Comparing Zillow and Redfin as two of the best real estate valuators powered by data. In the end, get an appraiser.
Risk of “wildly inaccurate” home estimates if automation replaces human appraisers
Federal agencies are trying to push the concept of automated home appraisals, but appraisers worry that the plan could lead to “wildly inaccurate” valuations of some homes. The idea is to reduce the number of homes that require an in-person appraisal by a human, in order to speed up closing times and save money for
Freddie Mac expands appraisal waiver to condo buyers
Condo buyers and refinancers could be eligible for a new program that allows them to bypass a traditional in-person appraisal with a faster automated process, Freddie Mac said last week.
Is a no-appraisal mortgage really worth it?
Around five percent of Fannie Mae’s 1.2 million home mortgages have met the criteria for not needing a traditional in-person appraisal since new rules were introduced last year, according to the Washington Post
New rule exempts low-cost commercial property from appraisals
Almost one-third of commercial property sales will become exempt from the need for an appraisal following changes to federal rules.
Appraisal Foundation seeks to address labor shortage
The Appraisal Foundation’s Appraiser Qualifications Board is to ease the requirements for individuals to become an appraiser in order to combat labor shortages.
Appraisers and homeowners now see eye-to-eye
Experts say that the gap between appraisers’ and homeowners’ estimations of their homes’ worth is getting smaller.
The two parties perceptions of value is getting closer, though homeowners still do tend to slightly overestimate the price of their home.
How automation is threatening the appraisal industry
Appraisers might be starting to feel a little hot under the collar amid the growing realization that advances in automation and artificial intelligence technologies could one day threaten their jobs.