A new rule took effect Wednesday that changes the appraisal requirements for certain home sales. Transactions valued at $400,000 or less will no longer require a traditional appraisal. The previous threshold of $250,000 was set back in 1994. The change, approved by federal banking regulators, is partly an adjustment for inflation, but it’s also a recognition that technology can do a lot of the work people used to do. That presents a challenge to the appraisal industry, which employed more than 80,000 people last year.
Click the audio player above to hear the full story.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.