In 2026, lenders across Chicago, Cook County, DuPage County, and Lake County are requesting more Reconsideration of Value (ROV) reviews than ever before. With shifting market conditions, neighborhood‑specific price trends, and tighter underwriting standards, homeowners and real estate professionals are seeing more appraisal values questioned or challenged.
Tyke Appraisals works with homeowners, lenders, loan officers, processors, underwriters, attorneys, real estate agents, investors, banks, and credit unions throughout the Chicago metro area. After reviewing thousands of appraisals and ROV requests, we’ve identified the most common reasons lenders ask for a reconsideration — and how homeowners can prepare for a smoother process.
This 2026 guide explains why ROVs happen, what lenders look for, and how Tyke Appraisals ensures accurate, defensible valuations across Chicago neighborhoods and surrounding suburbs.
1. Market Shifts in 2026 Are Creating More Appraisal Gaps
The 2026 market across Chicago and the suburbs is experiencing:
• Stabilizing interest rates
• Low inventory in neighborhoods like Avondale, West Town, and Bridgeport
• High demand in Lincoln Park, Lakeview, and Bucktown
• Slower appreciation in Jefferson Park, Albany Park, and Rogers Park
• Increased lender caution in suburban markets like Naperville, Elmhurst, and Downers Grove
These conditions create situations where contract prices and appraised values don’t always align — leading lenders to request ROVs.
2. Missing or Overlooked Comparable Sales
One of the most common reasons lenders request an ROV is the belief that:
• A more relevant comparable sale exists
• A recent sale was overlooked
• A comp outside the immediate neighborhood should be considered
• A comp used in the report may not be the best match
Chicago Example:
A comp in Logan Square may not be appropriate for a property in Avondale, even if they appear similar.
DuPage Example:
Homes in Naperville’s Ashbury subdivision cannot be compared to homes in Tall Grass without proper adjustments.
Tyke Appraisals ensures comps are:
• Recent
• Relevant
• Proximate
• Neighborhood‑specific
• Adjusted accurately
3. Rapidly Changing Neighborhood Trends
Some neighborhoods are appreciating faster than others. Lenders may request an ROV when:
• A neighborhood is trending upward
• New developments influence value
• School district boundaries shift demand
• Renovation trends increase buyer expectations
• Investor activity changes pricing
2026 Hot Zones:
• West Loop
• Bronzeville
• Avondale
• Pilsen
• West Town
Steady/Subtle Growth Areas:
• Portage Park
• Norwood Park
• Edison Park
Neighborhood‑level insight is essential for accurate valuation.
4. Condition or Upgrade Discrepancies
Lenders often request ROVs when they believe:
• Upgrades were undervalued
• Renovations were not fully considered
• The appraiser did not have documentation
• The condition rating may need clarification
This is especially common in:
• Newly renovated homes in Humboldt Park
• High‑end rehabs in Lincoln Square
• Modernized condos in South Loop
• Split‑levels in Skokie
• Ranch homes in Mount Prospect
Documentation is key.
5. Unique Property Features That Are Hard to Compare
Homes with unique characteristics often trigger ROVs because they don’t fit neatly into standard comparable sets.
Examples include:
• Chicago bungalows with full dormers
• Greystones in Logan Square or Humboldt Park
• Homes with ADUs in Albany Park
• High‑end outdoor spaces in Lakeview
• Custom renovations in West Town
• Larger‑than‑average lots in Edison Park
Tyke Appraisals specializes in analyzing unique properties and selecting appropriate comps.
6. Lender Overlays and Underwriting Requirements
In 2026, lenders have stricter overlays, including:
• Tighter appraisal review standards
• Additional documentation requirements
• More conservative risk assessments
• Heightened scrutiny for high‑value loans
These overlays often trigger ROV requests even when the appraisal is accurate.
7. Contract Price vs. Market Value Conflicts
Sometimes the contract price reflects:
• Bidding wars
• Emotional buyer decisions
• Seller pricing strategies
• Unique buyer‑seller agreements
But the appraised value must reflect market value, not contract value.
When the two differ significantly, lenders may request an ROV.
8. How Tyke Appraisals Handles ROV Requests
Tyke Appraisals provides:
• Clear explanations of comparable selection
• Market‑supported adjustments
• Transparent methodology
• Additional data when appropriate
• Professional communication with lenders
Our goal is to ensure the valuation is accurate, defensible, and compliant with 2026 standards.
9. How Homeowners Can Reduce the Chance of an ROV
Before the appraisal:
• Provide improvement lists
• Share receipts and documentation
• Highlight unique features
• Ensure access to all areas
• Provide any relevant comps (if available)
Preparation helps reduce lender questions later.
Schedule Your Appraisal
Tyke Appraisals
Serving Chicago, Cook, DuPage & Lake Counties
847‑521‑9584