U.S. SENATE – U.S. Senator Steve Daines is pressing the Biden administration to pursue solutions that will help bring down Montana’s historically high housing prices. Daines urged a modernization of the appraisal process through the use of automated valuation models (AVMs) and other modern technologies, which will make getting an appraisal of a Montana home faster and more accessible.
“Montanans are struggling to deal with historically high housing prices and a 35 percent drop in the supply of homes for sale. The Federal Housing Finance Agency (FHFA) has an opportunity to address part of this problem and promote affordable, sustainable housing through taking steps to modernize the appraisal process,” the Senator wrote.
“Workforce shortages in the appraisal industry have made the process of obtaining an appraisal extremely difficult across Montana, and impossible in certain regions. In many cities across eastern Montana, there exists only one licensed residential appraiser… Fortunately, technology exists to help alleviate this issue. By compiling large amounts of data in less time than traditional valuations, appraisers, investors and lenders can leverage AVMs to get a more accurate value for their property.” the Senator continued.
Read the full letter that Daines sent to Federal Housing Finance Agency Director Sarah Thompson HERE.