Wow, we are in an exciting market now. My office is located in Temecula, CA near wine country and we are having tremendous sales volume, however we have one major problem. The problems are not the buyers or sellers or even the lenders....the problem is the appraisers being assigned to our transactions. We often times have 50+ offers on one home.....YES 50+ offers with prices consistantly being bid up 10 to 20 percent over list price and the appraisers are still referring to us as a "declining market". We are only a "declining market", because most of the appraisers assigned to our transactions are from out-of-area and have no idea of what is really going on in our market place.
We now have standard sales coming back into the market with multiple offers and the appraisers still are not appraising properties at market value and continue to note a "declining market". In my opinion we need local appraisers handling all transactions. Appraisers who are familiar with our market place and can be consistant with their values. I would love to hear if this is happening in your market and any ideas you have to change the way of our appraisers.
Have a great day.
James Brennan - Realty Executives of Temecula Valley.