October, 2022

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Advice for Buyers & Sellers in Today’s Market

Sacramento Appraisal Blog

The housing market has shifted, and today I have some practical advice for buyers and sellers. This is coming from hundreds of conversations every month as well as stats I'm pulling. Some new memes too. Enjoy if you wish.

Sellers 878
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Home prices are dropping like it’s 2009

Housing Wire

Home prices are now posting the biggest monthly declines since January 2009, according to the latest Mortgage Monitor report from Black Knight. Median home prices in August fell 0.98% in August, only slightly better than July’s 1.05% monthly decline. The average home price is down 2% ($8,800) from its June peak nationally as we enter the historically slower fall-winter homebuying season.

Inventory 523
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7 Ways to Prepare for a Home Appraisal

Cleveland Appraisal Blog

Are you anticipating having your home appraised? How can you prepare for the inspection? This week I welcome back guest blogger, Betty White, who shares her thoughts on ways to prepare. While she is not an appraiser, I am, and I agree that these things can help! I hope you find this information helpful! When selling or refinancing a house, an appraisal is typically necessary.

Appraisal 384
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Appraising Well in a Fast-Changing Market

Appraisal Buzz

What should appraisers know before they sign the appraisal report and deliver their professional opinion of value? Pretty much everything. Many appraisers working in today’s marketplaces are about to find out how important this is. I started thinking about this when I saw the news coming from the National Association of Realtors about how far the current real estate market is out of balance.

Appraisal 370
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Head, Shoulders, Knees, and … Shoes?

The Appraiser Coach

Let’s talk about shoes. Now I know, you may not expect businessmen and professionals to talk about shoes. Surely, they have more important things to think about. Nevertheless, the. Read More.

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More Buyers Taking a Look at New Construction

Eyes on Housing

After bottoming out at 19% in the first quarter of 2022, the popularity of new homes continues to rebound, as the share of buyers looking for new construction rose to 21% and 27% in the second and third quarters of the year, respectively. A possible factor behind this trend is that the inventory of new homes for-sale is 25% higher.

More Trending

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What happens after the Fed’s rate hike?

Housing Wire

The Federal Reserve will hold another meeting this week, where everyone assumes we will get another 75 bps rate hike. The question is: how many more rate hikes are left? And, once they’re done hiking rates, will the Fed need to keep rates high because the consumer balance sheet looks so good? Over the weekend, The Wall Street Journal brought up this point — that the Fed is mindful that household balance sheets are much better now due to the excess savings built up during the COVID recovery and t

Law 513
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If You’re Using Zillow Sales to Price Per Square Foot…You’ll Probably Be Low!

Cleveland Appraisal Blog

Zillow has data that can be very helpful. I know, I know… In previous articles, I have exposed the lack of accuracy with their Zestimates. However, when it comes to a data source, I do find that Zillow offers great information for the public. When appraising a property, I usually look to see if there is any information on Zillow about the property I am appraising.

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Never Too Late to Plan for Retirement

Appraisal Buzz

Today’s Buzzcast interview is with Jared Motzenbecker, Director of Wealth Services of Gulfside Wealth. We sat down with Jared and Joan Trice, Founder of Allterra Group, LLC, to discuss financial planning and the path to retirement. How late is too late to plan for retirement? What can appraisers do now in their 40’s and 50’s to successfully financially plan for retirement?

Appraisal 370
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Wells Fargo Workers Went on Appraisal-Fraud Bender

Appraiserblogs

Loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify for so-called appraisal waivers… It feels like Ground Hog Day all over again. Who can forget the Wells Fargo banker who, stressed from opening fraudulent accounts in the name of hapless depositors, had begun guzzling hand sanitizer? That was in 2016. New revelations from the nation’s second-largest mortgage lender will make the U.S. taxpayer want to take a good long pull on the nearest bottle of hand wash.

Appraisal 139
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Building Materials Prices Decline in September

Eyes on Housing

The prices of building materials decreased 0.3% in September (not seasonally adjusted) according to the latest Producer Price Index (PPI) report. The PPI for goods inputs to residential construction, including energy, declined for the third consecutive month in September (-0.1%). Prices have fallen 2.3% since June, the largest three-month drop since April 2020.

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Join us at PACK EXPO 2022

GoForrmz

How to find GoFormz at PACK EXPO 2022 We are so excited to be attending PACK EXPO 2022 in Chicago, this October 23-26, 2022! With thousands of vendors and attendees, we want to help you make the most of your time. We’ll be sharing how every industry can upgrade their services by using code-free mobile forms. Keep reading to learn how to find GoFormz this year at PACK EXPO.

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Pending home sales are down 31% from last year

Housing Wire

Pending home sales continued their downward spiral in September, recording a 10.2% month-over-month decline that resulted in an index reading of 79.5, according to data released Friday by the National Association of Realtors. This is the fourth consecutive month of declines. Pending home sales have now fallen in 10 of the last 11 months. Economists predicted that pending home sales would drop by 4.0% in September.

Contracts 521
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Hybrid Appraisals and the Associated Risks

Boston Appraisal

In recent years, it has become common for lenders to obtain hybrid appraisals. While appraisers provide an essential service through their reports, this work comes at high costs to the buyer or borrower. This cost can be measured in terms of dollars spent on an appraisal or the time required to produce a full appraisal report. As a result, delays in the lending or mortgage process are not uncommon; more recently, there have been attempts to mitigate this problem.

Appraisal 135
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What You Need to Know about Structural Risk

Appraisal Buzz

*The Appraisal Buzzcast Video will appear here at 5 am on 10/26*. Today’s Buzzcast interview is with Tom Winant and Alan Jeary of STRAAM Group. We sat down with Tom, Alan, and Joan Trice, Founder of Allterra Group, LLC, to discuss what the appraisal industry needs to know about structural risk. How can structural risk impact the appraisal? These questions and much more will be answered between Tom, Alan, and Joan as they dive into this subject.

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How Pre-Appraisal Tools Improve the Home Appraisal Process

Kairos Appraisal Services

If you’re a mortgage loan officer and not taking advantage of pre-appraisal tools, your clients could be paying the price with higher fees and longer turnaround times. Read on to learn why pre-appraisal tools are the perfect solution for providing a better borrower experience and, for loan officers, how these tools can expedite the process… The post How Pre-Appraisal Tools Improve the Home Appraisal Process appeared first on Kairos.

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Single-Family Permits Decline in August 2022

Eyes on Housing

Over the first eight months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 728,866. On a year-over-year (YoY) basis, this is 6.0% below the August 2021 level of 775,772. Year-to-date ending in August, single-family permits declined in all four regions. The South posted a modest decline of 3.9%, while the Midwest region reported the steepest.

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How Automations Can Streamline Your Business

GoForrmz

Automated Workflows are your answer to efficiently enhancing business processes from end-to-end When deadlines, schedules, and budgets are involved, waiting for manual handoffs can be frustrating and downright detrimental. Luckily, with GoFormz, there’s an easy solution: Automated Workflows ! With a variety of customizable Workflows at your disposal, critical processes can be fully streamlined to allow for breakneck response times and immediate action.

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Why a good jobs report is bad news for the Fed

Housing Wire

On Friday the Bureau of Labor Statistics reported 263,000 new jobs were added in September. While that growth seems like good news in this economy, it runs directly counter to what the Federal Reserve wants to see. And the even worse news for the Fed was that the unemployment rate fell back to 3.5%. That low unemployment rate has to be driving the Fed nuts.

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How Long Does It Take to Become an Appraiser?

McKissock

If you are considering a career in the appraisal field , you may be curious about how long it takes to get licensed and start earning an income as a real estate appraiser. The exact answer will vary due to a number of factors, including what state you live in. Here is some information to help answer the frequently asked question, “How long does it take to become an appraiser?

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The Two States of Anxiety for an Appraiser

Appraisal Buzz

The post The Two States of Anxiety for an Appraiser appeared first on Appraisal Buzz.

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Are You Pricing Your Home Too High For Today’s Market?

Birmingham Appraisal

Don’t Be Guilty of Pricing Your Home Too High. It’s already been said, however, I think it is worth stating again that the market has shifted. It’s important to keep this in mind when pricing your home to sell because if you don’t this could cost you both time and money. In fact, the market continues to shift. Anything that is related to the real estate market that changes has the potential to influence how much you can sell your home for and how long it might take to sel

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Residential Building Wage Growth Slowing

Eyes on Housing

Average hourly earnings for residential building workers* continue to rise in August but at a slower pace. Wage growth has retreated from the highest rate of 2021. The recent housing slowdown indicates that, while labor demand is still high, employers are cautious about hiring amid a slowing economy and rising interest rates. According to the Bureau of Labor Statistics (BLS).

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Laurie Howe Bourgeois Qualifies for 2022 Lamacchia Realty President’s Club ELITE

Lamacchia Realty

We are thrilled to share that Laurie Howe Bourgeois has qualified for the Lamacchia Realty President’s Club ELITE for the 2nd year in a row ! Laurie is a frequent flyer in Lamacchia Realty’s President’s Club, achieving the base status in 2019 , 2020 , and 2021 , and 2022. Reaching the ELITE level for two years in a row is quite the accomplishment, demonstrating her ability to consistently sell over $26,000,000 in sales volume.

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FHFA to replace Classic FICO with more inclusive credit model 

Housing Wire

The Federal Housing Finance Agency (FHFA) on Monday announced that it is replacing the Classic FICO credit model, which Fannie Mae and Freddie Mac have relied on for nearly 20 years, for the FICO 10T and VantageScore 4.0. “They will provide more accurate credit scores, and we believe the market, including investors, will be provided with an improved understanding of risk from not just one but two different credit score models,” Sandra Thompson, the FHFA’s director, said during

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Can You Talk to an Appraiser?

National Association of Realtors

More than a quarter of real estate professionals say they avoid having any interaction with an appraiser, falsely believing they legally can’t.

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5 Amazing Freebies You Need To Provide Your Guests

BiggerPockets

As a vacation rental host, you want to do everything you can to make your guests feel at home. One way to do that is by providing them with freebies […].

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Conversations at MBA Annual 2022: Luke Babich, Co-Founder & CEO at Clever Real Estate

Clear Capital

Follow ClearCast on LinkedIn , Twitter , Facebook , and Instagram. EPISODE SUMMARY. ClearCast is live from MBA Annual 2022 in Nashville: Your host, Kenon Chen, sits down with Luke Babich, Co-Founder and CEO of Clever Real Estate. The pair discuss Luke’s background, his journey to founding Clever Real Estate, how Clever’s platform helps homebuyers and sellers alike, and more.

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Buyers’ Expectations of Housing Availability Continue to Improve

Eyes on Housing

For the second straight quarter, more prospective buyers expect housing availability to improve. In the third quarter of 2022, 37% of buyers expect the home search to get easier in the months ahead, up from 17% and 22% in the first and second quarters of the year, respectively. More for-sale inventory and less competition from buyers priced-out by higher mortgage.

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Deanna Faucher Qualifies for 2022 Lamacchia Realty President’s Club

Lamacchia Realty

We are so excited to share that Deanna Faucher has qualified for the 2022 Lamacchia Realty President’s Club with $16 Million in sales volume already this year! Deanna has qualified every year since the program’s inception, making it in 2017 , 2018 , 2019 , 2020 , and 2021. She was recognized as a Lamacchia Realty top Producer in 2020 and 2021 and was recognized as an Emerald Level Top Producer in 2021 and 2022 by the REALTOR® Association of Central Massachusetts (RACM) for outstanding lev

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11 Twitter accounts to help you stay up-to-date on the housing market

Housing Wire

Twitter has become somewhat ubiquitous in today’s social media landscape, with more than 200 million users worldwide. The timeline moves about as quickly as the news does, which is why it can be such a valuable resource for those trying to keep up with current events. Mortgage professionals are no exception – whether you find yourself tweeting for work or in your free time, you may also want to follow accounts for people and organizations that are relevant to the industry in order to stay up-to-

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Commercial Appraiser Tech Tools Update

Real Quantum

FREE | NOVEMBER, 17, 2022 | 11 AM CST | 60 MINUTES. LIVE WEBINAR | Commercial Appraiser Tech Tools Update. SAVE MY SPOT. Agenda. McKissock published their Appraisal Income Guide in 2019 where they reported appraisers who adopt new technology tools earned over $44,000 more per year than appraisers who did not. We’re always thinking about how to help commercial appraisers make their lives easier, work faster, and grow revenue.

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Why Appraisers Say 'We Have Targets on Our Backs'

National Association of Realtors

How professionals are managing the biggest obstacles to the home valuation process.

Valuation 100
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Case Study: Improving Loan Efficiency with GSE Appraisal Modernization

Clear Capital

Recorded live at Digital Mortgage 2022, watch this video to explore the adoption of hybrid appraisal options from a lender’s perspective. Kenon Chen, EVP of Corporate Strategy, Clear Capital, and Rachel Robinson, Director of Collateral Policy, Rocket Mortgage, walk through what it takes to successfully roll out new programs and the benefits that can be achieved versus a traditional appraisal process.