Carter-Hazel & Associates is a premier provider of residential relocation appraisals that are performed in compliance with Worldwide Employee Relocation Council (ERC) – The Workforce Mobility Association – guildelines established and adopted in 2010. Relocation appraisals are dissimilar to mortgage appraisals in that relocation appraisals are more forward looking. The goal is to determined the Anticipated Sales Price within a given marketing period, typically, 60 days, 90 days, or 120 days.
Mortgage appraisals tend to take a more backward looking approach or retrospective view. Under acceptable appraisal guidelines, that window of opportunity is 12 months. The appraiser may consider “similarly situated” sales that have closed within 12 months of the effective date of the appraisal. Unfortunately, a window of 12 months may to too wide for an active real estate market. That activity or trend may be one that is increasing or decreasing.
A significant requirement in the development of the Anticipated Sales Price requires the appraiser to analyze historic trend to assist in determining future trend. In order to achieve this objective, each historic period, typically a quarter, must be analyzed to determine whether that trend has been one of stability, increasing or decreasing. Based upon analysis of each individual quarter, the appraiser is better positioned to determine the overall historic trend and thus able to provide a more reliable indication of future trend and the Anticipated Sales Price. The Anticipated Sales Price may also be based on other factors including pending or “pipeline projects”, projected growth patterns. The appraiser may rely on “big data” in analyzing projected growth patterns.
When considering a residential relocation appraisal firm, you owe it to yourself to hire a knowledgeable, ethical company. Carter-Hazel & Associates is that company!