{"id":15809,"date":"2014-10-15T14:48:00","date_gmt":"2014-10-15T18:48:00","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/10\/technology-improves-access-to-data-for-appraisers.html"},"modified":"2014-10-15T14:48:00","modified_gmt":"2014-10-15T18:48:00","slug":"technology-improves-access-to-data-for-appraisers","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/10\/technology-improves-access-to-data-for-appraisers\/","title":{"rendered":"Technology Improves Access To Data For Appraisers, But Legwork Is Still Needed"},"content":{"rendered":"
\n
\n\"eric-sterling-wm.jpg\"\n<\/div>\n
Eric Sterling of the Sterling Appraisal Co. in Mechanicville takes a measurement to determine the square footage of a structure, part of compiling an overall appraisal report\n<\/div>\n<\/div>\n

BY JILL NAGY<\/p>\n

“It’s a rollercoaster ride,” said real estate
\nappraiser Tim Long of Moreau. “When we’re
\nbusy, we’re too busy; other times, we slow
\ndown. Two weeks ago we were very busy;
\nthis week, not so much.”<\/p>\n

Most of Long’s work consists of appraising
\nhomes for bank loans. He estimates that
\n90 percent of his work comes from banks.
\nHe works mainly in Warren, Washington,
\nSaratoga and lower Essex counties and has
\nbeen in the business since 1987, on his own
\nas Preferred Appraisers, since 1988.<\/p>\n

Recently, he finds that bank regulations
\nare a lot tighter, “a lot more T’s being
\ncrossed and I’s being dotted.” His reports
\nare scrutinized closely, even his spelling sometimes. Underwriters who critique his
\nwork may not be familiar with appraisal
\npractices, he said, and “they have to be
\neducated. Everyone has to go through a
\nlearning curve.”
\nAnother big change has been the sources
\nof the data he uses in performing an appraisal,
\nespecially information about the
\nsales of comparable properties that he uses
\nto help establish the value of his subject
\nproperty, he said. Most of the information
\nnow comes from Internet data bases and
\nthe Multiple Listing Service information
\nprovided by real estate brokers. Gone are
\nthe days of going to an assessor’s office to
\nlook up property descriptions and sales. “You lose the face to face contact and
\nthe insights an assessor can provide,” he
\nnoted, but it saves a lot of time.<\/p>\n

Appraiser Eric Sterling of Sterling Appraisal
\nCo. in Mechanicville does most
\nof his work is in Warren, Washington and
\nSaratoga counties. He concentrates more
\non commercial property and appraisals in
\nconnection with estates, divorces and other
\nlegal proceedings. Consequently, he finds
\nhis work load fairly steady and not very
\nmuch affected by the recent decrease in
\nlending activity.<\/p>\n

Sterling noted that “it would be nice if
\nwe had technology that helped us do our
\nwork faster.” But he also revels in the
\nwealth of data available online. Some of
\nit, available free, is only mildly useful, he
\nfeels, because no one verifies the data or
\nidentifies special circumstances in a sale
\nand data like building sizes are not always
\naccurate.<\/p>\n

He subscribes to several professional
\ndatabases, however, that are more reliable
\nand he may go directly to a town or county
\nto buy data. He also finds the data real
\nestate agents post on the Multiple Listing
\nService “a great resource.”<\/p>\n

Generally, a physical inspection of
\nthe property is also part of the appraisal
\nprocess.<\/p>\n

Both Long and Sterling work out of home offices, assisted by their wives. Sterling,
\nwho has been an appraiser for more than 15
\nyears, the last five, with his own company,
\nsaid “it is a very tough business to get into.”
\nEntry requirements include a bachelor’s
\ndegree and three years of mentoring by an
\nexperienced appraiser as well as multiple
\nlicensing examinations.<\/p>\n

Long also said “it was a challenge” getting
\nstarted in his own business. However,
\nhe grew up in Moreau and has the advantage
\nof having his headquarters in his longtime
\nhome town. Generally, his work takes
\nhim no more than an hour from home, more
\nto the north than the south.<\/p>\n

Sterling noted that property values
\nare leveling off. His volume of work has
\nnot returned to pre-2008 levels, when
\nhe sometimes needed additional help to
\nhandle the volume, but it has been gradually
\npicking up.<\/p>\n

“The area we are in was pretty lucky,”
\nSterling reflected. There was less of an
\nimpact from the recent recession than in
\nsome other areas. On the other hand, there
\nhas been less of a GlobalFoundries fueled
\nboom than many people expected. ”<\/p>\n

“There was a lot of speculation about
\nMalta in the beginning,” he recalled, “I
\nthink some folks got carried away.” Still,
\n“We were very lucky to get the development.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Eric Sterling of the Sterling Appraisal Co. in Mechanicville takes a measurement to determine the square footage of a structure, part of compiling an overall appraisal report BY JILL NAGY “It’s a rollercoaster ride,” said real estate appraiser Tim…<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[66,122],"class_list":["post-15809","post","type-post","status-publish","format-standard","hentry","category-commercial-residential-real-estate","tag-business-news","tag-real-estate"],"yoast_head":"\r\nTechnology Improves Access To Data For Appraisers, But Legwork Is Still Needed - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/10\/technology-improves-access-to-data-for-appraisers\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Technology Improves Access To Data For Appraisers, But Legwork Is Still Needed - 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