article thumbnail

How to select appraisal comps

Appraisal Today

acre lot, built in 2009 This elegant, Georgian mansion is said to be owned by a former executive with ties to the Grey Goose vodka fortune. The 24-room residence was custom built in 2009 and is loaded with exquisite finishes. This definitely increased the development costs in the new construction, resulting in higher home prices.

article thumbnail

Experience Matters

Town & Country Residential Appraisals

When making a decision to contract just about anyone to perform a service, one of the most important qualifiers for most is the experience one brings to the table. You really don’t want someone building your deck who has never built one before or replacing your transmission if they have never worked on cars.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Appraisals – Check the Water Source!

Appraisal Today

NOTE: Please scroll down to read the other topics in this long blog post on real estate market, USPAP and contracts, unusual homes, mortgage origination stats, etc. ==. The way that we did that was through cantilevers and using structural engineers and steel to help us to construct the home that we absolutely wanted.”.

article thumbnail

Home sales will be weak in 2024 regardless of “soft landing”: Fannie Mae

Housing Wire

“In order to achieve a soft landing, economic growth will have to slow to a rate that is below trend for some time in order for the unemployment rate to rise sufficiently to cause wage growth to slow consistent with a 2% inflation target over the long term, but not so slow that the economy falls into a contraction,” the ESR group said.

article thumbnail

Subject Property Location in Appraisals

Appraisal Today

Excerpt: What’s the difference between a newly constructed home and a hundred-year-old home? Excerpts: Built in 2009, the home is has 8 bedrooms, 6.5 The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 5.84 Why Appraisers Don’t Depreciate Land.

article thumbnail

Too many appraisers?

Appraisal Today

Construction started in 2001 and took three years to complete with two bedrooms, 2 bathrooms, and a swimming pool. The hangar was built in 2009, and the home was completed in 2014. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.40 2,821 sq.ft.

article thumbnail

FHA: Cosmetic vs. MPR Repairs

Appraisal Today

A three-year renovation, ending in 2009, converted the upper floors into the 7,000-square-foot penthouse. Some appraisers feel that lenders should not provide them with the purchase and sale contract. Then that contract does not serve to color, cloud, or otherwise bias a value opinion. We all know this is true. percent from 6.57