As a professional real estate appraiser, I have been asked lately if I’m still able to perform home appraisals given the environment under COVID-19. The short answer is yes, however the industry is changing on a daily basis.
Currently, there is still a lot of activity for appraisers as the interest rates are low to refinance. While the spring purchasing market has become stagnant, we will likely see a shift and big push to the fall market. More on that below.
There has certainly been a mixed reaction to inspecting properties these days. With good reason, some people are very concerned about the appraiser inspecting the interior of their home. Others however, understand the pre-cautionary measures that appraisers are taking and are relieved that their home can still be appraised.
Due to the changing landscape of the appraisal industry during COIVD-19, Fannie Mae and Freddie Mac have been allowing appraisers to perform with alternate inspections. With these allowances, some lenders have been more flexible than others, plus the type of appraisal inspection can also depend on the type of loan the borrower is pursing. Here are some potential options:
Regardless of the type of appraisal report/inspection, appraisers try to gather as much information as possible to compute the most accurate fair market value.
Appraisers are taking measures to keep everyone as safe as possible for the traditional inspections. When scheduling the appointment, I let the homeowners know that I will begin with the exterior by measuring it and taking photos. During that time I request the homeowner to open up all of the doors to the rooms and turn on the lights as I don’t want to touch anything. After I inspect the exterior, I put on my mask, booties, and gloves for the interior. In addition to that, I am also social distancing myself by at least 6 feet when conversing with the homeowner inside. I try to take as many pre-cautionary measures as possible to keep both the homeowners and appraisers safe.
No one has a crystal ball and it’s frankly too early to tell what kind of an impact this pandemic will have on the real estate market. A large portion of listings have been withdrawn due to the stay-at-home mandate. I believe they will all go back on the market in the fall and then some, causing an influx of inventory. Demand will be high so the market may be in balance. The mortgage rates will be a factor and if they remain low, it will stimulate demand further. It may not be all doom and gloom for the real estate market come year end, just a temporary pause.
If you happen to be in a situation where you are in need of an appraisal during these challenging times, we can accommodate you accordingly. Please reach out to American Realty Appraisals and let us help you with your valuation needs while keeping everyone as safe as possible.
Evan from American Realty Appraisals came out to our home last spring to conduct a home appraisal in support of our property tax appeal. He arrived promptly at the agreed time, was very professional and conducted a thorough walk through. We were very satisfied with the results of his appraisal - they were well-researched and accurately captured the features of the home. His appraisal proved to be a crucial element in a very successful tax appeal. I would gladly recommend his services to others.
I was extremely pleased in my experience with American Realty Appraisals. Evan was very knowledgeable and was happy to answer any questions I had. His appraisal was useful in our being able to successfully appeal our taxes. It was worth every penny. He also shared some suggestions on how to shore up insulation efficiency around the house. 5 Star service. thanks!
Evan was extremely helpful in our obtaining a favorable result from our tax appeal and I highly recommend his services
If you want the Do's and Dont's. I would say DO use Evan. It was a very smooth and easy process. He worked around my schedule. His turnaround time was very impressive. Price: He was in line with the other quotes I received. And you DON'T need to worry. I will recommend him and use him again
Prepared the documents to submit for a tax appeal and accompanied me to the tax appeal hearing to present my case. I have used American Realty Appraisals twice and have won my tax appeal each time.
I was appealing my real estate taxes and American Reality did an appraisal on my home. The appraisal went well and as a result the tax appeal was successful and our real estate taxes were lowered.
I was ignoring go through Tax appeal process because I thought it was so cumbersome with very little chance of winning. In this process, I used Evan for a tax appeal. Not only we won but it was very easy and simple process between him and the lawyer. I highly recommend to use Evan, he knows what he is doing!
The tax appeal through you and Lisa Walsh was successful, and you may use me as a reference any time in the future
Evan was great. He was instrumental in helping me to appropriately lower my taxes via an accurate appraisal. I highly recommend his services to anyone in need of an appraisal in NJ.
When the interest rates dropped last year, I decided that it was a good idea to refinance my mortgage. I was recommended to American Realty Appraisals by my mortgage company. They were affordable, expedient, and ultimately put together a very comprehensive report with figures, photos, and local comps. I would highly recommend them to anyone looking for a professional and honest appraisal company.
Evan and his team at American Realty Appraisals are simply the best at what they do. As a mortgage banking professional, I have worked with dozens of appraisal firms over the years and I continually return to American Realty Appraisals when I can for their expert advice and service. I would highly recommend them if you are an individual looking to have your home appraised, or a banker looking to add a high quality appraisal firm to your list of approved appraisers.
Before I went to list my home, I hired Evan at American Realty Appraisals. I wanted an unbiased opinion of what my home was worth. He provided a thorough report that gave me piece of mind and a leg to stand on when it comes time to negotiate. I was also pleased with how fast he turned the report around after the inspection.
I am an attorney in Westfield and I refer all of my clients to American Realty Appraisals. I have worked closely with Evan Siegel for the past two years and I have been impressed with his professionalism, integrity and expertise as an appraiser. Relying on his appraisals, I have been able to negotiate property tax reductions for numerous clients in Union County. I highly recommend American Realty Appraisals for all of your residential real estate appraisal needs.
ARA did a great job of handling my tax appeal. The guidance was spot on and the staff, specifically, Evan Siegel, was professional and knowledgeable. The outcome was excellent and I'm saving a good amount of money on my real estate taxes. Thanks ARA!!
I used Evan for a tax appeal project. It was a seamless operation between him and the lawyer. Zero blips, and we won.
Mr. Siegel performed an appraisal for my home for tax appeal purposes. He was very professional and helped me lower my taxes by 17%. I am quite satisfied with his work.
Highly recommend. Excellent service, professional, prompt. Great result