The popping of the housing market bubble looks like it is hitting our market area dramatically, according to the contractor's report:
After record sales volume in 2006, the number of home sales in the Middle Tennessee area has declined sharply over the past two years. The MLS reports that in 2006 there were 41 sales in the subject's market area. In 2008 there were 30 sales. So far in 2009 there have been 3 sales [is that a rate that would project 9-12 total?].The numbers that I am seeing from the Metro Appraiser don't look affected by that kind of dramatic drop. We have yet to appeal a reappraisal, and I'm going to give the community meeting process a chance to see if it will help me understand the gaps between Metro's numbers and those of lender-sanctioned appraisers. However, this year we may appeal Metro's estimate of our real property values.
By the way, I have been tweeting my thoughts on our reappraisal under the hashtag, #09metroappraisals at Twitter.