Hybrid Appraisals Survey Results
Appraisers, about 1.5 weeks ago, I asked Washington State appraisers to respond to a survey I designed, having to do with HYBRID appraisals.
The tabulated results of that survey are displayed below in the embedded PDF, with ‘quick’ responses below. Of the surveys distributed to nearly 400 appraisers, the response was better than other types of market surveys, meaning the results are statistically acceptable… and could be transferred ‘by inference’ to the appraiser population across the US.
A HYBRID appraisal is a ‘desktop assignment’ where the subject property inspection and photos is done by a non-appraiser, and that info/data is turned over to the appraiser, who completes a comp grid, makes adjustments if needed, and provides a value in a report sent back to the client. Usually at a low $$ fee.
The questions I asked, and the ‘quick’ results are these:
I currently complete Hybrid Appraisals: 4.29%
I have considered doing Hybrid Appraisals, but have not done any yet: 7.14%
I CURRENTLY DO NOT DO, and WILL NOT DO Hybrid Appraisals at any time in the future: 88.57%
Visually, the results look like this:
Based on these results, and if trends are similar across the US, it means the lenders and their Appraisal Management Companies are having to work very hard to find appraisers who want to do HYBRID Appraisals. It may be that they will come to realize that a huge majority of appraisers are just not interested in working for minimal dollars per report. If that’s the case, the use of these kinds of reports will diminish.