The health and safety measures started during the COVID-19 pandemic will probably continue for some time and could sustain problems some real estate professionals have with undervalued property appraisals.

At least those are two thoughts explored in the NAR story, “How the pandemic is changing appraisals.”

“Some people believe the pandemic has sped up what would have happened in the real estate industry anyway,” says Woodridge REALTOR® Chris Read.

The broker-owner of CR Strategies in Woodridge compares interviews she conducted with real estate professionals this year with interviews she conducted real estate professionals two years ago. While she heard fewer complaints this year about appraisers working unfamiliar neighborhoods, she said she continued to hear complaints about undervalued properties.

In fact, every one of the 35 agents she interviewed this year reported at least one home undervalued between $3,000 and $4,000, she said. Some said they had as many as 10.

While all 35 agents have used traditional appraisals multiple times since the pandemic “took hold in the U.S.,” the process allows changes to ensure safety. For example, federal banking regulators allow desktop and exterior-only appraisals as part of COVID-19 protocols.

For more information – including thoughts from officials at Fannie Mae and the Department of Veterans Affairs – read the entire story at REALTOR® Magazine Live.