The fact that the new Home Valuation Code of Conduct (HVCC) has been on the minds of REALTORS® both locally and nationally has not gone unnoticed. In a recent survey we asked our members about their experiences with the new code.
We made an exception to our normal "one-question only" rule and took additional info on number of properties affected, price ranges, areas within the Twin Cities, and anything else you were willing to share. Next week, we'll provide some of those additional comments. This week, we have the Yes/No split to this question:
Have you had a home sale go sour because of the new HVCC? By "go sour" we mean that the sale fell apart and the HVCC and appraisal problems were the primary cause of the the sale falling apart. 60.7% of respondents said yes, 39.3% said no.
Obviously, there's probably some selection bias at work here; respondents are probably more likely to participate in a survey if they have been personally affected by a low appraisal. Regardless, a robust share like 60.7 percent is significant and indicates that HVCC is definitely making its presence felt in the local real estate market, for better or worse.
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