Right now, one of the biggest hindrances to residential construction appears to be the appraisal. Good homes are being weighted against the values of short sell and foreclosure properties, which undermines the true value of a well designed and built home. Unfortunately, the appraisal does not truly reflect the cost to build or remodel, but does affect the ability to finance the project.
Recently NAHB (National Association of Home Builders) conducted a summit concerning the effect of low appraisals on the home building industry. (more…)