Until recently, residential appraisals were often taken for granted, but an increasing number of REALTORS® have learned that appraisals can make or break transactions. Between serious concerns over racial bias and a highly competitive market pushing contract prices up, appraisals have become an extremely hot topic. Illinois REALTORS® is responding with tools and resources to help navigate the appraisal process. 

Located at www.IllinoisRealtors.org/appraisals, REALTORS® and consumers will find resources that include: 

  • Appraisal FAQs – What every REALTOR® should know about the appraisal process, ranging from Appraisal 101 to Appraisal Accuracy and Major Problems.  
  • Sample Appraiser’s Package – An easy-to-follow example of the type of information most appraisers will find useful.
  • Links to appraisal videos and continuing education.
  • Timely news and updates.  

The Illinois REALTORS® Discriminatory Appraisals Task Force guided the development of the page and its content. The task force was formed in late 2020 after many Illinois REALTORS® voiced concerns that race was playing a role in low appraised values. The task force’s mission is to gather data, create tools and resources for REALTORS® and impact policies that will stop racial bias in appraisals. The Appraisal FAQs and Sample Appraiser’s Package are the direct result of members’ desire to navigate appraisals and advocate for their clients. Task force members stepped up to volunteer and will continue to address a growing topic of concern for REALTORS® across Illinois.