Yes, the residential real estate appraisal business is up over the past 12 months. Why? Refinancing at the lowest mortgage rates ever. The appraisal is utilized by the lender to inform the lender what the property is worth based on recent comparable sales and what is happening in the market as of the date of value. Most lenders sell to and require the the appraiser to conform to Fannie Mae and Freddie Mac appraisal guidelines.
The appraisal must provide detailed information about the subject property being appraised and the comparables sale used and not used in the report. It is important that the appraiser provide enough substance in the appraisal report for the underwriter (reader) to follow the logic of the analysis and the final opinion of value conclusions. The days are gone where the appraiser can use boiler plate reports and/or canned comments. More work for a better product for the lender to understand the market, subject property and value conclusion.