Real Estate Appraisers Can Verify Homes Value Even In Uncertain Market Conditions
Real estate fluctuates in value depending on market conditions
. It can rise in value and it can fall, depending on the market. In Las Vegas, the real estate market seemed charmed, post double digit gains for several years in a row. This prompted many investors to jump into the market, buying homes simply to flip them to another buyer after the home's value had gone up.This drove the market artificially as more inventory was produced to fill a rising demand. However, because the investors were seldom the end user of the property, it made it appear that more people were buying homes. Las Vegas did have an increase in real home buyers at the same time as more first time home buyers entered the market and as many people retired there from states where the home sales price was higher, selling their homes and being able to buy a bigger and better one, often brand new, in Nevada.
A real estate appraiser needs to be aware of what a market is doing. If a market has a large percentage of REO, or real estate owned properties, it will bring down the value of the homes being sold. Real estate owned is another name for a bank foreclosure. When a homeowner, or an investor, falls behind on their payments, the property goes into a period of time where a notice of default is filed by the mortgage holder, in many cases a bank, with the county recorder in the county the property is located in. This places the property into a period of time where it is in pre-foreclosure.
If the owner pays the back payments and legal fees, the property can be reinstated and brought out of foreclosure. To remedy the large numbers of current foreclosures, the federal government has set up several programs to assist distressed homeowners in coming current on their mortgages. If the home was purchased with an inflated appraisal, it is vital that the home's true worth be appraised in the current market value. Homes are only worth what the market will currently buy them for.
Your real estate appraiser should use the most recent market comparables that exclude the REO properties. Because REOs are distressed home sales, you do not want them influencing your appraisal. A home appraisal is the best and fastest way to find out the real time worth of a property. Don't leave doubts in your mind, use a professional appraisal to verify your home's value.
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