WASHINGTON – May 17, 2019 – Appraisals, a critical part of real estate transactions, have customarily been done in-person by an experienced appraiser. However, with advancements in technology and the rise of big data, alternatives to the traditional appraisal field are beginning to become more prevalent in the U.S.
Traditional appraisal alternatives – like hybrid appraisals, broker price opinions and data-driven automated or desktop valuation models – can be useful and cost-effective tools. However, many in the industry, including the National Association of Realtors® (NAR), urge caution when waiving traditional, onsite appraisals for home transactions to ensure purchases are based on sound financial principles and don’t put undue risk on consumers or the market.
Read more at: https://www.floridarealtors.org/NewsAndEvents/article.cfm?id=380630
Additional information and resources for real estate professionals about appraisals can be found at www.nar.realtor/appraisal-valuation.
© 2019 Florida Realtors®
Reprinted with permission Florida Realtors. All rights reserved.