Along with the rest of the world appraisers have had to adapt to all things Covid. Being in an industry where you are entering into homes, being in one another’s personal space and typical interaction has become alarmingly apparent of risks and uncertainty.
Appraisers from the beginning of our national lock down were considered essential to continue the momentum of an economy that looked to be headed toward very unstable ground with the shock of the unprecedented closings and shut downs.
The banking industry was quick to adapt and move forward with business as “usual”. Masks and gloves were required upon entry, social distancing applied to all inhabitants within the home and due diligence for keeping everyone healthy and safe. There were often people apprehensive and/or had compromised health issues that would not allow entry into the home, the lending institutions, in some cases, allowed an exterior only inspection with the aid of the real estate agent or borrower’s input/information coupled with interior photos of each room in order to ascertain an appraisal of the property. While there is nothing else better than an interior inspection to help determine the value, this was the best alternative considering the circumstances.
In order to ensure the economy would stay on track the Federal Reserve lowered the rates to record breaking lows and generated quite the frenzy! The areas that we cover in Harford County, Baltimore County, Baltimore City, Howard County, Anne Arundel County, Carroll County and Cecil County have all seen values rise since the onset of the pandemic because of the lower rates and/or low inventory which also plays a part in this uptick in prices.
There is never a dull moment being an appraiser! There is a continual effort to balance and adapt to new hurdles, market changes, lender requirements, methodology, report types, software changes and maintaining your sanity through a global pandemic. This virus has affected every person in every industry globally in some way or another, until this crazy ride is over Robinson Appraisal Group hopes you remain healthy and that 2021 can bring us back some joy and normalcy.