Monday, August 4, 2008

From an experienced appraiser.

Hey Guys,

I've just got this email from Todd Vandermay, who is an experienced appraiser here in the Orlando ares. His email speaks for itself. Therefore I just copy pasted it. It is a must read! Although no fun.

We are half way through 2008 and the market is still in decline. In this area where we live, I have first hand experience that values have dropped 25% to 50% over the past 2+ years (early 2006 to mid 2008), depending on the home and location. The more artificially inflated the value of the home at its peak, the more the drop now. A really desirable home in a hot community has only dropped 25% from its peak. Understandably, I guess, most people want to believe that their house value is up 10% to down 10%, depending on their level of denial. If they have tried to sell, they have probably had their bubble of denial popped. (And yet, I heard a former president of our local Realtor’s board adamantly and arrogantly proclaim last month that “you are crazy if you don’t realize the bottom is here.”)

I have been in the appraisal business for 24 years and I have never been in a market like this. If you are lucky like myself, and still in this business, congratulations. If we can be of any help in surviving this market, please give me a call. We still provide the same quality reports and quick turn times at a competitive fee. I hope to hear from you soon.

Todd VanderMay

Appraisal Services of Orlando

(B) 407-898-1152

(C) 407-221-6283

(F) 407-895-2060