Cleveland Appraisal Blog

JUNE 17, 2022

What’s the difference between a newly constructed home and a hundred-year-old home? USPAP and the Contract – Tim Andersen, The Appraiser’s Advocate Podcast. Superior Arts District’s new tenant brings jobs, art to in renovated warehouse – Marc Lefkowitz of Cleveland Fresh Water. Depreciation!

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Appraisal Development Market Value Tenants 279

Appraisal Today

APRIL 5, 2024

With shifts in existing and pending home sales, new home sales, construction activity, and economic indicators such as inflation and mortgage rates, appraisers are navigating a complex landscape. Appraisers should consider the potential impact, especially in markets with significant new construction. baths, 6,263 square feet, 2.23

Appraisal 77

Appraisal Contracts Business Construction 77

Dart Appraisal

APRIL 30, 2021

Once the party or parties have signed the engagement letter or indicated acceptance of an appraisal order, the letter or correspondence to an appraiser serves as a contract. Planned renovations? Proposed construction, and if so, is a Prospective Value scenario appropriate? . What is interest in the property to be valued? .

Contracts 69

Contracts Appraisal Tips Appraisal Clients 69

Boston Appraisal

DECEMBER 11, 2023

You should also disclose any special circumstances or contingencies that may affect the value of the property, such as repairs, renovations, easements, or encroachments. You can also point out any unique or relevant features of the property, such as a view, a pool, a fireplace, or a solar panel system.

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Appraisal Process Real Estate Appraisal Easement 78

Appraisal Today

APRIL 26, 2024

What should appraisers look for in a sales contract? No detail has been spared in this thoughtful renovation, from the custom three-story open square-nosed European tread lightwell staircase to the wide plank Stuga white oak flooring, to the dramatic designer lighting fixtures throughout. I sometimes see low sales for various reasons.

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Appraisal Real Estate Real Estate Agent Contracts 77

Raleigh Realty

JULY 31, 2022

This is one of the steps that happen after you go under contract and sometimes can happen prior to. At the end of this inspection period repairs, financial concessions, or other negotiations may occur before entering the final phase of the contract. Most inspectors will also check for Polybutylene pipes.

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Inspection Sellers Real Estate Agent Buyers 148

The Robert Weiler Company

SEPTEMBER 16, 2021

Cost of construction and materials. Most professional commercial real estate appraisers employ a mix of the following strategies: By cost : How much would it cost to build or significantly renovate the property? Independent and not contracted with any third party, institution, or broker. Floor plans. Neighborhood and location.

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Real Estate Appraisal Property Appraisal Valuation 147

Appraisal Today

JANUARY 19, 2024

During the two-year renovation, the seller, who bought the home in 2017, updated the kitchen with a Bosch cooktop, Gaggenau appliances, and soft-close doors. An example of this in real estate appraisal is the purchase and sale contract. The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.24

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Appraisal Contracts Real Estate Architecture 74

Appraisal Today

FEBRUARY 16, 2024

In my city of 78,000 population, there are over 10,000 buildings constructed prior to 1930, including many classic Victorians. the price of the Naples compound was justified not only because of the size, location, and yacht basin, but also because it would be difficult to construct such a property again. baths, 2,973 sq.ft.,

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Appraisal Contracts Training Architecture 81

Appraisal Today

MAY 26, 2023

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

Easement 52

Easement Contracts Appraisal Inspection 52

Appraisal Today

NOVEMBER 3, 2023

The vast majority of complaints (but not all) stem from an appraisal that comes in below the contract price or the targeted refinance “number” where the homeowner, or even the buyer, identifies as part of a minority racial or ethnic group. Care was taken to move as little earth as possible during construction. percent from 7.90

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Appraisal Contracts Architecture Mortgage 77

Appraisal Today

JULY 22, 2022

Throughout the years, we’ve seen more homeowners construct dedicated “intimacy rooms”—like sex rooms or BDSM basements—inside their homes, but this is the first time this trend has been packaged in the form of a renovation reality show. What did he think when Netflix approached him about doing this type of construction?

Appraisal 52

Appraisal Contracts Buyers Design 52

Will Springer Realtor

DECEMBER 11, 2022

This year’s “cold down” is stark, with 36% fewer new listings and about 26% fewer homes under contract (Pendings) for all King County home types combined as well as single-family structures alone – and that’s simply from October to November. A little more than a third of inventory is under contract. 2-story (with basement) and 22 ft.

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Inventory Construction Supply Chain Buyers 36

McKissock

DECEMBER 4, 2020

Experience as a contract review appraiser quickly revealed when appraisal research was lacking. Gentrification and renovations are rapidly increasing values. ” “It appears that green home features are becoming more common in remodeling and new construction assignments.” Green home appraisal (16%).

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Appraisal Property Appraisal Valuation Luxury Properties 66

GoForrmz

AUGUST 26, 2022

This can be as simple as implementing digital signature forms for student housing contracts, or as complex as building tech-centric study lounges for students. One thing to keep in mind, especially as you do any construction or renovation to your dorm facilities, is outlet access and space.

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Technology Renovations Modernization Contracts 78

Appraisal Today

FEBRUARY 17, 2023

In my city, a commercial building constructed of shipping containers was proposed for a long-vacant site at the primary access to the city’s historic shopping street. A standard commercial building was constructed. == HOW TO USE THE NUMBERS BELOW. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.85

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Real Estate Agent Real Estate Appraisal Agents 52

Appraisal Today

JANUARY 4, 2023

He’s a construction guy, and it’s a legitimate castle with lots of features that are medieval in nature, but it’s a newer construction property,” says listing agent Will Frederick, with Keller Williams Realty Services. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.45

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Appraisal Contracts Business Development 52

Quicken Loans

APRIL 7, 2021

Today, we would like to spotlight another factor causing issues in the housing market and possibly even delaying construction of homes in some areas. There’s a real shortage of the necessary materials for constructing and renovating homes at this point. New Residential Construction. from January. It’s also 9.3%

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Real Estate Marketing Real Estate Agent Construction 43

Property Metrics

AUGUST 13, 2020

If corporations suddenly start allowing a large percentage of workers to engage in remote working contracts, the market demand for office space will dramatically decrease from previous forecasts. Construction Risk. Any time a property undergoes construction, there is an additional source of risk to the property owner.

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Real Estate Tenants Investing Construction 53

Appraisal Today

JULY 29, 2022

The three-year renovation was completed in 2019, including a new roof, windows, landscaping, and updated plumbing, HVAC, and electrical. This is actually about fewer buyers getting into contract. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 5.74

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Real Estate Agent Real Estate Appraisal Agents 52

Birmingham Appraisal

NOVEMBER 14, 2023

The contract price and appraisal value will need to line up or the buyer will not be able to get a loan to pay for the property. In some neighborhoods, older homes may be highly sought after, while in others, newer constructions may be more desirable. Over the past several years we have all seen drastic changes occur in the market.

Market Value 85

Market Value Agents Appraisal Bracketing 85

Patch of Land

JANUARY 22, 2020

Renewal Construction: Where there is a bathroom there is water and if that water makes its way below tile flooring and showers, it can cause a lot of damage (and cost a lot of extra money)! Kevin Knobles, KMK Contracting: “Jack of all, master of none.” And at the end of the day, what makes a project complete is ALL in the details!

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Construction Design Training Renovations 39

AmeriMac

JULY 25, 2022

The seller wants to max out the estimate based on the growing inflation and number of renovations made, while the buyer wants the best deal in the market even as home affordability worsens. Even the most well-respected appraisers can make a mistake or overlook something that could negatively impact your contract. Cost Approach.

Real Estate 36

Real Estate Appraisal Valuation Clients 36

Will Springer Realtor

MAY 9, 2023

month backlogs of contract work, as of Q4 (latest data available), which is down from the peak of 4.8 Census data suggest that more than 2M additional homes will reach their “prime remodel” years through 2027 – a time when homes tend to undergo their first major kitchen and bath renovations. And, opening this year, Graystone.

Real Estate 36

Real Estate Modernization Construction Supply Chain 36

Will Springer Realtor

DECEMBER 13, 2022

Contributing to improving the mood should be the anticipated 900,000 or so two-unit-plus housing under construction across our country that will start to come online in 2023. In his estimate: “Homebuilding’s going to contract.”. Locally, permits for single- and multi-family home construction are down about 20% from this time last year.

Real Estate 36

Real Estate Buyers Construction Sellers 36

Quicken Loans

JUNE 10, 2021

Meanwhile, the number of new construction homes sold according to the Census Bureau and the Department of Housing and Urban Development was down 5.9% New Residential Construction. To be fair, that’s not saying much because a lot of construction came to a halt around that time because we were just beginning lockdowns.

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Real Estate Marketing Construction Clients 38

Lifestyle Properties of Maine

AUGUST 6, 2019

What if the home doesn’t appraise for the contract value? Following the accepted contract is the period for completing due diligence this could include inspections, securing financing, etc. Following the accepted contract is the period for completing due diligence this could include inspections, securing financing, etc.

Real Estate 28

Real Estate Appraisal Inspection Contracts 28

The Robert Weiler Company

OCTOBER 21, 2022

Cost approach : Essentially, this technique equates the property value to the cost of constructing a replica. Replacement costs (a cost estimate to construct a building comparable to the building undergoing the appraisal, while using current prices, building standards, and materials). Recent comparable sales. Current market trends.

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Real Estate Appraisal Property Appraisal Valuation 60

AmeriMac

JANUARY 19, 2021

A low appraisal can cause the cancellation of sales contracts because a lender won’t approve mortgages higher than a home’s value. Renovating your kitchen, bathroom, or bedrooms. Constructing a basement. Now, if you’re refinancing your house, you’ll want the appraisal to be as high as possible.

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Appraisal Real Estate Agent Market Value Real Estate 36

Housing Wire

APRIL 27, 2023

But the caveat, of course, is that all bets are off if there’s a more meaningful contraction in lending [in the wake of recent bank failures and other economic factors] because then you’re in serious trouble,” Petrosinelli added.

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Renovations Investing Real Estate Marketing 288

Will Springer Realtor

MARCH 14, 2022

Soaring costs of labor and construction materials is certainly contributing to the rising figure but there is evidence of a sharp increase in home improvements since the start of the pandemic. New construction is not likely to keep up with demand and bring that median age [of a home] down. “New A 2021 survey showed nearly half of U.S.

Housing Market 36

Housing Market Marketing Real Estate Supply Chain 36

Raleigh Realty

MARCH 29, 2021

Due diligence stretches from the time you sign a contract to closing. You'll need to do some renovations. These homes aren't exactly new construction, but they are a steal. Ask around for recommendations so you get an experienced agent who puts you first. Are You a Good Neighbor Next Door?

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Government Real Estate Agent Insurance Property Taxes 148

Will Springer Realtor

OCTOBER 8, 2021

Construction could start as soon as 2022 on an ambitious three-tower project known as Cloudvue. The Knight Frank survey covered 49 global markets. >> Seattle is on pace to have one of the slowest annual growths in apartment-unit construction in the U.S. acre lot where Northeast 8 th Street meets 110 th Avenue Northeast.

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Real Estate Buyers Inventory Housing Market 36

Will Springer Realtor

MAY 12, 2021

Now, home builders would need to construct as many as 1.2 This was the fastest pace for combined single-family and multi-family construction since June 2006. >> NAHB reported an estimated 15% of all new-construction home sales in the U.S. That’s 52% higher than 2018, when Freddie first began looking at housing shortages.

Real Estate 36

Real Estate Inventory Buyers Construction 36

Will Springer Realtor

JULY 9, 2021

THE ROI OF HOME RENOVATION. As of this writing, about 47% of the 262 units are under contract or sold – including this 36-floor, sub-penthouse with stunning West-facing views. Construction is underway on the 48-story, 459-unit, ultra-luxe residence with about 70% of inventory presold (minimum 5% down at signing).

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Buyers Development Transportation Inventory 36

Houston Properties

JANUARY 13, 2021

We also believe that there’s going to be strong appreciation for homes with the following characteristics: New / recently renovated to look “like HGTV;”. Properties are still going under contract. Typically, new construction homes come with a higher purchase premium, and repair and maintenance require too much investment.

Housing Market 68

Housing Market Marketing Real Estate Realtors 68

Patch of Land

OCTOBER 24, 2017

They are aggressive in pursuing good locations and opportunities to renovate prominent waterfront sites, such as the former Miami Herald headquarters.”. Miami always has a strong new construction environment and resale market. The median number of days from listing to contract were 41 days for single family houses, a 12.8%

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Real Estate Renovations Investing Investors 28