Types of Appraisals that are in High Demand Due to COVID-19

The COVID-19 pandemic has made a significant impact on economies and businesses around the world. Lockdown measures have caused business closures and limited business activity. Many people lost their jobs—and this put homeowner who cannot keep up with their mortgage payments at risk of losing their property. Many families also found themselves forced to downsize, move, or change their lifestyle to cope with the new normal — and this often meant selling their house.

As a result, appraisal firms found an uptick in the demand for residential appraisals due to the pandemic. There is also a higher demand for desktop appraisal services as well as commercial property appraisers in Toronto.

Home and Mortgage Appraisals

Despite the pandemic, the residential market is actually booming. Homeowners are refinancing in hopes to get lower rates and because of the improvements that they finally have the time to do. Renovations and remodels have become common because people are staying home. Exterior appraisals have also surged because of pandemic-related restrictions.

Appraisals have likewise been in demand with homeowners looking to relocate. Some suburban areas that used to be sleepy now have a thriving real estate market because more people from big cities are moving in, knowing that they can work from home.

Desktop Appraisals

This type of appraisal is done without an appraiser personally inspecting the property.  Instead, the job is completed based only on the information that’s available at the appraiser’s desk—such as public records and MLS information. It’s appealing to some customers because it’s cheap and fast, but it may not yield the best results. In the end, nothing can replace a proper real estate appraisal from a reputable company in Toronto if you want to get the best value for your time and money.

Commercial Appraisals

Businesses are refinancing because of low-interest rates. Some entrepreneurs are moving to online operations or expanding, so they may need an appraisal to get a commercial loan. In some cases, they may be purchasing agricultural ground. Some business owners may have sold their company premises because of the pandemic, too. All these activities require the expertise of an appraiser in Toronto.