This article is by Greg Stitz, OAR Director of Research. It was pulled from ohiorealtors.org on 4/11/2017.
Residential appraisals have been trending higher since March 2013, when participants in the Ohio Association of REALTORS’ housing confidence survey first reported how appraisals in their area were coming in. This March, 62 percent indicated appraisals are coming in higher, which is 17 percent more than the 45 percent reporting the same in 2013. Also, 36 percent of respondents to this year’s survey indicate appraisals have stayed the same and only 2 percent are noticing appraisals coming in lower in their area.
Survey results are based on responses to a monthly survey, designed to capture the effects of the existing economic conditions and trends on the real estate industry, sent to a pool of 1,500 OAR participants.