In real estate, appraisal bias can keep homeowners from receiving the full value of their home. IDFPR Deputy Secretary Ericka Johnson breaks down what appraisal bias is, how exactly it affects consumers, and what you can do if you believe you’re a victim in our newest episode of Making Cents of Money.


Show Notes:

HUD: Appraisal Bias and the Valuation Process - https://www.hudexchange.info/programs/housing-counseling/housing-counseling-today/appraisal-bias-and-the-valuation-process/

NPR: Racial Bias often creeps into home appraisals. Here’s what’s happening to change that -https://www.npr.org/2023/03/13/1161713496/home-appraisals-racial-bias-black-latino-homeowners-lawsuit

Making Cents of Money podcasts:

-	Buying a Home! (ep. 36):  https://soundcloud.com/idfpr/episode-36-buying-a-home
-	Mortgages (ep. 38): https://soundcloud.com/idfpr/episode-38-mortgages
-	Credit Access (ep. 42): https://soundcloud.com/idfpr/episode-42-credit-access
-	Selling a Home (ep. 45): https://soundcloud.com/idfpr/episode-45-selling-a-home
-	The Community Reinvestment Act (ep. 47): https://soundcloud.com/idfpr/episode-47-the-community-reinvestment-act
-	Help for Homeowners (ep. 63): https://soundcloud.com/idfpr/episode-63-help-for-homeowners
-	Lines of Injustice: What is Redlining? (ep. 83): https://soundcloud.com/idfpr/episode-83-lines-of-injustice-what-is-redlining
-	The Federal Community Reinvestment Act (CRA) (ep. 85): https://soundcloud.com/idfpr/episode-85-the-federal-community-reinvestment-act-cra
-	The Illinois Community Reinvestment Act (ep. 86): https://soundcloud.com/idfpr/episode-86-the-illinois-community-reinvestment-act

Research

•	How racial bias in appraisals affects the devaluation of homes in majority-Black neighborhoods (Brookings, 2022): https://www.brookings.edu/articles/how-racial-bias-in-appraisals-affects-the-devaluation-of-homes-in-majority-black-neighborhoods/
•	HUD reaches groundbreaking settlement with The Appraisal Foundation to ensure equal opportunity in the appraisal profession (HUD, 2024): https://www.hud.gov/press/press_releases_media_advisories/HUD_No_24_176
•	Racial and ethnic valuation gaps in home purchase appraisals (FreddieMac, 2021): https://www.freddiemac.com/fmac-resources/research/pdf/202109-Note-Appraisal-Gap.pdf 

Government Resources and Legislative Efforts:

•	How to become an appraiser in Illinois: 
https://idfpr.illinois.gov/content/dam/soi/en/web/idfpr/forms/dre/hdi/how-do-i-become-an-appraiser-in-illinois.pdf

•	Fair Housing and Equal Opportunity from HUD: https://www.hud.gov/fairhousing
•	PAVE Interagency task force on property appraisal and valuation equity (HUD): https://pave.hud.gov/
•	Protecting homeowners from discriminatory home appraisals (CFPB, 2023): https://www.consumerfinance.gov/about-us/blog/protecting-homeowners-from-discriminatory-home-appraisals/
•	IDFPR Real Estate Valuation Task Force: https://idfpr.illinois.gov/profs/boards/rev-task-force.html
•	IDFPR “How To” Series from the Division of Real Estate: https://idfpr.illinois.gov/dre/howtoseriesdre.html

Episode 87: Appraisal Bias

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Estate jewelry holds not only sentimental value but also potential financial worth. Whether inherited or collected over time, these pieces often carry historical, artistic, and monetary significance. Getting a professional appraisal for estate jewelry is essential for understanding its true value, which can be beneficial in various situations. Here are the top reasons why you should consider having your estate jewelry appraised.

1. Insurance Purposes

One of the primary reasons to have estate jewelry appraised is for insurance. In the event of theft, loss, or damage, an appraisal allows you to provide your insurance company with the necessary documentation to replace or repair the piece at its current market value. Without an accurate appraisal, you may risk being underinsured, leading to potential financial loss if something happens to your jewelry. A professional appraisal includes a detailed description of the piece, its materials, and its estimated value, ensuring your insurance policy accurately reflects the worth of your items.

2. Resale and Market Value Assessment

If you’re considering selling your estate jewelry, an appraisal can provide a clear understanding of its current market value. Jewelry markets fluctuate, and items may gain or lose value over time based on demand, fashion trends, and rarity. A qualified appraiser will assess the piece’s condition, materials, craftsmanship, and historical significance to determine its market value. Knowing the appraised value can help you set a fair price, whether you’re selling through a private buyer, an auction house, or a jewelry retailer. 

3. Family Inheritance and Estate Planning

Estate jewelry is often passed down through generations, and having an appraisal can simplify inheritance and estate planning. Knowing the value of each piece allows you to divide assets fairly among heirs and prevent potential disputes. An appraisal provides a clear, unbiased valuation that can be useful for estate planning attorneys and financial advisors, ensuring a smooth transfer of assets. Additionally, if heirs wish to keep specific pieces, they’ll have an accurate valuation for managing any related financial or tax implications.

4. Insurance Claim Substantiation

In cases where estate jewelry has already been damaged or lost, having a recent appraisal can help substantiate an insurance claim. Without documentation of the jewelry’s value, it can be difficult to receive fair compensation. A reputable appraisal is a trusted source for proving the value of your piece, providing details such as weight, materials, quality, and any distinguishing features. This documentation can expedite the claims process and help ensure that you receive appropriate compensation based on the jewelry’s worth.

5. Tax and Legal Purposes

Estate jewelry appraisals are often necessary for tax and legal purposes, particularly in cases of inheritance or estate settlement. Jewelry items left to heirs or donated as charitable gifts may require a documented appraisal to meet tax requirements. In some instances, appraisals are necessary to meet the Internal Revenue Service (IRS) guidelines for property valuation. Having a certified appraisal ensures compliance with these regulations, providing clarity and transparency in legal and tax matters.

Conclusion

Getting an estate jewelry appraisal offers numerous benefits, from protecting your investment through insurance to understanding its historical significance and market value. By having your estate jewelry professionally appraised, you ensure that its worth is documented, preserved, and well-understood. Whether for financial, legal, or personal reasons, an appraisal is a valuable step toward managing and safeguarding the unique treasures in your collection.

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Luke 2:1-7, Philippians 2:6-11
Christmas Eve Midnight Service 2024
St John's Downshire Hill - 24th December 2024, 11:15pm

The gift that demands an appraisal - Luke 2:1-7

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Lexaco is an enchanting boutique in Harwich Port, MA, offering a curated selection of unique, handcrafted jewelry, pottery, and wooden art inspired by nature and the sea. Their website highlights collections such as Cape Cod Ball Jewelry, the Fish Hook Collection, and handmade items by local artists. Lexaco emphasizes personalized service, custom designs, and a lifetime guarantee on all jewelry. The site also features a blog with insights into jewelry trends and care tips.

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