3 ON YOUR SIDE (3TV) - Kelly Logan is a Valley real estate appraiser. It's his job to determine a home's value for lenders.
And while many businesses across the nation are hurting due to the coronavirus, his industry is going through the roof.
"Well, since the big uproar with the coronavirus, the Feds lowered interest rates and that has spurred a number of refinances," Logan tells 3 On Your Side.
As a result, Logan and others in his line of work are barely keeping up. For example, last year before COVID-19, Logan says he was doing around 35 appraisals a month. But now he says that number is close to 80.
“The increase in the number of appraisals requests has about doubled or nearly tripled in the past three weeks so it's been very, very busy," said Logan.
And then there's this. The appraisal industry may get even busier. Because of the coronavirus, the Federal Housing Finance Agency just told Fannie Mae and Freddie Mac to relax their standards when it comes to property appraisals. In fact, the Fed is now willing to allow appraisers like Logan to perform exterior-only inspections appraisals, nothing more. Or even desktop appraisals.
“So we're just trying to figure out our schedule and working extra hours to get everyone take care of," said Logan.