Hi Desert Real Estate Forum

Even though existing houses sales, fueled by increased affordability, low interest rates and tax incentive, were up in May all the news was not good.

It appears as though low appraisal values on many sales are slowing an otherwise recovering market.  According to economists at NAR, the main factor in these poor appraisals is appraisers working outside of the market competance.  It seems that in order to get work the appraiser will take a job in an unfamiliar area and use substandard comps to obtain the price.

Here at Triad, we have lost more than one deal recently due to rediculously low appraised values, most delivered from out of area appraisers.