Appraisers have been terribly skittish this last year or so. They’ve definitely taken a good portion of the blame for inflated home prices – especially when the housing bubble burst – so it’s no surprise that they’re being extremely careful with home purchases today.  In my heart I believe appraisers were doing their job basing home values on sales in the last six months.  I can see where prices would climb to a beautiful crescendo based on the last six months, then the last six months, then the last six months when each month the value would leap up several thousand dollars.

And yet they bore a great deal of the blame when the market went thud.

I asked at our meeting this morning if there is a book that appraisers carry with them or have in their offices that details the value of granite counters vs. laminate vs. wood.  Or what does a 1-car or 2-car or 3-car garage add in value compared to a home with no garage?  One agent said she was made aware of a checklist years ago when she took an introductory appraisal class.  But the question remains … if an item like a fence or an above ground swimming pool will have no value in 30 years, does it add value today?

I want to get my hands on a book or guideline sheet like this because I’d love to show my sellers in black and white that their pool really isn’t worth the $25,000 they think it is.

Here’s more bout why appraisers are careful to the extreme today from USA Today,

More than 60% of mortgage fraud cases last year stemmed from falsified applications, while 28% came from tax returns or financial statements, and 22% came from appraisals, the study said.

Here more interesting information about appraisals by Mary Thompson Lake Lanier, an appraiser in Georgia.