Appraisers are tightening their standards

[Josh Bowser]

Hey BP - wanted to share a brief anecdote on the Atlanta market.

Over the past few weeks we have been seeing appraisals on turn key investment properties and value adds come in lower than we would have expected. Two months ago, these properties would likely have not had an issue appraising at or over contract price.

Anyone else seeing this in Flip or BRRRRR land?

[V.G Jason]

Yes, I am noticing this too in a few of my markets. I rarely order appraisals on my offers that are cash, but I am including it now. It will put a lot of pressure on these sellers.  

edit: I lied. I intended to do this after this holiday break. I have still some work to do till March '24. I think I'll do appraisals on all these till just about then.