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
(B) 407-898-1152
(C) 407-221-6283
(F) 407-895-2060
Todd@AppraisalServicesOrlando.com
Posts
