Description

This session tackles the challenges of a dynamic market for both appraisers and agents, from low inventory and multiple above-list offers to rising rates and constrained buyers. It explores the friction between appraisers, bound by USPAP and lender guidelines, and agents utilizing escalation clauses and appraisal contingencies. Participants will gain insight into each other's roles and the impact of market shifts on buyers and sellers. Key questions addressed include coping when comparable sales are lacking, strategies for appraisers in a fast-moving market, advising buyers on exceeding list price, and preparing for the market cycle's eventual shift. When the comps aren’t there—what happens? When the market is moving quickly, what can an appraiser do? How should buyers be advised if going over listed price may mean the property will not appraise? What will happen when this cycle ends (and it will)?