http://www.batonrougerealestateappraisal.com/- Recommended Reading For Baton Rouge Mortgage Lenders and Realtors On “Low Appraisals”. Article counters ‘Appraier Hit Pieces’ In Media: Patrick Egger “Closing The Gap Between Sales Price And Appraised Value” Article.
From Washington Appraiser, Dave Towne:
Over the past couple of months, ‘negative press’ hit pieces have been circulating in major media and blogs about how ‘appraisers have caused a disruption in property sales’, erroneously attributed to the HVCC, since the economy went into the tank in 2008 and early 2009.
The attached 4 page PDF is an article written by Patrick Egger, Cert. Gen’l appraiser and appraiser educator from Las Vegas, which discusses why competent appraisers make decisions ‘we’ do regarding establishing an opinion of market value. I have met Patrick, and have taken a class from him.
Patrick has given me permission to distribute this article, and has told me you may distribute it to anyone you choose. Your mortgage lenders and real estate sales people buddies might like to see this so that they get a better understanding of what you do in analyzing market area sales used in your reports.
Be sure to save the PDF, and print it for your own review.
Dave Towne, Appraiser Education Service“
NOTE: To Download Patrick Egger’s Article,Click Here!
“The U.S. Department of Housing and Urban Development recently announced that FHA-insured families experiencing problems associated with problem drywall may be eligible for assistance to help them rehabilitate their properties. In addition, HUD’s Community Development Block Grant (CDBG) Program may also be a resource to help the Louisiana Recovery Authority and local communities combat the problem.
“We’re instructing our FHA mortgage lenders nationwide to extend temporary relief to allow these families time to remove problem damaging drywall and repair their homes,” said FHA Commissioner David Stevens. “We want to remove additional pressures for these families as they find solutions to allow them to return to a safe, decent and sanitary home.”
The Louisiana Recovery Authority set aside $5 million to help Road Home applicants with problem drywall. Because U.S. manufacturers were unable to handle the drywall demand in the aftermath of the 2005 hurricane season, many homes built or repaired afterwards were constructed with Chinese-manufactured wallboard that emits sulfuric gases that many people believe are making them sick and are corroding metal fixtures and appliances in homes.
Federal funds cannot be disbursed until the government establishes drywall testing and remediation procedures. Those decisions are expected to be made early this year. HUD’s announcement also means that the Recovery Authority could make funds available to non-Road Home applicants with drywall problems.
To date the Recovery Authority has registered nearly 600 people with problem drywall in their homes, and is continuing to collect more names. To register, homeowners should visit atlra.louisiana.gov/drywallform and complete their online form or call the state’s contaminated drywall hotline at 1.866.684.1713.”
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An MLS CMA of Copper Mill Subdivision from 01/01/2009 to 12/31/2009 reveals:
Average Sales Price: $414,182
Average Sold Price Per Sq. Ft.: $157.07/sf
Median Sold Price: $410,000
Low Sales Price: $308,500
High Sales Price: $590,000
Average Number of Days On Market: 241
Number of Sales: 19
NOTE: The Average Sales Price has declined significantly since 2007 when the average sales price was $458,034, a -9.57% decline. The Median Sales Price has declined significantly since 2007 when the median sales price was $451,500, a -9.19% decline.
EXTENDED MARKETING TIMES: The shortest number of days on the market was 14 days. The longest number of days on the market was “817″ or 2.2 Years. Nine of the Nineteen Solds in 2009 were on the market over 300 days. Six of the Nineteen Solds in 2009 were on the market over 500 days.