COVID-19 froze the real estate market in March-April 2020, but by May buyers surged back with record demand. I adapted my appraisal methodology with remote inspections, extended comparable timeframes, and market uncertainty disclosures to keep transactions moving.
Initial Impact
March-April saw market freeze. Transactions halted. Appraisals delayed.
But by May, market rebounded strongly. Buyer demand surged. Market adjusted rapidly.
Appraisal Adjustments
I implemented pandemic adjustments:
- Remote inspections (virtual tours, drive-by appraisals)
- Extended comparable timeframes (fewer recent sales)
- Market uncertainty disclosures
- Risk factor analysis
Market Response
Surprisingly strong. Pandemic drove housing demand surge:
- Remote work enabling relocation
- Low rates (Fed cut to near-zero)
- Inventory constraints
- Low unemployment (initial)
Real estate proved resilient.
2020 Outlook
Market rebounded faster than anticipated. Activity strong. Prices appreciating.
Appraisals reflect market recovery and optimism.
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Pandemic appraisal impacts? Market adapted surprisingly well. Contact me.