Real estate or the business of property doesn’t seem to die down least bit even in times of recession. Yes, there is a slowdown but hope just as well. Real estate properties need to be assessed owing to many circumstances.
Before all, first reason for property assessment is property tax. Such an evaluation is conducted by the municipality or the city office. The idea is to levy tax on the property and hence an assessment of property value is required. No one wishes for a real estate appraisal during such times because as a general rule a property is evaluated equivalent to the fair market share principle and not in accordance with the evaluation of foreclosure or short sale properties.
A homeowner requires an appraiser during the time of resale. At such times, he is quite happy with the fair market evaluation theory as he gets a chance to get his property assessed at premium.