COVID-19 has changed the world in countless ways and has caused people to make adjustments to almost all aspects of their everyday lives. People all over the world have been impacted by the COVID-19 virus, and as the future of the virus is still uncertain, people are continuing to be impacted. Businesses all over the world have had to change the ways that they do things in order to preserve the health and safety of both their customers and their employees.
One particularly interesting business to pay attention to in regards to how it has adapted to the COVID-19 pandemic is the home appraising business. How have home appraisals been altered during this pandemic? This post will detail how home appraisals have become virtual and how this may last even after COVID-19 has subsided.
Virtual Home Appraisals
Many businesses have converted to virtual/online during the global pandemic. From marketing agencies to doctors’ offices and lawyers, the future of business seems to be virtual; and the business of home appraising is no exception. Instead of going in-person to view a person’s home/ property, home appraisers are doing their work via video conferencing and online communication. Home appraisers are beginning to find that in-person home appraisals may be unnecessary.
How Do Virtual Home Appraisal Work?There are a number of steps that go into a virtual home appraisal including:
- Researching local property registries
- Looking into comparable properties
- Generating an appraised value before seeing the inside of the home
- Talking with the property owner via a video conference and getting a virtual tour of the home
- Generating a final property value
Other Alternatives to Standard Home Appraisals
There are some other alternatives to the standard home-appraisal, including curbside and drive-by appraisals. Similar to a virtual home appraisal, curbside and drive-by appraisals also require the home or property owner to showcase their home via a video conferencing app such as Skype, Zoom, or Facetime. The only difference is that the appraiser is at the home or property and has the ability to inspect the exterior of the home.
It’s important to note that curbside and drive-by appraisals may not be practical for condos and high-rise buildings. The appraiser will not gain any more valuable information from doing one of these appraisals compared to doing a fully remote appraisal.
Will In-Person Appraisals Come Back?
The future of home appraisals is uncertain, much like the future of many businesses during and after the COVID-19 pandemic. However, it's fair to predict that virtual home appraisals may end up sticking around even after COVID-19 since they make life easier and limit the amount of in-person contact; something many people will be keen on for the foreseeable future.
Jennifer Bell is a freelance writer, blogger, dog-enthusiast, and avid beachgoer operating out of Southern New Jersey. She is currently working and writing for Home Appraising Group, a real estate appraiser in NJ.
Want to submit a guest post to Visio Lending? Check out our guest post guidelines.