Finally it seems that appraisals will be more accurate in reflecting the true market value of homes. It used to be that appraisers were easily swayed by the pressures placed upon them from some Realtors, the bank or other insiders. A recent lender bulletin from Freddie Mac says appraisers "must be familiar with the local market," select "appropriate comparable sales," and certify them as "most similar" to the property in question. An appraiser can only include distressed properties in their comparables if those 
homes represent the majority of properties in that area.
This is a huge benefit to both buyers and sellers. A homeowner or potential seller can be more certain of the value in their property when it comes time to sell. A buyer can know exactly what kind of value they are getting in the home.
Local appraisers, just like local Realtors, know their area and its nuances. Knowing the local market means knowing that certain neighborhoods are worth less than others even though it may not otherwise be indicated on paper to an outsider.
These new restrictions are sure to bring back a stronger housing market instead of the less than "above board" ways of the past few years.
If you are not sure what your home is worth, please feel free to call or email me at 508-369-5131 or franklinmahomes@comcast.net. I promise to provide you a no cost, pressure-free estimate that will be within $10,000 of your final selling amount.
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