How does the economy & housing market affect home appraisals?

Apr 25, 2008 by BoBo77 | Posted in Renting & Real Estate

When the housing industry & economy is as poor as it is now, does it have an effect on home appraisals? We remodeled our entire home and were hoping to get back close to what we had invested. However, the appraisal came back much lower than we expected.

Appraisers are tea leave readers. A house has no practical value, unless somebody wants to pay for it.
Until 1 year ago, appraisers just set in the appraised amount as the sales price or asking price, whatever was wanted.
All that comp stuff

bonsai | Apr 25, 2008

Yes, the housing market (and economy) affect appraisals. The values have dropped in most areas so any new appraisal is going to be lower. The way an appraisal works is the appraiser compares your house to roughly 3 other houses in the area that are
angela | Apr 25, 2008

When are home appraisals usually done once the home is sold?

Nov 04, 2009 by streetrodmaniac | Posted in Renting & Real Estate

We sold our home in october, roughly the 3rd week in oct. We are supposed to close on our new home in 2 1/2 weeks, but the appraisal has not been done on this property yet...Just wondering if anyone else has ever experienced this and how you dealt with

If the buyer is paying cash there is usually no appraisal done. If they are getting a loan the buyer usually pays the mortgage company and (now under the brand new regulations) they normally contact a pool of appraisers and one is assigned. A seller

glenn | Nov 04, 2009

AmeriFirst Answers Questions About Home Appraisals

www.amerifirst.com First time home buyers and real estate agents often work with appraisers. From repairs to below-grade footage, a home appraisal ...

Pricing the key for sellers

11.09.11

WE'RE heading into spring - the peak season for buying and selling homes, and the latest price figures suggest that at present, buyers hold the trump card. Prices are flat or falling, and in this sort of environment, it's critical for vendors to set a realistic asking price.

According to research group RP Data, on average, property values across Australia's capital cities dropped by 0.6% in July. There were a few exceptions - prices were stable in Sydney (up just 0.1%), Darwin rose 0.6% and Canberra prices bucked the national trend climbing 1.9%.

Source: The Gympie Times

home appraisals - Bookshelf


Log Home Design
160 pages 		Log Home Design

1999-08
In June of 1997, Gary Johnson of Waterfield Mortgage Company's Log Home Division called a Log Home Appraisal Summit at company headquarters in Ft. Wayne, ...
Log Home Design
134 pages 		Log Home Design

2002-02
Though they still offer a challenge, log home appraisals are in a better state today than they were a few years ago. Thanks to the Marshall &r Swift Log ...
Log Home Living
80 pages 		Log Home Living

2010-01
Start by referring the appraiser to Marshall & Swift, which offers The Log Home Appraisal Training Guide as a companion to its Residential Cost Handbook. ...

The Necessity Of Real Property Appraisals - Cambodia Information ...

by Phnom Penh

It is necessary to obtain the services of a real estate appraiser if you have been contemplating buying any real estate property in order to make an investment or even for private use. If you are planning to finance your home by going through a bank or any other type of lender, you will most likely find it necessary to first have the property appraised. Before giving you a loan, lenders want to know that the property is worth what you are paying for it. For the finest in accurate real property appraisals consider Chapel Hill real estate .

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home appraisals - News


Metro Detroit home sales up 19.4% in August
Detroit Free Press - Sep 12, 2011
And cash sales, those that do not require lender-required appraisals, also drove increases. Realcomp said that 41.6% of all sales were cash sales in August. About 83% of homes sold last month cost less than $200000. The number of homes for sale

Pricing the key for sellers
The Gympie Times - Sep 11, 2011
Appraisals are free and agents should be more than willing to provide them. Don't automatically go with the agent giving your home the highest price appraisal. Some agents may deliberately inflate appraisals to win listings. Compare the values you've

Appraisers say new rules will cause confusion
Boston Globe - Sep 01, 2011
Appraisers say new rules will cause confusion New guidelines aimed at standardizing the way home appraisals are conducted will result in confusion, delays, and higher costs in an already vulnerable housing market, according to many home-appraisal professionals.

The Nation?s Mortgage Horror Stories
San Francisco Chronicle - Sep 12, 2011
During the upturn, the appraisal process was criticized as too lax because excessive home appreciation levels were supported through higher subsequent appraisals. The current environment is seeing a much higher percentage of appraisals subject to a

Home Buyers Find Themselves Aced Out by Investors
LoanSafe - Sep 12, 2011
Loans require time-consuming appraisals before a sale can close. Also, FHA loans have property inspection requirements that can slow down the process even more. “The investor has the cash wherewithal to be able to close on the property without the risk

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