Take it to market and see what sell price is. Appraisal is meaning less based on comps from 5 years ago because little has moved.
Have 85 lots there and they went from 85-120 K each to worthless as no buyers. Debt free so not much pain.... Shop for some commercial or industrial and you will see 40% discounts thought there is a lot of extend and pretend to keep " appraisal" valuations up. Cash market has collapsed.
Newinvestor5 wrote:I live in Red Deer and in the market for a new house. I just got an appraisal done on mine and while the market has dropped since 2014 it hasn't dropped 40 percent. My house is coming in at around 10-12 percent less than 2013-2014. I watch the housing market pretty closely and a 600k house is definitely not selling for 360k. Although I wouldn't complain. I don't work in oil and gas so other than investments it doesn't affect me at all.