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Appraisal Methods & Issues
Appraisal Methods & Issues
I will start out with the fact that I am not an appraiser, nor to I ever intend to be one anytime soon for that matter.  However, I just got out of our weekly office meeting and we had Huber Appraisal Group go over some issues that are still facing our Las Vegas market. They have been in business for over 20 years in the Las Vegas market.
She used our office zip code, 89117, as an example, a small snapshot if you will, of what's going on out there in the appraisal world. 
They haven't made a negative adjustment for a declining market now for over 6 months.  If you know anything about the Las Vegas market since late 2007, this is a huge step in a positive direction. 
Lenders are preferring comparitive homes that have closed within the past 4 months, some will go to 6 months though.  They will start with comparable homes inside the subdivision first and foremost, then progress out as needed. 
The absorption rate, or how long it is taking for inventory to get sold, for 89117 is about 2 months.  Meaning if no other homes come on the market in ... more

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