January, 2023

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Can Expert Analysis Save Appraisers?

George Dell

Our blog this week, ‘Can Expert Analysis Save Appraisers?’ ’ is a guest post from a long time friend and colleague, Timothy Andersen, MAI, MSc, CDEI, MNAA, The Appraiser’s Advocate. Analysis of what? Save appraisers from what? Clients want more than our opinions.

Appraisal 195
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Real estate trends to watch in 2023

Sacramento Appraisal Blog

What’s the real estate market going to do in 2023? Nobody has a crystal ball, but here are some emerging trends. Scroll quickly or digest slowly.

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Build-for-rent is a bet on the ‘new normal’ housing market

Housing Wire

One slice of the single-family home market that has gained traction over the past year in a topsy-turvy housing landscape is the build-for-rent sector — or BFR.

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Are You Saying No to Future Business?

The Appraiser Coach

I’ve begun to notice that retirement is starting to creep up on me a little bit, and I’m starting to wonder if I’m really ready. I recently decided to get. Read More.

Business 366
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The Cleveland Area Housing Market Was Skating Along… And Then This Happened

Cleveland Appraisal Blog

Welcome to 2023! I hope that you all had a nice time off over the past month. We all needed some rest from the crazy housing market we’ve experienced in recent years. Like most markets across the country, the Cleveland area housing market has been red hot for the past few years.

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November Private Residential Spending Dips

Eyes on Housing

Private residential construction spending declined 0.5% in November, as spending on single-family construction plunged 2.9%. Private residential construction spending fell for the six consecutive month, standing at an annual pace of $868 billion. However, this total remains 5.3%

More Trending

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How are appraisers handling concessions?

Sacramento Appraisal Blog

How are appraisers handling concessions to the buyer? Could a seller credit damage the chance of appraising at the purchase contract? These questions weren’t asked a year ago, but welcome to the 2023 housing market.

Appraisal 390
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Housing Market Tracker: Weekly inventory adds 1,339 homes

Housing Wire

Here’s the rundown for the last week: Purchase application data has stabilized — the bleeding stopped. Housing inventory increased by 1,339 homes nationwide. This is a small number but could be the start of an important trend.

Inventory 532
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P.U. – No Longer Just a Bad Smell

The Appraiser Coach

Years ago, I went on a nation-wide tour where I met with appraisers in several cities. We discussed what I do as an appraiser and business owner, and how they. Read More.

Appraisal 256
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All the Tips You Need to Make Moving to a New State Much Easier

Cleveland Appraisal Blog

Are you planning on moving to a new state? There’s so much to think about. Employment, the cost of the move, buying a home, and many other things. This week, I welcome a new guest blogger, Ryan Mackenzie, who shares tips for making a move more manageable. I hope you enjoy it!

Appraisal 284
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Material Shortages Ease, With Notable Exceptions

Eyes on Housing

In May of last year, Eye on Housing reported on historically widespread shortages of building materials.

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Errors Mistakes and Modeling Myths? Pt I

George Dell

Errors and mistakes can be “statistical.” They can be modeling Blunders. Or they can be of a third type: misjudging what the data is showing you.

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The housing market went from an ice bath to a hot shower

Sacramento Appraisal Blog

The housing market is getting hot again for the spring. It went from an ice bath in the fall to a hot shower so far in January. It’s not scalding like 2021, but it’s been a striking change. Let’s talk about this.

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The mortgage industry is nervous about LLPA fee changes

Housing Wire

The Federal Housing Finance Agency this week made a series of significant changes to loan level pricing adjustment (LLPA) fees charged by Fannie Mae and Freddie Mac on conventional/conforming mortgages.

Mortgage 529
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The Monster in the Closet

The Appraiser Coach

A good appraiser knows that delegation can be an efficient and productive choice for their business, but the thought of that choice is often accompanied by fear. This comes up.

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Was This Home Overimproved or Underimproved?

Cleveland Appraisal Blog

Have you heard of a property being overimproved, or super adequate? How about underimproved? Unless you’re in the property valuation profession, you may not have. What do these things indicate?

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How Many Households Are Priced Out By Higher Mortgage Rates in 2022?

Eyes on Housing

Mortgage rates have increased rapidly in 2022, as the Federal Reserve continues to fight high inflation. The U.S. weekly 30-year fixed-rate mortgage rose from a slightly more than 3% in early 2022 to more than 7% in late October and leveled off at a rate of 6.42% as of the end of 2022.

Mortgage 186
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Appraiser Countersuing Black Homeowners for Defamation

Appraiserblogs

The Maryland appraiser has filed a countersuit against the homeowners, claiming defamation. Appraisers, there have been several lawsuits filed against appraisers by borrowers who “don’t like your value, so I’m accusing you of discrimination” over the last year or so.

Appraisal 156
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Torturing housing stats to say what you want

Sacramento Appraisal Blog

If you torture the stats long enough, they’ll confess to anything. Have you heard that before? Well, it’s true in real estate. If we’re not careful, we can make numbers say anything, whether for a glowing or doom narrative.

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Mortgage rates have peaked along with inflation

Housing Wire

Today’s inflation data has shown that the peak growth rate of inflation is behind us. This should also mean mortgage rates hit their highs. The key phrase I have stressed since I wrote about the case for mortgage rates to go lower on Oct. 27 is thinking 12 months out.

Mortgage 531
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Which Hat Are You Wearing?

The Appraiser Coach

There are many different roles the we play as appraisers.

Appraisal 195
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Industrial Real Estate is Killing It! The Columbus, Ohio CRE Trend for 2023

The Robert Weiler Company

In the 2018 film Ready Player One , Columbus, Ohio, was depicted as the fastest-growing city on Earth in 2045.

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Fewer Prospective Buyers Are Fully Engaged in Purchase Process

Eyes on Housing

Dwindling housing affordability in the fourth quarter of 2022 caused the share of prospective home buyers who are actively engaged in the purchase process (i.e. who have moved beyond just the planning phase) to drop to 46%, down from 59% a quarter earlier.

Buyers 179
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House Measurement by Property Data Collector Gone Wrong

Appraiserblogs

The lender allowed an unlicensed property data collector give bad data to the appraiser… I work for this lender and they will not let my trainee inspect. The owners are now underwater by more than $100,000… I’m sad and I’m mad!

Training 147
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It’s not just home prices. Rents are dropping too.

Sacramento Appraisal Blog

There is so much attention on home prices, but let’s talk about rents because they’re dropping too. Yep, you heard that right. Rents have been going down locally and in many markets across the country (not everywhere). Here are a few things on my mind. UPCOMING (PUBLIC) SPEAKING GIGS: 1/26/23 How to Crush Lead Gen […] The post It’s not just home prices. Rents are dropping too. first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Mortgage demand picks up as seller concessions rise

Housing Wire

Loan officers saw an increase in mortgage demand during the first week of 2023 as mortgage rates ticked down. And to close deals, sellers are increasingly coming to the table with concessions and rate buydowns. .

Sellers 529
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Supporting Your International VA’s

The Appraiser Coach

Do you have a virtual assistant hired? Many appraisers have found this to be a great way to get needed tasks accomplished without having to do them yourself. You may.

Appraisal 150
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Appraisal profession mourning death of a good friend

Valuation Review

#BillKing #chiefvaluationofficer #BradfordTechnologies #suddenpassing #tribute

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Building Materials Price Growth Slows 60% in 2022

Eyes on Housing

The producer price index (PPI) for inputs to residential construction less energy (i.e. building materials) rose 8.3% in 2022 (not seasonally adjusted) according to the latest PPI report—less than one-half the increase seen in 2021. On a monthly basis, building materials prices declined 0.3%

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FAQ 3: What’s the Difference Between an Appraisal and a Home Inspection

Riverfront Appraisals

This blog post is brought to you by the Guide To Appraisals series of e-books.

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All This Will Do is CREATE BIAS!

Appraiserblogs

All this will do is CREATE BIAS… How does one stay unbiased if they repeatedly get sued or raked over the coals every time they do an honest, true appraisal that does not meet the expectation of untrained members of the general public… Does bias exist? Of course. Does it exist in appraising?

Appraisal 141
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Housing inventory falls under 1M again as sales collapse

Housing Wire

On Friday NAR reported that total housing inventory levels broke under 1 million in December, dropping to 970,00 units for a population of 330 million people. And existing home sales crashed in 2022 from a peak of around 6.5

Inventory 520
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CoStar considering purchase of Realtor.com parent: Report

Inman

Acquiring Realtor.com would significantly advance CoStar's push into residential real estate — and bring it into greater conflict with the industry's existing power players.

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‘Don’t fear third-party data,’ Fannie Mae says

Valuation Review

#FannieMae #AppraiserUpdate #December2022newsletter #desktopappraisals #thirdpartydata