Lenders are now largely accepting modified appraisals instead of full inspections. Appraisers conduct exterior-only visits to take photos and measurements, while homeowners must provide detailed interior information, photos, and completed forms about their property condition and upgrades.
According to appraiser Lorenzo Presutti, the market has declined approximately 3-7% compared to January and February 2020 figures. While some higher-priced properties in the $1.5 to $2 million range may see larger decreases, the overall market is not in freefall.
Homeowners should complete all appraiser forms in detail, specifying recent upgrades such as hardwood flooring, kitchen cabinets, countertops, bathroom renovations, roofing, electrical panels, and mechanical systems. They should also provide a minimum of two photos per room, including floors and ceilings, so the appraiser can formulate a more accurate value.
Yes. Lorenzo notes that when properties are priced properly, they are selling within 95-102% of the asking price. He is not seeing panic selling at 15-20% below market value, as supply and demand remain relatively balanced.
Dalia Barsoum recommends ordering your appraisal immediately to lock in the value for 120 days, which is how long appraisal reports remain valid. If you have renovated, provide the appraiser with detailed project information, spending records, before-and-after photos, and recent comparable sales from your realtor.
