Northwest Michigan Real Estate Weblog» market trend http://www.nwmirealestate.com Local information and various musings from Matt Case, Realtor with Coldwell Banker Schmidt Realtors Tue, 12 Apr 2011 12:45:58 +0000 en hourly 1 http://wordpress.org/?v=3.1.1 HVCC (Home Valuation Code of Conduct) causes dysfunction… again http://www.nwmirealestate.com/2010/02/hvcc-home-valuation-code-of-conduct-causes-disfunction-again/ http://www.nwmirealestate.com/2010/02/hvcc-home-valuation-code-of-conduct-causes-disfunction-again/#comments Wed, 17 Feb 2010 03:07:13 +0000 mattcase http://www.nwmirealestate.com/?p=103 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.

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