Appraisals Trending Downwards
Posted by: Chesley Payne
October 04, 2009
Topic: Consumer Information
http://www.nytimes.com/2009/09/27/realestate/27cov.html
This article highlights a common issue concerning appraisals in the real estate market. Appraisals are coming in at levels far below what real estate was valued at 24 months ago. While much of the cause is due to the historic real estate bust, the article raises the concern about the new regulations which do not allow mortgage brokers and real estate agents to order appraisals. The reason behind the change was more than likely justified to keep the appraiser from receiving pressure to make unnecessary upward adjustments to the property value of the targeted property. However, as with any change , there have been some unintended consequences, including the introduction of appraisers in markets they may not be familiar with. Unfortunately, we will probably have to ride this one out for a while as the market begins its adjustment to the new realities faced by all of us. Keep in mind that when and if your appraisal comes back far below what you feel to be a fair value, it is probably true that no one you have met personally has any control over how this appraiser is chosen or how he conducts his review. Comforting thought, right?
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