In November, the appraisal becomes data. The CMA stays a document.
Fannie and Freddie shift to MISMO-aligned fields, while listing pricing still starts with an unstructured CMA
The recent shift by Fannie and Freddie to MISMO-aligned fields for appraisals is a significant development in the real estate industry. This change means that appraisals will now be based on standardized data, which will improve consistency and accuracy in the appraisal process. For lease professionals, this change may seem distant, but it has implications for the broader industry and how data is shared and used.
The fact that listing pricing still starts with an unstructured Comparative Market Analysis (CMA) highlights the ongoing disconnect between the data-driven appraisal process and the more subjective approach to determining listing prices. While appraisals are becoming increasingly data-driven, listing prices are still often based on a more human-driven analysis of comparable sales. This disconnect may create opportunities for lease professionals to provide more data-driven insights to their clients.
As the industry continues to evolve, lease professionals should watch how this shift to standardized data affects the appraisal process and how it may eventually influence listing prices. They should also keep an eye on how technology and data analytics are used to bridge the gap between appraisals and listing prices, and how this may impact their clients' businesses. The intersection of data, appraisals, and listing prices will be an important area to monitor in the coming months.
Originally reported by housingwire.com. LeaseNews adds analysis for real estate & property readers.