Cleveland Appraisal Blog

JUNE 25, 2021

What is the primary reason a newly built home has a higher market value than the same home that is older? Simply stated, it is loss in value. Functional depreciation results when buyers pay less for a home, in comparison to other similar homes, because some aspect of it is less functional than other generally similar homes.

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Cleveland Appraisal Blog

DECEMBER 2, 2021

If this is the norm for the neighborhood, the size of the driveway may not have any impact on value. It really depends on the neighborhood and what the typical buyer in that neighborhood is looking for. DOES THE MATERIAL THE DRIVEWAY IS MADE OF MAKE A DIFFERENCE IN VALUE? What about gravel or tar & chip driveways?

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Birmingham Appraisal

MAY 21, 2024

Strategies for Evaluating Home Value: What Buyers Need to Know When it comes to purchasing a home, understanding the various factors that affect its value is important. Evaluating home value is essential in this regard. Key Factors For Buyers to Consider 1.

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Cleveland Appraisal Blog

SEPTEMBER 2, 2022

The Sales Comparison approach, as the name implies, compares the property being appraised to other properties that a potential buyer might consider as a substitute for buying the property being appraised. Even if I do not include my development of the Cost Approach in my report, I have it in my work file. I’m glad you asked!

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Cleveland Appraisal Blog

JUNE 17, 2022

When developing an opinion of the market value of a property, what appraisers are really measuring is how much depreciation a property has suffered from, and more specifically how much depreciation the improvements on the land have depreciated. However, there are other methods for estimating land value. Depreciation!

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Boston Appraisal

FEBRUARY 11, 2024

This article provides an insight into the appraisal process of historical properties, emphasizing the role of market data, potential buyers, specialized databases, appraisal methods, and the significant impact of preservation restrictions.

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Cleveland Appraisal Blog

OCTOBER 14, 2021

On many of my appraisals at that time, my opinion of value would not support the contract price. Perhaps they were drinking the Kool-Aid that some are drinking today, that market value is whatever the purchase price is. Don’t drink the Kool-Aid that any contract price is reflective of market value.

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Appraisal Buzz

OCTOBER 3, 2022

I can see why loan officers, real estate agents, or buyers might push back on appraisers’ conclusions. In a market that moves as quickly as ours is, often that can be too old. The post Appraising Well in a Fast-Changing Market appeared first on Appraisal Buzz. The data we see is typically a few months old. Of course not.

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Miller Samuel

NOVEMBER 30, 2018

If the buyer realizes they overpaid for the property, the agents are now the professionals with the bullseye on their back. The seller and the buyer determined the market value by agreeing on the price." "The seller and the buyer determined the market value by agreeing on the price."

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Birmingham Appraisal

MARCH 21, 2023

A Look at How Market Trends are used in the Real Estate Appraisal Process The real estate market is constantly changing, and market trends play a crucial role in helping an appraiser determine property values. In this blog post, we’ll explore the role of market trends when completing a real estate appraisal.

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Cleveland Appraisal Blog

SEPTEMBER 3, 2021

(MLS) We use it to find homes that are comparable to the ones we are valuing, to determine what buyers are paying for similar homes. Let’s talk about three areas of a listing that, when completed accurately, can help appraisers to develop more supportable opinions of value. NO BLANK FIELDS. ACCURATE DATA.

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Cleveland Appraisal Blog

JUNE 18, 2022

But once these qualities are developed, many appraisers find eminent domain work to be interesting, challenging but worthwhile, and financially rewarding. Becoming an expert appraisal witness in an eminent domain case starts with developing a comprehensive understanding of how value is determined in this special proceeding.

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Housing Wire

FEBRUARY 7, 2023

The year ahead for the mortgage-servicing rights market is shaping up to be a lucrative play for investors, lenders and others looking to purchase MSR assets. Independent mortgage banks (IMBs) leaning on MSR sales, however, now face a supply-demand imbalance, market observers say.

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The Robert Weiler Company

SEPTEMBER 18, 2022

Any loan for a property is based on the appraisal value. As a land buyer, owner, or seller, understanding the true market value of the real estate in question is important. Land appraisal is a process of assessing the land value and then developing an opinion of value. We dive into these areas, below.

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McKissock

OCTOBER 13, 2020

Q: “What are methods to determine the value of my home?”. A Comparative Market Analysis (CMA) : An informal evaluation that determines the market value of a property by comparing it to similar properties in the same area. Q: “What factors can influence the value of my home?”. Home inspection fees. Escrow fees.

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Birmingham Appraisal

FEBRUARY 20, 2024

Understanding the Role of the Real Estate Appraiser When a home buyer finds a home they would like to purchase and have the need to obtain financing they will work with a lender. The appraiser must make sure that they are providing an impartial valuation so that the market value shown in the appraisal is as accurate as possible.

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McKissock

AUGUST 13, 2021

Looking at the sales contract early on allows the appraiser to identify any “subject to” items or other conditions that could influence the value conclusion. And although it shouldn’t, it may unintentionally influence the appraiser’s comparable selection and eventually impact a direction in value. Written by Steven W.

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Birmingham Appraisal

SEPTEMBER 26, 2023

The market area that the property is located in can definatley support the price but does the price truely reflect the market value of that specific property or does it reflect what a super motivated buyer with available funds is willing to pay? For buyers, it could mean a potential bargain. There is a difference.

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Cleveland Appraisal Blog

MAY 27, 2021

The buyers paid cash. I must admit, in the past year, there have been times when I have felt like many buyers don’t really care about value anymore. While it may seem like many buyers don’t care about what the market value of a home is, I think that we must be careful to not make that assumption.

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AmeriMac

DECEMBER 30, 2023

Definition and Purpose of REO Appraisals REO appraisals play a crucial role in establishing the market value of homes, especially during the foreclosure process. Mortgage lenders rely on these appraisals to determine the value of fundamental estate-owned properties, directly impacting loan amounts for refinancing.

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Housing Wire

MAY 26, 2023

But as the housing industry has gotten better at tackling it, fraudsters have been hard at work developing more creative scams. The property is then listed, typically below market value to generate interest in the listing. The threat posed by wire fraud has commanded quite a bit of attention from the real estate ecosystem.

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McKissock

OCTOBER 1, 2022

Both you and the underwriter must independently determine whether there is sufficient information available to develop a reliable opinion of market value for each individual property. Assess the perceived value by buyers. Consider each barndominium on a case-by-case basis.

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Lamacchia Realty

OCTOBER 25, 2023

PRICE ADJUSTMENTS AND THE 2023 MARKET In March 2022, it was clear that the market was changing from a frenzied post-pandemic scene to one where it was assumed that rising mortgage rates would slow it down and help inventory finally rise back up. In the graphic to the right, you can see this more clearly.

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Birmingham Appraisal

FEBRUARY 8, 2023

For the record, I will state that the goal of every appraisal is to estimate the market value of a home, usually for lending purposes. In the quest to provide faster and cheaper alternatives to banks and mortgage companies, Fannie Mae has developed alternative appraisal products for their customers.

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Housing Wire

DECEMBER 16, 2021

How will the Federal Reserve respond to economic developments in 2022, and what will be the impact on mortgage rates? When this article was published, the unemployment rate is at 4.2%, inflation is above 6%, and both stock market and housing market values are elevated. This additional inventory is sorely needed.

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Realtor

AUGUST 1, 2018

An FHA loan—which allows the buyer to put down as little as 3.5%—sounded This is a payment that’s usually required when the buyer isn’t putting 20% down. Department of Housing and Urban Development. had recently bought using a Federal Housing Administration loan, and it was working out wonderfully.

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McKissock

MARCH 22, 2022

You must independently determine whether there is sufficient information available to develop a reliable opinion of market value for each individual property. Assess the perceived value by buyers. Just be sure to state in your report that you found the comps in another competing market.

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Padove Appraisal Service

OCTOBER 21, 2017

A real estate agent’s job is to market homes. They report square footage to potential buyers as a means of communicating its usable space. A common source of Total Building Area , particularly for residences in tract home developments, is building plans provided to the tax assessor by the developer. Who’s right?

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Lamacchia Realty

JUNE 21, 2022

Now, months later, with rates up nearly 100% from the start of the year- January mortgage rates were hovering in the low to mid 3’s and this week reached 6.28%- diminished buyer affordability is causing a big downshift in demand. Rising prices weren’t favorable but with historically low mortgage rates , they were still affordable for buyers.

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Will Springer Realtor

AUGUST 1, 2023

Short sales were a common sight in the housing recession around 2009 but they have since faded from the headlines as homeowners typically find buyers before facing financial doom. The first buyer can raise his/her bid to beat other offers.) Housing and Urban Development (HUD) team of counselors. What is a short sale?

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The Robert Weiler Company

OCTOBER 21, 2022

If you’re reading this article, you will likely need a commercial real estate appraisal for property being sold, mortgaged, taxed, insured, or developed. The data is then analyzed and used to develop opinions of value. Market value is the most likely selling price a knowledgeable buyer would pay to a knowledgeable seller.

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AmeriMac

APRIL 30, 2024

A commercial appraisal serves as a basis for negotiations between buyers and sellers, as it provides an objective assessment of a property’s worth. For buyers, it helps in determining a fair price to offer, while sellers can use it to showcase the value of their property.

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Empire Appraisal Group

JULY 1, 2021

It’s also the appraiser’s job to develop an opinion on a home’s fair market value, and just because the buyer and seller have agreed on a price doesn’t mean that’s the true value of the property, said Francois Gregoire, broker, appraiser, instructor, and president of Gregoire & Gregoire Inc.,

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Birmingham Appraisal

SEPTEMBER 15, 2022

Banks are typically absolved from discrepancies between the amount they lend and the true market value of the home meaning that they will not be held responsible to the buyer. Appraisers develop an opinion of value for the subject property for various reasons including mortgage underwriting.

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Genworth MI Blog

JULY 13, 2023

Appraisal overview The appraisal is a report with an independent opinion of value of how much a property is worth. There is an on-site visual inspection of the property and a suggestion of improvements followed by the research, analysis and development that produces the appraisal report.

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The Robert Weiler Company

SEPTEMBER 16, 2022

Conservation easements are voluntary land use agreements where the landowner agrees to protect a portion of the land they own from future development, often in perpetuity. By permanently limiting the uses of the land, a conservation easement will protect its conservation values. What is a Conservation Easement in Ohio?

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Simonson Real Estate

JUNE 10, 2020

The sweet spot is not a predetermined number or target, but rather a number that is within a comfortable and reasonable range of value – not too high or too low. This is good for the buyer, the seller, the lender, and the appraiser. Reduced buyer demand can also impact pricing. Do you have questions on these topics?

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