January, 2023

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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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Homebuilders still need lower mortgage rates

Housing Wire

What is happening with homebuilders and the new home sales sector as we head into the spring housing market ? We have had some conflicting data points recently. On the one hand, cancelation rates have been rising. On the other hand, mortgage rates have gone down more than 1% since Oct. 20, 2022.

Mortgage 419
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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 303
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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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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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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 141

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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 423
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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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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 253
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Do We Need a Neighborhood Section?

George Dell

Neighborhood” seems like an obvious choice for analysis. But is it? Part 5 of a series.) The knee-jerk reaction to this question is that obviously we need it. It is a starting core of analysis. It’s what we were taught. It’s required for our license test.

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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%

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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 318
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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 422
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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 195
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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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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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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 147
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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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Housing Market Tracker: Housing inventory falls once more

Housing Wire

We are off and going now, as seasonality has kicked into full gear with the purchase application data. And, so far, it’s been a good start to the year.

Inventory 401
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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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FAQ #4: Are Appraisals Part of the Public Record?

Riverfront Appraisals

FAQ #4 Are Appraisals Part of the Public Record? Have you ever wondered if the tax assessor gets a copy of your appraisal? Or maybe the seller of a home you’re purchasing?

Appraisal 124
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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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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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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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Housing Market Down But Not Out- January Newsletter

DW Slater Company

Winter is here! Last week we had one evening of beautiful snow that quickly melted away. As I type, we are receiving winter weather watch notifications as we are getting ready for a more dangerous icing event here in North Texas this week.

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

Valuation Review

#FannieMae #AppraiserUpdate #December2022newsletter #desktopappraisals #thirdpartydata

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Single-Family Permits Decreased in November 2022

Eyes on Housing

Over the first eleven months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 921,626. On a year-over-year (YoY) basis, this is 10.5% below the November 2021 level of 1,029,208.

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VC trends to watch, leadership tips and leveraging video

Inman

Inman Access is dropping three new classes to help you navigate shifts in investor sentiment, expand your skills as a team leader and get the best tips on leveraging video as a marketing tool. Agent Content Marketing Industry News Marketing Markets & Economy New Agent Teams Venture Capital Vide

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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 420
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HUD Announces Numerous Changes to Handbook 4000.1

McKissock

On January 18, 2023, HUD issued an announcement regarding revisions made to Handbook 4000.1. According to the announcement, the revisions included “enhancements and revisions to existing guidelines and various technical edits.”

HOA 95
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FAQ #1 Do ANSI ceiling height requirements apply to below grade square footage?

Riverfront Appraisals

Note: All year, we’ll be writing about a variety of frequently asked questions dealing with appraisals. If you’d rather listen, check out our podcast, The Appraisal Cast, wherever you listen to podcasts. Question: Do ANSI ceiling height requirements apply to below grade square footage?

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Company officer addresses ensuring reliable home valuations

Valuation Review

#automatedvaluationmodels #homevaluations #distressedproperties #increasingAVMaccuracy

Valuation 120