5 Misconceptions about Appraisals and Appraisers

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While some real estate professionals and consumers might have a good understanding about appraisals and valuation professionals, some common misconceptions do exist.

Facts

Myth: Assessed value should equate to market value.

Reality: While most states support the concept that assessed value approximate estimated market value, this often is not the case. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when properties in the vicinity have not been reassessed for an extended period.

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Debunking Myths about Home Appraisals

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Before consumers purchase a home, or refinance an existing mortgage, obtaining an appraisal is a crucial step in the process. However, some misconceptions exist about appraisals and appraisers and the Appraisal Institute encourages homeowners and prospective homebuyers to understand the following myths and realities.

comparablesMyth:  Assessed value should equate to market value.

Reality: While most states support the concept that assessed value approximates estimated market value, this often is not the case.

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Appraisal Institute Launches YouTube Channel

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Be sure to check out the Appraisal Institute’s new YouTube channel that launched April 2. YouTube is AI’s latest entry into the social media space, joining the organization’s Facebook, Twitter and LinkedIn sites, along with the “Opinions of Value” blog.

Click here to view the Appraisal Institute’s first YouTube video featuring AI President Sara W. Stephens, MAI, discussing the 2012 Annual Meeting in San Diego.

The creation of the YouTube channel allows AI to continue to interact with its key audiences and to become part of a very active social media platform. Sixty hours of video are uploaded to YouTube every minute, and more than 4 billion videos are viewed each day. More than 800 million unique users visit YouTube each month, and 100 million people take a social action on YouTube (such as likes, shares and comments) every week.

Be sure to visit often to view Appraisal Institute videos on topics of interest to members, consumers and anyone connected to the real estate valuation profession.

If you have an “opinion of value,” please share your comments.