Read PGCAR's Statement of Record submitted before the Maryland General Assembly hearing on Appraisal Bias >
To our REALTOR® Members:
The Prince George's County Association of REALTORS® is acutely aware that appraisal bias remains a persistent scourge within the housing market and disproportionately affects Black homeowners across the nation. We are collaborating with other representatives in our industry - from banks and lenders to leaders and professionals in the appraisal industry - to identify solutions to eradicate this shameful practice.
The questionnaire we distributed to the 4,000 association members in July 2021 was strictly for the purposes of maintaining internal data we use to help us provide you with useful, professional tools and resources and remain advised of your concerns, one of which was directly related to appraisal bias.
A matter with such critical financial consequences and implications for property values affecting both homeowners and members requires us to operate within a larger community with others and not in a silo. For our collective benefit, any future research we initiate or participate in will include our partners within the real estate ecosystem. This will allow us to present accurate, informative statistical data appropriately publicly and with confidence.
The news stories presented about appraisal bias on WUSA9 has prompted spirited discussions among REALTORS®. We invite your consideration of the following, more balanced information as specifically related to Prince George's County:
- Appraisal bias is a national issue that historically and repeatedly frustrates Black homeowners throughout all states and localities. President Biden and the Department of Housing and Urban Development (HUD) Secretary Marcia Fudge created a task force to address this issue at the federal level.
- Prince George's County's average home value appreciation has outpaced our neighbors in Montgomery County and Northern Virginia, demonstrating that Prince George's County remains a solid investment. In fact, over the past 20 years, Prince George's home values have appreciated an average of 6% a year.
- The Maryland Department of Housing and Community Development (DHCD) has been mandated by Maryland legislators to conduct an appraisal bias study and present its findings in 2022. We look forward to providing any real data towards their efforts and will take our advisement from those results as specifically related to Prince George's County.
- PGCAR submitted a proposal to the Maryland Real Estate Commission in July 2021 to provide continuing education classes to association members interested in learning about the appraisal process. This information will inform REALTORS® how and where to appropriately guide homeowners challenging an appraisal for redress and why our specific roles in the homeownership process is separate and non-influential from appraisals.
On Monday, December 6, 2021, PGCAR Secretary, Kenneth Fagan, will represent PGCAR during the General Assembly's 2021 special session at a meeting convened by the House Economic Matters Committee alongside Craig Wolf, President of the Maryland REALTORS®. This invitation presents us with the opportunity to reiterate the President of PGCAR's subject matter expertise about appraisal bias and further demonstrate our engagement in policy discussions. A link to the hearing will be made available on our website and we appreciate your support and attendance in advance.
We represent every homeowner. We will continue to help families identify homes in thriving communities, be confident in the value of their property investment, have access to equity earned, and assure them that Prince George's County is a place where everyone should be proud to call "home".
Should you have questions or concerns, please feel free to contact Dwayne Mingo, Director of Government Affairs for the association at 301.306.7900 or by email at firstname.lastname@example.org.