Restrain
Elite Member
- Joined
- Jan 22, 2002
- Professional Status
- Certified General Appraiser
- State
- Florida
It's been 7 months since 9/11 and the accompanying acceleration of the recession. Now, I'm starting to get some requests for reappraisals of properties I did a year ago, prior to 9/11 and I'm having to tell the clients that values have declined, in some cases significantly. Marketing times are significantly increased from what they were prior to 9/11. Builders who were selling custom homes in the $470,000 range are now taking $435-440 for the same home with the same amenities.
The only question now is how long this is going to last. I'm not worried about work, because I'm getting more foreclosures.
The only question now is how long this is going to last. I'm not worried about work, because I'm getting more foreclosures.