Atlanta Real Estate Forum Radio

D. Scott Murphy, CEO and founder of D.S. Murphy and Associates, joins host Carol Morgan for this week’s Atlanta Real Estate Forum Radio episode. Murphy discusses the residential appraisal process in this podcast segment and how it factors into today’s housing climate. How is the current state of the housing market affecting appraisals? When the volume of homes for sale dropped in recent years, appraisers took a hit. Appraisers build their opinions off recent sales, meaning they look at data from comparable properties sold in the last few months. The drop in sales has left them struggling to get that data for homebuyers. “There is no rule as to how far back I go, but the rule of thumb is three to six months,” said Murphy. “So, if I don't have good recent comparable properties, it makes my job a lot more challenging.” Increasing interest rates also factor in the sales cost of properties, sometimes creating a price tag higher than the appraised value. Since the early 2000s, the volume of homes sold has steadily