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Black Couple’s Home Appraisal Lowballed Due to Bias: A Call for Change

It’s hard to believe that in 2023, there are still examples of blatant bias and discrimination in the home appraisal industry. Unfortunately, that’s exactly what happened to a black couple in Georgia. The couple recently settled a lawsuit in which they claimed their home was appraised for far less than it was worth due to the appraiser’s racial bias.

The couple had purchased a home for $290,000 but when they tried to refinance, they were shocked to find out that it was only appraised at $155,000. They suspected something was amiss and ordered a second appraisal, which came back at $330,000. It’s clear that the couple’s suspicions were correct – the first appraiser’s implicit bias had led him to undervalue their home.

This is a disturbing trend that has been going on for far too long. Studies have shown that homes in predominately black neighborhoods are consistently undervalued compared to those in predominately white neighborhoods, even when all other factors are equal. It’s time for change in this industry to ensure that everyone is treated fairly.

To read more on this case and the larger issue of racial bias in home appraisals, click through to the full article.

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10KblkApprais