Are New Appraisal Rules Stifling Home Sales?

Real Estate AppraisersLocal realtors complain that new guidelines for real estate appraisals have further depressed metro Detroit’s real estate market.

Jan. 16, Detroit Free Press: Detroit-area real estate agents say up to 40% of their deals have unraveled in the past year as stringent laws regulating home appraisals have made it tougher for homeowners to get the dollar amount needed to sell.

Appraisals, many of them inflated during the market boom, have fallen to Earth. While appraisers argue that guidelines passed in 2009 protect home buyers and lenders by giving them a realistic value for the home, Realtors and homeowners say the appraisals are too conservative.

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