Are Local Housing’s Price Gains Real? Appraisers Seem to Think So
Source: OC Register
Real estate appraisers are the industry’s professional party poopers. They’re paid to keep an eye on valuations so buyers, lenders – and even sellers – know a home price is within logical boundaries. If appraisers get skittish about the housing market, deals and loans get harder to complete.
The Real Estate Research Council of Southern California, a group of property industry analysts and insiders operating out of Cal Poly Pomona, produces a housing benchmark by having volunteer appraisers go out every six months to value the same 308 homes in the seven-county area to gauge pricing patterns. The group has done this since 1943, with a major revision in 1990.