Home appraisers expect industry growth, tackle difficult properties

Home appraisers expect growth to continue and requests for the specialized services to increase. This is good news, as more unique and exciting properties could soon be coming down the pipeline.

How does a home appraisal work for a haunted house, anyway? While most appraisers spend their days tackling common residential properties, like foreclosed houses, sometimes the industry takes a sharp, interesting turn. Thankfully, valuation is - and always will be - in high demand, as lenders and other professionals need accurate data about real estate.

Across the field, many still expect growth to continue and requests for the specialized services to increase. This is good news for all those involved, as more unique and exciting properties could soon be coming down the pipeline.

Survey finds confidence about the industry
A recent survey by the Appraisal Institute of 591 home appraisal professionals found that growth and demand for specialized services will continue, for both commercial and residential real estate.

According to the survey, some areas to watch out for over the next year or two are mortgage lending appraisals, valuation of foreclosed houses, and litigation and forensic appraisals. Specifically, 16 percent of the surveyed residential appraisers expect an increased demand for property inspections, 13 percent for marketability studies and 12 percent for market studies. 

However, both commercial and residential home appraisers agree - requests for complete and self-contained reports will diminish over the next several years. Out of the survey group, 21 percent of residential home appraisal professionals mentioned this idea. 

Appraisal Institute president Richard Borges attributed any future changes to more knowledgeable, experienced professionals. He explained that appraisers are uniquely positioned to offer services to a wide variety of potential clients.

Courthouse Retrieval System can help make any real estate professional more informed about their respective industry. With an accurate, diverse collection of real estate property records, property data and much more, home appraisers can bring a wealth of knowledge to their clients. 

Appraiser finds success with bizarre properties
Few home appraisers are lucky enough to evaluate haunted houses, newsworthy properties and other stigmatized real estate on a regular basis. 

However, that is exactly what Randall Bell does, according to the Los Angeles Times. Bell is the go-to appraiser for a number of unusual clients, from a haunted property vandalized after a television show to the World Trade Center site. He even looks at homes where murders and suicides took place, all for the purpose of placing a price on the property.

"I love a challenge - the biggest, baddest, bring it on," Bell told the news source. "Every day of the week, there are new places to go and new disasters."

How does he do it? It is hard enough appraising a normal property, but does a family of ghosts hurt the value? According to the media outlet, Bell takes a similar approach to that of his colleagues. He uses comparable homes all across the world to determine a legitimate value. He often isn't looking for damage or other traditional factors. If a haunted house sold in a different part of the country, than that is a great first step to a final price. For disasters and other events, Bell also turns to history. He uses detailed reports decades old to determine just how much that home is worth. 

blog comments powered by Disqus