A majority of real estate appraisers who participated in a recent survey indicated that home values have increased, while more than half said they were mostly confident about the current state of the U.S. housing market. Most have seen an increase in order volume.
One of the 10 questions in the survey was, “What is your current level of confidence in the housing market?”
Nearly 55 percent of the 600 survey participants answered that their confidence level was mildly or moderately strong. A quarter of the group indicated that they were neutral.
The survey results were reported by United States Appraisals, which invited 4,000 of the appraisers on its national panel to participate.
“Appraisers tend to be realistic, focused on their local markets and unmoved by news stories and national numbers,” Aaron Fowler, who is president of the appraisal management company, said in the announcement. “We believe they provide a good gauge of the status of the housing market.
“After the last few years, a mildly strong level of confidence shows some definite improvement in appraiser attitudes.”
Home values have seen a mild increase based on 46 percent of the responses. Another 16 percent indicated values have increased moderately.
One survey respondent who said the market is improving noted, “people seem tired of waiting.”
But another appraiser cautioned, “I feel this could be a false increase in values and could be repeating history for our market area.”
Business was mildly better for more than a quarter of the appraisers, while 18 percent reported moderate increases and 19 percent indicated that business was significantly better.
There has been “significantly more activity at middle and upper end of the value range,” one appraiser stated.
Just 15 percent said business had slowed, according to United States Appraisals, which is a Mortgage Daily advertiser.
But one respondent said more appraisers could find themselves facing lower volume if rates rise and cash sales dry up.
