a la mode Issues Appraisal Fee Report

Posted by Orb Staff on February 18, 2010 No Comments
Categories : Residential Mortgage

a la mode inc., a provider of appraisal-related technology and services, has released its first public edition of The Appraisal Fee Reference (AFR), which is an analysis of independent appraisal fees. According to the report, the most expensive counties to get an appraisal were not in the major cities. Instead, the 50 most expensive locations were dominated by counties in Alaska, Hawaii and Wyoming.

Using data from hundreds of thousands of verified and validated appraisals, the AFR reports the median appraisal fees for each of the 3,221 counties and districts in the 50 states, the District of Columbia, Puerto Rico and Guam.

Of the locations with the lowest fees, appraisers in Ohio were represented disproportionately, with 18 of the bottom 50 slots being taken by counties in the state. Four nearby states – Pennsylvania, Kentucky, Illinois, and Wisconsin – also had three to four counties each in the bottom 50.

The East North Central census division, comprising Illinois, Indiana, Michigan, Ohio, and Wisconsin, ranked at the very bottom of the nine divisions nationally, with a median fee of $300. The Pacific division was most healthy overall for appraisers, with a median of $400, a la mode reports.

When looking at the larger census regions, the West and South fared best for appraisers, with median fees of $375 and $350, respectively. The Midwest and Northeast did more poorly, with both showing medians of $325.

Nationwide, the median observed appraisal fee was $350, with an average of $351.

SOURCE: a la mode

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