From the April issue: Appraisals have posed a major problem for the New York City real estate market over the past two years. With banks treading carefully after the credit crunch and hampered by 2009′s strict Home Valuation Code of Conduct, many New York buyers have found their appraisals coming in far lower than expected, jeopardizing otherwise straightforward transactions. But that is now starting to change, real estate professionals said, in a shift that is giving the industry a much-needed boost. As the economy stabilizes, appraisals have begun to follow suit. Appraisers, mortgage brokers, and agents agree that appraisals in the city are now more accurate than they’ve been for the past few years, though they say there’s still room for improvement. [more]
