How the Appraisal Affects Your Ann Arbor Home Sale

The good news is the Ann Arbor Real Estate market is starting to show signs of recovery.  Residential inventory is down 22% from 2008 and condominium inventory is down 29% from 2008. Interest rates are at historical low rates, and prices seem to have stopped the downward slide that we’ve experienced for the past several years. We are actually seeing multiple and over list price offers on Washtenaw County homes in certain niche markets.

Then May 1st came around - the date that the Home Valuation Code of Conduct was instituted. This Code of Conduct applies to all mortgages being purchased by Fannie Mae and Freddie Mac and was intended to protect appraisers from pressure by lenders to hit predetermined values.

Posted Sunday, December 20, 2009 by Martin Bouma
Tags: Ann Arbor, Economy, Trends, Condos