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One significant factor behind the lack of evolution in the appraisal industry is that the American housingmarket has grown at a much higher rate than the pool of licensed professionals that are legally certified to appraise residential real estate. Navigating appraisal challenges in today’s housingmarket.
A qualified appraiser will compare recent sales of similar localproperties, market trends and conduct a visual inspection of the home’s interior and exterior to determine the property’s fair marketvalue. While buyers can request a second appraisal, the lender decides whether to push it through.
Understanding these nuances is crucial for ensuring that time adjustments accurately reflect changing market conditions. To illustrate, Fannie Mae provides an example where the overall marketvalue trend for a 12-month period increased by 7%.
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