How Much Power Do Appraisers Have Over Home Value?

The answer to who can set market value involves buyers, and sellers—and the very definition of “value” was recently explored by Louis J. Pitoni in Realtor Magazine.

Key takeaways included:

• Appraisers discover market value. They don’t set it.
• In doing so, they’re working within the definition of market value set in federal law.
• Buyers may have circumstances or resources that enable them to offer more than the indicated market value. But that offer, in and of itself, doesn’t constitute market value.

Read the complete article here.

Disclaimer: The views, opinions or examples included in the linked article are those of the author and do not necessarily reflect an official policy or position of ASA or its members.