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$250 Appraisals?

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laurielutton

Sophomore Member
Joined
Apr 8, 2008
Professional Status
Licensed Appraiser
State
California
I have noticed that there are several appraisers advertising their services ( SFR and Condo Appraisals ) for $250 in my county. I was kind of taken back when I read this. Any thoughts???
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Moved

I moved this thread to General Appraisal Discussion. In the Ask an Appraiser section all posts would have to be approved by a moderator. I don't see the need for that.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
250!! Glad see an area where everyone isn't totally nuts. How about 175 in a rural area.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
I have noticed that there are several appraisers advertising their services ( SFR and Condo Appraisals ) for $250 in my county. I was kind of taken back when I read this. Any thoughts???

For some folks that will be a raise.
 

panappr

Elite Member
Joined
Dec 5, 2007
Professional Status
Certified Residential Appraiser
State
California
I have noticed that there are several appraisers advertising their services ( SFR and Condo Appraisals ) for $250 in my county. I was kind of taken back when I read this. Any thoughts???
Gee that's what I was making in 1993.
 

Tudor

Member
Joined
Aug 15, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
I wonder, does the reduced fee really make a difference? Is a $100.00 savings really a motivator for some Lender/Broker to use a different appraiser?

Would I be able to compete against the appraiser that charges $100.00 less then me, if I guaranteed my appraisal would not kill their deal? Or are the majority of the appraisers that have work, giving guarantees and now the only way to get more work is to do it for cheaper?

:sad: this profession is so sad :sad:
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
We are in a classic oversupply situation and there is a race to the bottom regarding fees that will only end when enough appraisers are driven out of the business to put the supply and demand of appraisers back into equilibrium. Its a very ugly situation and there is not a damned thing that can be done about it. It is not all that much different from the housing market in a lot of areas.

Competing on price is a lost cause since there is always someone willing to work for less. The only hope for a good appraiser is to compete on the basis of quality work product and superior service and hope that you can find clients that actually care about these things.
 

rescom

Senior Member
Joined
Jul 30, 2007
Professional Status
Certified General Appraiser
State
Missouri
We are in a classic oversupply situation and there is a race to the bottom regarding fees that will only end when enough appraisers are driven out of the business to put the supply and demand of appraisers back into equilibrium. Its a very ugly situation and there is not a damned thing that can be done about it. It is not all that much different from the housing market in a lot of areas.

Competing on price is a lost cause since there is always someone willing to work for less. The only hope for a good appraiser is to compete on the basis of quality work product and superior service and hope that you can find clients that actually care about these things.

I'm glad you brought up the housing situation. It is a very good example to use in comparing to the appraisal profession. An over supply of housing means that something must give to entice demand, right? That something is price. Same thing with the appraisal profession. An over supply of appraisers means that something must give to entice demand. That something is fee. If an appraiser lowers their fee, then they have something to offer the buyer (lender) that other appraisers don't have.

Consider this. Suppose their are 10 houses for sale in a subdivision, all of the same QUALITY, but the difference is that three of these homes must sell for personal reasons. These three homes are continually lowering their prices to increase the demand for their house. Does this mean that their houses have suddenly become lower quality because they are at a lower price? Of course not. The same thing goes for appraisals.
 
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