This is my last comment (probably not) on the Guessing Game AKA the “art of appraising”.
Remember the first post on this series “Declining Market” well this from a recent guess by another “ACE” on one of my deals.
And I quote;
“the subjects sub market has been analyzed by trending indicators over the past 12 months. In the prior 7 to 12 months the prices were stable with little indications of a declining market.
However in the past 4 to 6 months showed market values as stable and in the current 3 months show that the market is still indicating signs of a stable market.“
Ok folks full disclosure;
All 5 of the “price is right” stories happen this month (3/11).
The Declining Market and this Stable Market story happened a week apart and in the SAME neighborhood.
Hell, I even have an Increasing Market story done in February.
So what’s it going to be Ace?
Declining?
Stable?
Increasing?
Good appraisers get it.
They understand the neighborhoods they are working and can value properties objectively but as more lenders use “in the queue” appraisers, all they are doing is slowing down a pent up housing recovery.
Just a thought.