Slightly over half of appraisers in a recent survey expressed a degree of confidence in the housing market and nearly half reported appreciating home values in their markets.
Some 54.7 percent of appraisers said their level of confidence is mildly or moderately strong, while 24.9 percent were neutral. The survey was completed by United States Appraisals’ nationwide panel of residential appraisers.
“Appraisers tend to be realistic, focused on their local markets and unmoved by news stories and national numbers,” said Aaron Fowler, President of United States Appraisals. “We believe they provide a good gauge of the status of the housing market. After the last few years, a mildly strong level of confidence shows some definite improvement in appraiser attitudes.”
Opinions were slightly rosier regarding home values. Some 46.2 percent reported a mild increase in values in their area. Some 15.6 percent were seeing a moderate value increase, while 24 percent were neutral. Despite somewhat tepid feelings on the market in general, most appraisers reported increased order volume: 26.1 percent saw mild increases, 17.8 percent saw moderate increases and 18.5 percent reported significant volume increases. Only 15.3 percent of respondents reported any reduction in their order volume.
Comments from the survey:
“Improving, people seem tired of waiting.”
“Significantly more activity at middle and upper end of the value range and the supply of existing housing is down significantly as well.”
“Appears to be somewhat fragile but is trying to rebound in a positive way at this time.”
“I have seen some upward bump, but too many foreclosures and short sales still on the market are holding prices down.”
“We all know the real estate market is a zip code by zip code driven business,” explained Fowler. “Our appraisers are our eyes into the local markets and the backbone of our business. We want to make sure we stay engaged and understand their vision of the marketplace.”
But a poor credit information is something and want to find out equity is another thing. It’s money they will not be able to utilize to fix the roof or get a new water heating device.