Modernizing the property valuation process: Part 1

In this two-part blog series, we will cover the history of property valuation process improvements, the challenges the industry faces, and what the Appraisal Qualifications Board is doing to modernize the process for consumers.

Over the past two years, the housing market has been on fire. We saw consistent price growth nationwide throughout this time and bidding wars were common.

Some of the main contributors to the upmarket have been:

• Low-interest rates
• High demand
• Low inventory⁠
• Millennials entering the market
• Baby Boomer’s downsizing

At the end of 2022, we are now seeing the market stalling due to lower demand. Many buyers are getting spooked by the higher interest rates, are worried about prices declining, and are wondering whether this is still a good time to buy or if they should wait.

 

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