As someone who has witness and participated in one of the most dramatic real estate declines on record, I continue to get frustrated by things that continue to bring down real estate values.
Yes, there was abuses in the system where individuals and companies grossly inflated speculative homes and home prices. I am now seeing the opposite effect caused by the stringent regulation of appraisers. In the past few months, I have experienced 3 cases where homes that the buyer and seller agreed to a fair price but the appraisal came in substantially lower. In each of these instances the market was dominated by short sales and foreclosures and now that these can be used as comparables, the purchase price was significantly off.
How can we see appreciation of these assets so home owners are not underwater? We need to account for our losses and move on to the new market and let valuation be market driven.
Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com
Wednesday, December 21, 2011
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