United Voice: Group Wants To Start Conversation On Appraisal Bias In NE OKC

Wednesday, August 24th 2022, 7:38 pm


The Oklahoma City Metro Association of Realtors is starting a conversation with city leaders about appraisal bias, an issue they said has plagued some areas of the city for decades.

Oklahoma City has several districts that come with their own unique style and challenges. Monique Short grew up in northeast Oklahoma City.

“I think we're slowly building,” Short said.

Short is working on developing the area but said appraisal bias is a huge issue.

“We did two projects that were the same, right next to each other, but used different banks,” Short said. “And the appraisals came back significantly different by about $60,000.”

Anya Mashaney with The Oklahoma City Metro Association of Realtors said appraisal bias is when an appraiser goes outside of the data set to value a property.

“It could also be the perception of the area,” Mashaney said. “The appraiser assumes that an area dominated by people of color that the home is worth less.”

Mashaney showed News 9 a redlining map of OKC from the 1930s. In Northeast OKC, neighborhoods are in red or yellow meaning, “definitely declining or hazardous deeming” them undesirable. Mashaney said not much has changed.

OKC Map 1930s“I think the appraisal bias is keeping a lot of other developers from coming to this area,” Mashaney said.

Between 2010 and 2019, one study said less than one percent of city permits were pulled in Northeast OKC, according to the Oklahoma City Metro Association of Realtors.

“In other parts of the city, like The Paseo, some of those that have grown really quickly,” Short said. “You see developers come in to develop those areas because they know they can get the property value and the appraisals that they need to sell their properties.”

Northeast Oklahoma City is growing, but empty lots are near and far.

“We're kind of the boots on the ground,” Mashaney said. “We're there working with the public. We really want to bridge that gap.”

News 9 is part of a local initiative that brings all of our local media outlets together to give Oklahoma a United Voice in promoting a healthy dialogue on race. To see more stories, visit UnitedVoiceOK.org.


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