Home Valuations Provided by Licensed Appraisers at SimilarSales.com for Hundreds Less Than a Full Appraisal

As home values continue their downward spiral and the U.S. grapples with the far-reaching effects of the economic meltdown, many homeowners are looking to the future with trepidation. Many homeowners are unsure of their homes’ current market value – for most, their largest investment – and don’t want to pay for a full appraisal or rely on valuation models to find out what their home is worth. Enter Similar Sales, Inc. (http://www.similarsales.com), a company that provides an appraiser’s opinion of a home’s value for around 10% of the cost of a full residential appraisal report.

Founded by a real estate appraiser, SimilarSales.com was created to provide affordable, unbiased and credible property valuations. The company’s featured report, a Similar Sales Desktop Valuation Report (SSDVR), is designed to help homeowners, lenders and investors get an appraiser’s unbiased opinion of a home’s market value without committing to the price of a full residential appraisal.

“An SSDVR is a limited, summary appraisal report,” explained Scott Elia of Similar Sales, Inc. “It is a desktop report conducted by a state-licensed appraiser with the assumption that the home in question is in average condition and without any negative internal or external factors.”

One of the contributing factors to the mortgage meltdown was the pressure many lenders exerted on appraisers to “make value” in order to receive future business. This resulted in some appraisals that were not in accordance with the Uniform Standards of Professional Appraiser Practice (USPAP) or Fannie Mae guidelines, which led to inflated home values nationwide. All appraisal products, including SSDVRs, that are ordered through SimilarSales.com are conducted by licensed appraisers without an expectation of coming in at a certain value.

The SSDVR is also a far cry from the automated valuation model, or AVM, which mines public records and old appraisals for property and sales data, then applies complex algorithms to mimic what a real appraiser does. The AVM is notoriously unreliable, especially in a declining market.

“An appraisal conducted by a qualified, licensed appraiser is the most credible property valuation available. There is no one or nothing else that is more credible, period,” said Elia. “SimilarSales.com’s SSDVR combines the breadth of judgment and expertise an appraiser offers with the convenience and affordability of an AVM. It is now possible for a homeowner to get a licensed appraiser’s opinion of a home’s value to evaluate the feasibility of selling or refinancing, at a fraction of the price of a full appraisal.”

Should a client’s SSDVR show a favorable opinion of value, the client can then apply the cost of the limited report towards a full appraisal for the same property ordered through SimilarSales.com.

The company is rolling out its service in Michigan, with plans to expand nationwide; interested appraisers and homeowners can learn more at http://www.similarsales.com.