My New Blog

I had a customer who I was completing and appraisal for state that he could not believe his current appraised value.  For story sake, the values have been changed to protect the identity of the client.  Their appraisal in 2006 was $550,000 which was possibly an accurate account.  Today, in 2011 the appraisaed value was $430,000 a 22% decline in 5 years.  Customer was upset!!!!!

I then realized that this same house was purchased in 2001 for $215,000.  Nothing done to it since.  Thats a 50% increase in property value in 10 years.  Not a bad investment and I never received my pat on the back????  An appraiser attempts to reports fact on what going on within a local market, its not made up.  Its not our fault in bad times and we dont deserve praise in good times.  You the public, Buyers and sellers set the market.  Supply and demand, well mainly demand.  

To all, I wish a better job market, an increase demand for housing, lower property taxes and a lender with some sort of human descision making skills.