π¦ Friday Spotlight: Home Appraisals Are About to Change. Here’s What Buyers and Sellers Should Know π‘
This week’s Spotlight isn’t on a local business or community leader. It's a change affecting real estate transactions across our area and the whole country. π£ π
Starting November 2, home appraisals are going to look very different. Fannie Mae and Freddie Mac are rolling out a major update to how residential appraisals are reported. It’s called UAD 3.6 (Uniform Appraisal Dataset), and it introduces a redesigned report known as the Uniform Residential Appraisal Report (URAR) . It’s one of the most significant changes to appraisal reporting in decades. π The goal is better accuracy, consistency, and detail. But any big transition comes with a learning curve, and that can affect closing timelines. ⏳ π What’s Changing? Appraisers will document property characteristics in a much more detailed, structured format, including: π Interior and exterior condition: more detailed reporting, with separate assessments π¨ Renovations and improvements: more information about updates and rem...