Yep, it’s happened again. An appraiser working out of his area (only slightly) has confounded me with an appraisal. This on a bank owned property I have listed. The seller had it appraised on September 25 2009 (what, 4.5 months ago?) and it came it at $47,000. I thought that was a bit high, and since the seller wanted to be aggressive, we took it on the market at $34,000.
New appraisal? $28,000.
The appraiser discounted listings that sold 3 months ago by 5%, indicating he believes the market to be declining at an annual rate of around 20%. That may be in his market area, but in the TAAR MLS, the 4 month average sale price trend is 3.07% to the positive.
I had an appraiser call me a couple weeks ago from the Lansing area asking me how the market was in Elk Rapids and asked if I could run him some comps for him, since he did not have access to our board information.
HOW is an appraiser that does not have access to information that is crucial to his determination able to compile an accurate report???? With all the red tape in the banking industry you would think this would be a no brainer.
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The place has maintained a stabilized per capita income over the years and at most times the per capita income has been more than other places in the US.
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