Thoughts of R Scott Pierce Real Estate Appraiser

Market Values continue to decline.   I talked to a competitor yesterday who said the market is so confusing that determining a good market value is difficult.  I could not disagree more.  Appraisers are slaves to the market, and as long as you are depending on an experienced appraiser to determine value, there will be no confusion.  In todays changing market, the most recent comps must be utilized along with several comparable listings.  And remember, the appraisal report will not be necessarily accurate after 60 to 90 days. 

Because there are going be many foreclosures, some of those sales should be considered in determining market value.  In my local MLS, realtors are choosing not to upload many short sales and foreclosure sales in the system.  I guess the reason would be that they might be used for comparable purposes.  As that might be true in some instances, its not giving a totally overall accurate view of the market.  This in turn does a dis-service to the market as a whole.   All comparable sales should be disclosed.  An experienced appraiser and realtor can determine if data should be used to determine market value.   

To a better 2009...