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A Seller’s Market: What Does It Mean for Appraisers?

Appraisal Buzz

Interest rates impact the housing market significantly — demand can rise or fall any time they go up or down. When the market enters a phase more favorable to sellers, appraisers may find themselves caught in a crossfire between what buyers think is fair and what the homeowner expects.

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Market Value: Who Says What It Is?

McKissock

The standard residential appraisal report form’s definition of Market Value states in part: “ Implicit in this definition is the consummation of a sale as of a specified date and passing of title from seller to buyer under conditions whereby: buyer and seller are typically motivated…”.

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Once Upon a Time… A Housing Fairy Tale

Appraisal Buzz

They were able to get others to declare the value as fair, but some valued fair as high as possible. They found liar buyers. Everything worked well so long as “value” equaled price! The “official unofficial” government-related loan definition of market value is clear. Uppraisers” were in demand.

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Prices for luxury homes soared in the first quarter 

Housing Wire

Redfin defined luxury homes as those estimated to be in the top 5% of their metro area based on market value, while non-luxury homes are those with estimated values in the 35th to 65th percentile. High-end buyers tend to be more immune to mortgage rate fluctuations and flock to the luxury housing market.

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The Bay Area is the country’s 4th-hottest housing market

Housing Wire

Although other local agents said they wouldn’t characterize the market as being in a lull, they agree that interest rates and inventory are two major challenges to overcome. Regardless of the Fed’s decision, Nicole Wilhelm believes 2024 is still a good time for buyers to be in the housing market. “I

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Closing on a House Checklist: 6 Things Home Buyers Must Do Before They Move In

Realtor

When you’re a first-time home buyer approaching the finish line in the journey to your new home, you want nothing to go wrong, right? These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected.

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Real estate appraisals: What agents should know

Housing Wire

You’ve found a house for your buyer or a buyer for the home you’re selling. Appraisals are required for homes financed with any type of mortgage. If the second appraisal comes back higher, buyers and sellers may feel more comfortable meeting in the middle. At this point, an estimated market value is generated.