Appraisal Buzz

OCTOBER 3, 2022

What should appraisers know before they sign the appraisal report and deliver their professional opinion of value? Many appraisers working in today’s marketplaces are about to find out how important this is. According to their public website, in June 2022, the supply of existing homes for sale would last 3 months.

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Appraisal Buzz

SEPTEMBER 12, 2022

Sellers used iBuying to bypass the lengthy aspects of the traditional homebuying process to receive cash payments in an expedited manner. What should appraisers know about the state of the iBuying market? Home prices skyrocketed between mid-2020 and mid-2021 by 18.5% , according to the Federal Housing Finance Agency House Price Index.

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Chicagoland Appraisal Blog

APRIL 11, 2021

When Zillow first came out, real estate appraisers would often hear “Zillow says my home value is…” This is usually followed by a cringed face and sigh. We first started at what Zillow says about the accuracy of Zestimates. We first started at what Zillow says about the accuracy of Zestimates.

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Appraisal Real Estate Real Estate Agent Sellers 135

Lamacchia Realty

FEBRUARY 21, 2023

“The Zestimate® home valuation model is Zillow’s estimate of a home’s market value. A Zestimate incorporates public, MLS and user-submitted data into Zillow’s proprietary formula, also taking into account home facts, location and market trends. Zillow’s accuracy has a median error rate of 7.49%.

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Housing Wire

JUNE 13, 2022

Buying a home is stressful in any market. Now, with inventory levels at historic lows and median home prices at historic highs, the purchase climate has become a Thunderdome. While real estate professionals are perfectly positioned to introduce homebuyer assistance as a concept, home financing is not their schtick.

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Housing Wire

FEBRUARY 9, 2021

Smart, ambitious, well-meaning entrepreneurs have prototyped ways to make buying homes easier and faster; to get rid of unnecessary fees; to dispel the uncertainty around closing; to give industry professionals better tools and services; and to generally eliminate any other “sticky spots” in the transaction. How do you get them?

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Real Estate Agents Technology Sellers 469

Genworth MI Blog

JULY 13, 2023

Prospective borrowers, especially first-time homebuyers, need to be ready for what they’ll encounter during the homebuying process, including home appraisals. This is true for appraisals, too. Recent trends are surfacing, and more instances of hybrid appraisals are changing how appraisals are conducted.

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Appraisal Today

OCTOBER 20, 2023

Fannie Mae Filed a Complaint Against Me October 18, 2023 Excerpts: In June of 2021, I completed an appraisal for a conventional purchase. The appraisal was ordered by an AMC on behalf of a lender. I was given a lockbox combination and inspected the vacant home. A basic Q4, C3 home. There were no “better comps” to be used.

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McKissock

AUGUST 10, 2021

Appraising a luxury home can be stressful, so preparation is important before commencing with a luxury home inspection. In this post, we provide valuable tips for preparing to inspect a luxury home, including some key questions to ask of the homeowner, agent, or builder about upgrades and amenities. Want to learn more?

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Appraisal Today

APRIL 26, 2024

However, there are six other types of real estate transactions that you need to know about so you can specify these sale types in your appraisal report as they can affect the market value of the property. For appraisals required to be Uniform Appraisal Dataset (UAD) compliant, you must indicate the type of sale for the transaction.

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Town & Country Residential Appraisals

AUGUST 15, 2022

If only I received a dollar for every person I heard say “Zillow says my house is worth $XXX” I could possibly retire…. A Zillow estimate IS NOT an appraisal. A Zillow estimate IS NOT an appraisal. In addition, these records never indicate to what degree a home has been maintained. Let me explain why.

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Town & Country Residential Appraisals

NOVEMBER 6, 2023

Confidence in the size of your home is a fundamental aspect of real estate, but have you ever wondered why the reported square footage can differ from one source to another? Online real estate platforms like Realtor.com, Zillow, and Redfin rely on an IDX system, which aggregates information from regional MLS systems.

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Housing Wire

MARCH 1, 2022

In eOriginal’s 2020 Tech100 nomination, the company boasted about the efficiency their ClosingCenter product brought to mortgage lending clients; Fairway achieved 80% faster mortgage acceptance by secondary market investors and also realized a 90% reduction in interest expenses to warehouse lenders for mortgages closed using ClosingCenter.

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Appraisal Today

OCTOBER 27, 2023

Strange Encounters in Property Appraisal By: McKissock Excerpts: Property appraisal is not typically thought of as a “dangerous” profession per se. Recently we asked our appraisal community, “What’s the weirdest property you’ve appraised recently?” I worked for an assessor’s office for 5 years in my first appraisal job.

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Birmingham Appraisal

FEBRUARY 8, 2023

All Appraisals Are Not The Same All appraisals are the same, right? Not really, and today I’m going to explain the differences between several different types of appraisals that could mean the difference between a home appraising for contract price or not.

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Appraisal Today

DECEMBER 29, 2023

Understanding Functional Obsolescence in Appraisals By: McKissock Excerpts: For appraisers, functional obsolescence can be a challenging concept because the elements that influence property values may not be obvious or immediately apparent. A home has a separate formal living room, an enclosed kitchen, and a separate dining room.

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AmeriMac

JANUARY 17, 2022

These days, sites like Zillow abound. You can type in any address you want and in a few quick seconds pull up information about the home, see pictures from recent listings and even find its current value… right? Zillow does have a “Zestimate” feature that attempts to estimate what any given home is currently worth.

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Appraisal Today

AUGUST 18, 2023

7 Must-Have Apps for Appraisers By: McKissock Excerpts: 1. Dragon is very well-liked among appraisal professionals, making it number one on our list of must-have apps for appraisers. Genius Scan This app gets a lot of love from appraisers. Dragon has been around a long time and is popular with commercial appraisers.

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Hank Miller Team

DECEMBER 6, 2023

Given the pandemic fueled real estate market and historically low housing inventory, it can be difficult to understand why a home fails to sell. Yet, some sellers can’t find a buyer for their home. Greater Atlanta and the multiple submarkets, remain favorable to home sellers; particularly the properly positioned ones.

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Appraisal Today

FEBRUARY 3, 2023

23, 2023 My comment: This only applies to residential lending appraisals, of course. My non-lender appraisals have changed very little with few, if any new “requirements”. That’s an outlay of significant cash BEFORE actually connecting with an appraiser who will put the PAREA-educated appraiser to work.

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Raleigh Realty

MARCH 23, 2021

How to Sell a House By Owner (FSBO) Before selling your home for sale by owner, it's important to understand the pros and cons, what's involved, and what to expect throughout the process. Do you really save money though when you sell by owner? Great Realtors are worth every penny.

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Appraisal Today

JUNE 23, 2023

This Is Where Appraisal Liability Risks Lie (Plus Tips on How to Avoid Them) By: McKissock Excerpts: While it’s difficult for a litigant to win a judgment against an appraiser, that doesn’t spare appraisers the inconvenience of being sued, which can be costly, time-consuming, and harmful to one’s reputation even if the suit fails.

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Appraisal Today

AUGUST 4, 2023

The End of Home Appraisals? As with all banned words, Freddie’s list will lead to the need to ban additional words over time as appraisers, expunging the word “desirable,” will find synonyms when analyzing market reaction to the views of two homes or to the cul-de-sac location of a home versus the midblock location of a comparable.

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Empire Appraisal Group

JULY 20, 2023

If you want to buy a home, it’s tempting to be in denial that this is happening. But as you start to accept that we’re now in a time of higher rates, you can achieve closure (literally, when you close on the purchase of a home). And if they do fall substantially after you buy, you can refinance. If the forecasters are right.

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Mortgage Realtors Real Estate Investing 78

Miller Samuel

JUNE 28, 2020

While I have been a real estate appraiser and market analyst for 35 years, I dipped my toe into real estate as a sales agent in Chicagoland for six months in the mid-1980s. The days on market (DOM) metric is significant to sellers because they don’t want their home to be perceived as overpriced if it sits unsold too long.

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Housing Wire

OCTOBER 17, 2023

According to the National Association of Realtors (NAR), some 96% of homebuyers use the internet in their home search. These include: Email capture capabilities: Ideally, you’ll want to have the ability to capture leads (get visitors’ email addresses) using pop-ups, gated content or gated listings search. per month plus $249.95

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Real Estate Real Estate Agent Agents Tools 381

Realtor

JANUARY 23, 2018

Luke Sharrett for The Wall Street Journal When Blackstone Group LP wanted to borrow hundreds of millions of dollars to buy foreclosed homes after the housing crash, it needed a quick, inexpensive way to value thousands of houses the investment firm already owned and was offering as collateral.

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Appraisal Real Estate Agent Valuation Real Estate 78

Realtor

JANUARY 23, 2018

Luke Sharrett for The Wall Street Journal When Blackstone Group LP wanted to borrow hundreds of millions of dollars to buy foreclosed homes after the housing crash, it needed a quick, inexpensive way to value thousands of houses the investment firm already owned and was offering as collateral.

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Appraisal Real Estate Agent Valuation Real Estate 78

Appraisal Today

JUNE 10, 2022

How can we fix the excess of appraisers? Too many appraisers? Easy — we do what we have always done, each time. 2) We will make it harder to become an appraiser; 3) Let the lower fees discourage newcomer appraisers. This blog considers how each friction will respond to this “excess” of appraisers.

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Appraisal Today

MAY 19, 2023

Chat GPT For Fannie Form Appraisal Reports By Dustin Harris Excerpts: The world of real estate appraisal is constantly evolving (much to our dismay sometimes), and as professionals in this field, it is crucial to stay ahead of the curve by embracing innovative tools and technologies. The answer is, Yes!

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Town & Country Residential Appraisals

SEPTEMBER 29, 2019

Chip and Joanna claim to “take the worst house in the best neighborhood, and turn it into our clients dream home,” and on its face, this sounds pretty good. In home valuation language they are trying to buy under improvements for the neighborhood, which are usually a good deal, and below market value, but then there is the second half.

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Cleveland Appraisal Blog

NOVEMBER 11, 2021

In the news, you’ve no doubt seen that Zillow is selling off the homes it owns and getting out of the home-flipping business. Zillow’s Zestimates can be accurate. For years, Zillow Zesimates have been zinged by real estate professionals for creating angst in the market by their unsupportable value estimates.

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Appraisal Today

AUGUST 5, 2022

VA Approves Desktops and Exterior-Only Appraisals. The use of a Desktop Appraisal may allow an appraiser from outside the market area, but with appropriate credentials for the jurisdiction of the property, to complete the assignment when no local VA fee panel appraiser is available.”. “The Humor for Appraisers.

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Housing Wire

DECEMBER 23, 2021

Zillow is no longer a relevant player,” said Andy Florance, the CEO and founder of CoStar. “We And we have found that Zillow is not the leader in the space. Zillow is actually not used by many homebuyers.”. Zillow’s 226 million unique monthly visitors ? Zillow Offers imploded and that was a joke all along.

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Empire Appraisal Group

SEPTEMBER 2, 2021

Build a 3D Home? Source: Build a 3D Home? as a prime market, and a home is currently under construction in Tallahassee. From Florida to California, 3D-printed homes and communities are being constructed as proof-of-concept residences to demonstrate the alternative construction capabilities. By Louis Archambault.

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Listing Spark

OCTOBER 13, 2021

In case you missed our most recent webinar series where we offered a walk through and tutorial video on how to use our Market Compare tool to pull MLS Comps, we’ll go through what we covered here in this post. Most sites like Zillow and Realtor.com do not post the final sales price. Why are MLS Comps Important?

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Eppraisal

MAY 24, 2022

With homes selling faster than ever before, home values are rising at higher rates than ever before. The inventory of homes available for sale is at its lowest in history. Some sellers think it is a good time to try to sell their homes "For Sale By Owner" (FSBO or by owner) to save a bit of profit.

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