You know they always say hindsight is 20/20. The subject of one of the appraisals I'm currently working on sold in 1999 of $507,500. Its a 5000 square foot home. Six and 1/2 years later it sold for $1,050,000 with the ONLY substantial change being the addition of a 1350 square foot garage. No other additions, renovation, nada. So appreciation of more than 100% in less than 7 years. Granted that percentage is a bit less due to the addition of the garage but not too many other investments out there have that type of return. So for all of us stressed out over how difficult it is to appraise in todays market, yesterdays market was just as difficult, it's just that nobody cared and/or blacklisted you if you were one of the few who made mention of how crazy the market actually was.