Newly, the business for appraisers is to value, not to make loans. And, as I am sure you know as you have alluded to it, there are different definations of market value, but most focus on "willing buyer and willing seller". There is a lot of pressure, especially on the residential appraisers to make pre-determined values. It is the bad appraiser that does this, not the norm. Since appraisers look to the market for indications of value, they typically lag market trend changes. When the market starts turning south, they still have "comps" that show otherwise. It is the exceptional appraiser that can pick up other nuances in the market and adjust accordingly.
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