Source: TBWS Daily Show Video - Already over 100 comments on their site!
Should an appraiser really have to be "Brave" just to do their job? No! But that's sort of what it comes down to when any misstep high or low can result in retaliation by an AMC, Lender, or Regulator.
The way "appreciating" markets have always worked in my market is that values "creep up" in small increments. A few thousand dollars or a 1% or 2% percent increase in new home values per month or quarter. As soon as sales AND listings started creeping up . . .appraisals would reflect that trend.
However, when builders JUMP prices up tens of thousands of $$$$$ or 10% -15% without any support or change in existing stock, is it any wonder that appraisers and underwriters flinch?
The big question is my mind is WHY we continue to expect appraisers to reconcile to a "Point Value" instead of a "Range of Value" like appraisers in any other field?