JACKSON, Miss. (WLBT) - Bill Williams has been appraising properties in the Jackson-metro area for over 40 years, but this year is his busiest one yet.
“We have had an increase in business since the state reopened June the first. Some of that is due to the demand because during the lockdown period people were not able to do transactions. Now, they’re catching up and doing those transactions,” said Williams.
Interest rates are also very low, which is driving the demand. Wanda Cowart with Trustmark Bank said it’s the best time to buy.
“Definitely purchases are up. It’s a great time to purchase a new home. You’re a first-time home buyer or maybe a family that’s wanting to make the change upgrade,” said Cowart.
Appraisers have had to change the way they inspect properties to prevent spreading COVID-19. It can delay the process.
“We’re also doing desktop appraisals where we don’t actually leave our own office. Those are a little different processes because we’re not actually physically seeing the property inside. We’re having to get data sources from other places to supplement the knowledge we need to have to do a confident and credible appraisal,” said Williams.
Cowart says refinancing a mortgage is also an option to keep in mind.
“Now would be a great time for an individual to contact us to see if it’s feasible for them to refinance. They may not think it is, but it may be,” said Cowart.
Williams said it could take as long as a week to receive a home appraisal report due to the increased demand.