of them? It would be compelling as racism if it was the same appraiser giving a different result...
@@javionriley8739 Are you being sarcastic, or are you actually generalizing and stereotyping people by skin color? If the latter, do you operate your business through that lens?
I don’t think this is bias. These people did not do their research thoroughly before building. Just because you spend a certain amount of money on a project does *not* mean you’ll get it back at the point of sale. This is true for people of any color.
facts don't lie. Black and minority homes sell for less. We were told to remove anything ethnic from our home before the open house because of this issue!
Bowie MD has the stigma of higher crime rates than other areas of MD. Your home isn't worth the cost of materials...that's just silly on the face of it. If I go to a poor white area and spend 2 million to build a mansion.... will any other people want to spend 2 million to live in a poor white neighborhood? No of course not. This is a moment when these obviously smart people ignore reality because they don't want to live in reality. They said they chose the "community" atmosphere when they built. If they wanted top dollar when they sold then the should have built elsewhere. They are smart enough to know that location is EVERYTHING in real estate. I'm a dummy in a $240k house and I know this. I wouldn't spend another 200k on this house to make it fancy because I'll NEVER get it back at the sale... even tho I'm white :D
Also I don’t think it’s only the color of our skin. It’s no metro there. Maryland school aren’t that nice. Corporate jobs aren’t there. I think it’s best to keep it that way. Benefits our community who want to buy a little cheaper. We are lucky to have such a thing in the DMV
Value and Cost are two different things... The cost of something new is immediately diminished by depreciation... Things are always worth less after they are brought... These stories are propaganda aimed at people with low IQs... I think it's the banking system pushing for the government to do an affirmative action in appraising because they see a shortage of appraisers on the horizon which will increase the cost of appraisals for them, and these racist bankers think (or know) that POC get paid less on average.
They’ve done study’s on this problem. Once all photos of the blacks residence were removed, it sold higher.
And they had a white person show the house to real estate agents.
Yep
I am an a certified appraiser and I can tell you the problem right away, this is not bias, its an over improvement (at least with the first couple). Appraisers have to find comps to compare the home to, they built a one of a kind house at 1.8 mil, what comps can the appraiser use? Did they bother to see what the highest price sold in the entire county was? An appraiser cannot say a house is worth more than anything that sold within a year. If the highest price sold for a similar size was 1.6 mil in the entire county, that's the limit. The only way to break the limit is if people are willing to pay over the appraised price.
Appraisers typically do not like going under the sale price because at the end of the day we want to make the client happy and get more work but we cannot lie or make things up.
Its not fair to lay this all at the appraisers feet, if you build a 2 mil house and 95% of the properties in the area are selling for $500-700 you have a problem. PG has some wealthy people but it isn't Potomac. Ironically they could have hired an independent appraiser as a price check before they put a dime into it. Would have been alot cheaper than expecting the county to conform to your custom built desires.
I hope black people stay and combat those appraisal issues. There's a lot of haters that can't stand to see successful black neighborhoods and wan't them dismantled. I would like to move out that way and purchase a home myself.
I've spent a lot of time in Prince George's County (or PG as it is known regionally) and I think it has many nice suburban areas. I was awed by the low property prices in Q4 2019/Q1 2020 in the Greenbelt area for such decent single family homes. I thought to myself at that moment, "wow, I bet these properties will be a smart investment"...they are right next to a train station, so close to northern Va, and situated close to 2 airports!
This is disgusting. America needs to do better
I would tell that appraiser upfront that I’m aware of their shenanigans and that a have a lawyer on standby waiting to hit them with a FAT lawsuit if they try to pull a fast one 🙄🙄🙄
It all comes down to the schools.....the schools in Prince Georges Country are horrible, period......that alone drives prices. Look at Fairfax or Loudon country, schools are great and so are the prices of the homes.
(Regarding PG in particular not talking about any other home buyer/seller anywhere else in the country or world JUST prince George’s county) It’s called having a poor school system with below average to average at best school ratings, situated in the middle of a food desert, with high crime rates. That’s why it’s being appraised so low compared to the same exact home in a different county such as the same exact home in Bethesda or Potomac since we’re talking about new built luxury homes in Maryland and Washington metro area.
What food deserts are in Bowie and Upper Marlboro?
@@westindy28- Girl, lunching…
Food desert where?
BS it occurs throughout the country, We were told to take down all black photos and ethnic items before we had an open house. This was not in this state either!
The only bias is people don't pay as much for homes in that area. Appraisers just report.
I moved out of PG county 23 years ago, and never looked back.
I could see the corruption in the county council.
No corporate jobs? How far away to new purple line to Bethesda? Are corporate jobs in Laurel? IRS is New Carrollton. UMD is College Park, NOAA is there.
Transportation is excellent to DC and Annapolis.
Be part of the change. We've already hashed and re-hashed.
The problem with building a new home that you and several others live in is that the value wouldn't go up or stay the same on the actual home.
You have literally depreciated it's value and then the area is a different story.
If crime rises or something else going on community based you wouldn't be appraised higher.
It's just like car sales as soon as you drive it off the lot it loses 5k value and is no longer considered a new vehicle but a used one.
From there it will depend on how the owner treats it.
Who’s going to tell them Texas market we do the same things to them ?
She’s clearly not smart !! She doesn’t realize that it’s a nation wide thing! That’s why it’s important to get black appraisal from black own banks. But a lot of black people often times default back to white institutions (like her self) after protesting & often times for get to support & back black American own institutions especially when it comes to banking
Thank you! Like it doesn’t happen in Texas too. It’s everywhere!
Location is key. What are the schools? The zip code in McLean or Great Falls will hold the value.
being white is the key!
Location is everything. Schools, shopping amenities, taxes, crime, etc make the same house in one locale different in value from another, even adjacent counties.
I live in Prince George. Up here in The Great White North. A dumpy home goes for over $300 000. 🙄
Great story!
It's lies, the two appraisals were performed by different appraisers, so how do we know that it isn't a competence issue of one of them? It would be compelling as racism if it was the same appraiser giving a different result...
It depends! If both appraisals are non black American!! Well it’s clearly racism
@@javionriley8739 Are you being sarcastic, or are you actually generalizing and stereotyping people by skin color? If the latter, do you operate your business through that lens?
so they spend 2 Million in a county with very little sales over 2 MIllion.
"neighboring county, brand new construction costs twice as much as my old ass home in this worse county. What gives?"
The long standing question has always been WHY?
I don’t think this is bias. These people did not do their research thoroughly before building. Just because you spend a certain amount of money on a project does *not* mean you’ll get it back at the point of sale. This is true for people of any color.
facts don't lie. Black and minority homes sell for less. We were told to remove anything ethnic from our home before the open house because of this issue!
Bowie MD has the stigma of higher crime rates than other areas of MD. Your home isn't worth the cost of materials...that's just silly on the face of it. If I go to a poor white area and spend 2 million to build a mansion.... will any other people want to spend 2 million to live in a poor white neighborhood? No of course not. This is a moment when these obviously smart people ignore reality because they don't want to live in reality. They said they chose the "community" atmosphere when they built. If they wanted top dollar when they sold then the should have built elsewhere. They are smart enough to know that location is EVERYTHING in real estate. I'm a dummy in a $240k house and I know this. I wouldn't spend another 200k on this house to make it fancy because I'll NEVER get it back at the sale... even tho I'm white :D
non black ppl associate crime with black men (even though most crime committed against whites come from other whites)
Spend 2 million to build a mansion in an area where there are few homes worth over 1 million is their problem, not the appraiser.
Also I don’t think it’s only the color of our skin. It’s no metro there. Maryland school aren’t that nice. Corporate jobs aren’t there. I think it’s best to keep it that way. Benefits our community who want to buy a little cheaper. We are lucky to have such a thing in the DMV
Value and Cost are two different things... The cost of something new is immediately diminished by depreciation... Things are always worth less after they are brought... These stories are propaganda aimed at people with low IQs... I think it's the banking system pushing for the government to do an affirmative action in appraising because they see a shortage of appraisers on the horizon which will increase the cost of appraisals for them, and these racist bankers think (or know) that POC get paid less on average.
Banksters pay politicians big bux to push the blame to others, in this case the appraiser.