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| Real Estate Appraiser Deal Killer, |
Back in 2013 we had a quick run up in prices similar to what's happening now. It was also caused by lack of inventory. Agents called appraisers "deal killers" but at least they didn't call them "racists."
Today's political climate has clearly changed. "The country is in a time of racial reckoning, heightened by a summer of protests against systemic racism and police brutality following the death of George Floyd in police custody." Floyd's death "sparked the largest racial justice protests in the United States since the Civil Rights Movement." "According to data from various sources, the Black Lives Matter movement is now the largest movement in US history." While racism exists and must be banished from our nation the pendulum has now swung to the extreme side. In this new light anything and everything is automatically "racist" today before even looking at the facts.
Here's a 2013 article talking about appraisers "killing" deals with allegedly "low appraisals." Agents always say this in every quickly appreciating market. It's not racism but appraisers using sold and not listed comps to determine value. We have to use sold comps by law. Sold comps were sold in the past. It can sometimes take a month before the deed is recorded and shows up in the comp services. We must have the recorded deed number and can't just trust the agent on MLS. We can adjust for time but we still can't go over the highest unadjusted most similar comparable sale.
https://www.marketwatch.com/story/how-appraisers-are-derailing-home-sales-2013-01-25
I could pull up a ton of articles during other runs ups which show people calling appraisers "deal killers" but not "racists." The racism claims are a new thing caused by the change in political climate. While I'm absolutely against racism I'm also against people falsely claiming racism when they don't get their way. One clear example of this is white New Yorker Amy Cooper who called 911 and falsely claimed a "black man" was threatening her when he wasn't. She was then fired from her job because of her criminal act of filing a false report to police. She's now suing for unlawful termination claiming, you guessed it, racism against her by her employer.
I'd like to think that some of these people just don't understand appraisal values. Maybe appraisers could do a better job of explaining things in the report. I'm thinking of adding a basic explanation of appraisal market value, process and regulations for potential non-professionals who are not the client or intended user but who may read the report for this reason. We make and write the report for the intended user which is the lender. It's listed at the top of the report. Potential buyers can receive and are sometimes provided with a copy of the report. They generally share the report with other lay people. Based on articles I've read they all misinterpret the reports and have no understanding of the appraisal value.
Real estate appraisers are equal opportunity "deal killers" in these markets. We appraise homes based on the characteristics of the home and not the owner, seller or buyer.
Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.
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