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Three trends to watch in 2023

Housing Wire

This article is part of our Housing 2022-23 forecast series. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the top predictions for this year, along with a roundtable discussion on how these insights apply to your business.

Buyers 471
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Non-Arms Length Sales for Appraisers

Appraisal Today

By knowing the type of sale, you are better able to reconcile a current opinion of market value that falls above or below a current or recent transaction for the subject property. Acres: 0.7960055, built in 1993 The residence in Poipu was built in 1993 and designed by Seattle architect Ralph D. I have done a lot of estate appraisals.

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Want to Rent Your Vacation Home? Beware These Lender Rules

Zillow

Ready to buy that ski cabin or lake house? The first step to financing your vacation home is understanding what mortgages are available and their rules about renting: Primary residence loans. You qualify for the loan using your full primary residence housing cost plus your full second home cost. Second-home loans.

Finance 36
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Appraiser Countersues Alleged Discrimination

Appraisal Today

2021, was one of the first (and perhaps the most publicized). To read more, click here My comments: Long article and worth reading. My opinion is that everyone is biased against something. But I grew up in Tulsa, OK, next to Greenwood, an area of successful Black residents prior to 1921. Tate-Austin v.

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NAR Appraisal Survey 2022

Appraisal Today

Eleven percent cite evaluations (non-appraisal opinions of value). NAR Appraisal Survey 2022. Excerpts from NAR Report (link below): In May 2022, NAR Research conducted a survey of all 9,700 appraiser members and 50,000 randomly-selected non-appraiser members. The typical appraiser reports a 40-mile radius in which they conduct appraisals.

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2024 USPAP Changes Clarify Nondiscrimination

Appraisal Today

Advisory Opinions For 2024, the ASB has retired Advisory Opinion 16 (AO-16) and replaced it with two new Advisory Opinions, AO-39 and AO-40. The property has 8,282 sq ft +/- of living space, with an additional 1,114 sq ft +/- in a guest house or ADU. These requirements are carried forward in the 2024 edition of USPAP.

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OK to average adjusted comps on appraisals?

Appraisal Today

In other words, Fannie Mae does not want you averaging the indicated values from the Sales Comparison Approach, Cost Approach, and Income Approach in order to arrive at an opinion of value. The house is like a piece of art.” The process took several years of securing building permits, and the house was completed in 2015.