The AJC reported this Sunday that appraisers are finding it increasingly difficult to appraise homes due to lack of current sales data and stricter rules by lending institutions. (See full article...
http://www.ajc.com/business/content/business/stories/2009/04/05/home_appraise_atlanta.html
As further evidence, after April 1, 2009, appraisers are required to attach this form to their appraisals to assess Market Conditions within 3 time segments: prior 7 - 12 months, prior 4 -6 months, and current - 3 months. The affect of REO's and foreclosures and trend of seller concessions is also being evaluated within that neighborhood. This information is being used by the Fannie Mae and Freddie Mac lending institutions to evaluate loans for purchases as well as refinance. To view this form...
https://www.efanniemae.com/sf/formsdocs/forms/pdf/sellingtrans/1004mc.pdf
They join the countless realtors and sellers struggling to find the optimum price that entices buyers to make an offer on their home. It is clear that the pricing in the next 90 days of this Spring Sell Cycle will be critical to making those home sales a reality.
