February 14, 2021 ☼ economy ☼ racism
Source: ABC7 San Francisco - Link
The home appraised for $989,000, or just $100,000 more than what the Austins got it appraised for prior to their renovations, despite $400,000 in costs.
“It was a slap in the face,” said Austin.
“We had a conversation with one of our white friends, and she said ‘No problem. I’ll be Tenisha. I’ll bring over some pictures of my family,’” Austin said. “She made our home look like it belonged to her.”
The home appraised for $1,482,000, or roughly $500,000 more than it appraised for just weeks prior.
This is an interesting data point adding to the evidence of systemic racism. Of course, some will argue that it was a fluctuating market, or the change of appraiser that was the issue, and that might account for some of the difference, but fully 50% higher than the original evaluation? It’s hard to swallow.