The Increasing Importance of Appraisal Reviews

Since the bubble burst, appraisals have been under what many would call unfair scrutiny. Appraisers for years have reminded anyone who would listen that they reflect what’s happening in the market; nevertheless, economic uncertainty and a fluctuating real estate market leave more room for concern.

realtor workThough always an important valuation function, review appraisals in the current climate have become even more prominent within the profession and play a vital role in risk management and mitigation.

The Uniform Standards of Professional Appraisal Practice defines an appraisal reviews as “the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment.”

In their July 2007 research report, “Appraisal Reviews and Their Importance,” James R. MacCrate, MAI, and Noreen Whysel explain that a number of things could cause issues in an appraisal report, often requiring an appraisal review. These include the following: [Read more…]

Appraisers Optimistic About Future: AI Survey

More than three-fourths of U.S. real estate appraisers  are very or somewhat positive about the demand for their services over the next one to two years, according to  an Appraisal Institute survey released July 17.Survey Excellent

Eighty percent of residential appraisers and 78 percent of commercial appraisers said they are upbeat about their future, according to the survey conducted in May-June.

[Read more…]

Appraising Real Estate in the Digital Age

The past few decades have introduced countless new technologies designed to make life easier. A surplus of mobile apps offers users everything from social calendars and bank accounts to local weather forecasts and GPS navigation … right at their fingertips.

Appraisers also have discovered a number of tools designed to help them become more efficient, and those prepared to adopt technology can maintain a competitive edge while making their work life easier.

blog_image_3_1_12 (1)Because many real estate appraisers spend so much time away from their desks, new innovations in mobile technology enable appraisers to remain constantly connected to online data and tools and to make analyses on-site. New apps are emerging that make this data readily available, such as CoStar GO, which provides comprehensive property information, demographics and analytics, as well as contact information for key people involved in the transaction. [Read more…]

Appraisal Institute Past President Discusses the Future of Valuation for Financial Reporting in Latest YouTube Video

Appraisal Institute Past President, Leslie Sellers, MAI, SRA, discusses the future of valuation for financial reporting. Watch the latest YouTube video.

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