Here in the Bay Area, the appraisers are strictly following the rules. No more 'judgement' calls about a property being worth more than similar size/#rooms due to exceptional condition; e.g., turnkey. Comps must be within last three months. Our 2009 appraiser admitted our house would probably sell for more than his appraisal price but he had to come in about $100K less.

He pulled 6 comps, threw out the highest and lowest. That left 4 recent sales, 3 of which were run-down foreclosures that were in 'average' condition - that means severely in need of remodeling but still livable. We could not get credit for keeping our house in exceptional condition, completely remodeled inside and out, beautifully landscaped.

Thank goodness we actually don't need to sell our home; and as we have no mortgage we could afford to finance a buyer. Still, it was an interesting experience and quite a change from the high-flying 2003 appraisal in the past.

The appraisal rules are online for all to see.

Any condition worse than 'average' for age, location, and comps is noted.