Miami Dade Home Appraisal – The New Reality for Property Appraisers in Miami
Preceding the recession, the real estate market in Florida was in a boom period where prices rose at unreasonable rates. Due to the rapid rise in prices in and around Miami, property appraisers in the Miami-Dade area had a difficult time valuating property. By way of lax lending policies, housing was selling at an extremely fast pace and when demand exceeds the supply, prices rise rapidly.
Today, there are new standards and a new code of ethics for the real estate appraisal industry, especially in southern Florida. At the peak of the real estate boom, banks used the same appraisers on a regular basis. This practice was deemed one of the flaws in market valuations. When the market declined, many homeowners had mortgages that exceeded the value of the home.
Property appraisers are used to establish the fair market value of real estate that is under contract to be sold. This appraisal is used by the lender to determine how much the down payment will be and what the amount of the mortgage will be. In terms of the mortgage, the real estate property appraisal is often more significant than the contract price.
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