Appraising Residential Property in a Changing Market

摘要

Many residential real estate markets appear to be in a state of flux. Real estate appraisers across the United States are reporting significant changes in their markets. Where only a year or two ago appraisers were reporting annual appreciation rates of over 20%, this is no longer the case. Although prices are increasing on a steady basis in some markets, in other markets prices are declining. This article will show some sales data, present some opinions, and discuss some methods for identifying actual trends in local markets. Only one thing is certain in this discussion-this is not a "one size fits all" market Market trends in Pennsylvania probably do not correlate with those in Wyoming. The issue for appraisers is how to research, understand, and then adjust for a downturn in their local market, when and if it exists. Because some appraisers may be late in recognizing significant changes in the market, this article discusses tools available for identifying market change.