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To effectively support market condition adjustments in line with recent Fannie Mae guidelines, appraisers can use a variety of market analysis techniques. These methods provide a solid foundation for demonstrating how changing market conditions affect property values over time.
I’m playing catch-up on blogs with the help of my guest bloggers. I welcome back guest blogger June Duncan who wrote this article for the Cleveland Appraisal Blog. Here are some tips to help you transition to a new city and begin a new chapter in your life, shared below by Cleveland Appraisal Blog. Hello friends!
Right now on our Appraisal Blog, we’re all about helping Loan Officers. The post The Loan Officer’s Guide to Appraisals Part 5: What is bracketing and why do we do it? The post The Loan Officer’s Guide to Appraisals Part 5: What is bracketing and why do we do it? So if this is […].
In this blog post, we will delve into the concept of the Law of Diminishing Returns and explore how real estate agents can utilize this knowledge to effectively price their listings. However, adding additional expensive features beyond what the market demands may not yield a proportional increase in value.
For the past six months, I’ve been blogging with the purpose of assisting loan officers to better understand the appraisal process. So far, we’ve covered final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value, bracketing and FHA appraisals. And, you’ll definitely […].
Right now on our Appraisal Blog, we’re all about helping Loan Officers. So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value and bracketing. […]. This post is part six of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals.
11 Helpful Tips For Choosing Comps Whenever I speak to agents about the real estate market and the appraisal process the one topic that the discussion always leads to is about choosing comps. If you choose the wrong comps the home can stay on the market for an extended period of time. However, this is not always the case.
In early March it was becoming clear that the market was changing from a frenzied post-pandemic scene to one where rising mortgage rates would slow it down and help inventory finally rise back up. By creating demand with accurate pricing and aggressive marketing. And if their home is placed on the market with a high list price?
PRICE ADJUSTMENTS AND THE 2023 MARKET In March 2022, it was clear that the market was changing from a frenzied post-pandemic scene to one where it was assumed that rising mortgage rates would slow it down and help inventory finally rise back up. Fewer sellers need to adjust their price because, again, it’s a seller’s market.
Among other things, the act established a Duty to Serve obligation for Freddie Mac and Fannie Mae , which includes a focus on rural markets, manufactured housing and affordable housing preservation. Rural markets are commonly characterized by: Low population density. I refer to this approach as high-level bracketing.
Among other things, the act established a Duty to Serve obligation for Freddie Mac and Fannie Mae , which includes a focus on rural markets, manufactured housing and affordable housing preservation. Rural markets are commonly characterized by: Low population density. I refer to this approach as high-level bracketing.
Let our experienced certified Virginia appraisal experts be the premier source of home appraisal knowledge for your market. Premier Home Appraisals is hosting an information-packed interactive training session for the Winchester/Shenandoah Valley market that brings the nuts and bolts of residential property appraisal right to your fingertips.
Let our experienced certified Virginia appraisal experts be the premier source of home appraisal knowledge for your market. Bracketing requirements and consideration. Are you a real estate professional or mortgage lender looking to learn more about the home appraisal process? We can help! Lot, view, and location considerations.
Though there were several months through winter and spring that it never seemed possible this year, the market is slowly beginning to be less competitive for buyers. Homes are essentially flying off the shelves this year, so if a home sits on the market without much interest, at some point you have to consider improving the price.
One tool the agent uses to price the property is the Comparative Market Analysis or CMA, and by sharing this with the appraiser they can better understand what went into the agent’s pricing strategy. Like an appraisal, it is important that the CMA reflects the latest and most accurate market data.
The Florida real estate market has shifted, and the number of active listings has increased at a much faster rate than the rest of the country over recent months. Due to these rising costs and rising number of listings, condos are remaining on the market for much longer periods than before, attracting less interest from buyers.
For this blog post we will use the venerable histogram to better understand the single-family residential market for Ladd’s Addition. A histogram may be used to display the shape and spread of the data of the real estate market and illustrate trends of properties that have sold and/or are listed. Gross Living Area.
An Interesting Trend Among New Homes As a residential real estate appraiser in the Birmingham, AL market for over 30 years I have seen many changes in new home construction. Census Bureau, home size steadily increased from 1999 through 2008/2009, which we all know was when the housing market crashed.
Unlocking the Basics: Part 2 of Housing Statistics for Beginners In my last blog post, which was the first installment in this multi-part series, I discussed why it is important for agents to be aware of local housing statistics. If this is true then we need to have a grasp on the different market indicators for our local market.
Real estate professionals use a mix of data analysis, market knowledge, and professional judgment to determine a property’s value or list price. The topic of outlier sales came to mind recently when I noticed a sale in my market that was listed between two and three million dollars. Pricing a listing is both an art and a science.
” Since this question keeps popping up, I thought it might be helpful to address it with a blog post. These factors might include: A home with an owned solar system in a market where very few sales have solar. ” When I told her why, she replied: “How interesting. Thank you for clarifying.”
A Different Market I think we can all agree that the real estate market we are currently in, as of the writing of this post, is not the same one we were in from 2020 to 2022. The market dynamics have changed namely interest rates. appeared first on Birmingham Appraisal Blog. Related posts: What is External Obsolescence?
A Different Market I think we can all agree that the real estate market we are currently in, as of the writing of this post, is not the same one we were in from 2020 to 2022. The market dynamics have changed namely interest rates. appeared first on Birmingham Appraisal Blog. Related posts: What is External Obsolescence?
But digging into five mainstream myths about today’s housing market can provide you with more clarity. So, you might have to search for houses in a lower price bracket as rates increase if you want to stay within your budget. Here are the highlights: When it comes to buying or selling a house right now, misconceptions abound.
Agents and appraisers are not that different in their desire to determine an accurate market value for a property. 1) School System – School systems are one of the most important considerations that most buyers look at no matter where your market is. These changes must be considered when looking at when the comp sold.
It also looks at other metrics like New Listings and New Pending Sales as they are often the best indicators for predicting future trends in the market The inventory crisis last year caused demand to spike higher than ever by fall and into the winter, which in turn caused prices to continue to increase significantly.
Though we’re currently in a seller’s market, it’s still vital to set the right price for your home if you want it to sell profitably — and fast. Even with such limited inventory, it’s likely your home will sit on the market or eventually need a price reduction (a red flag for buyers) if you don’t price it right from the start.
All the work getting the property ready for listing, the extensive marketing, the numerous showings, the sometimes tedious offer evaluations has paid off. The purpose of this blog post is to lend some insight into what an agent should do and not do during the third stage. 4) Depression—that idiot appraiser killed my deal.
In this blog, we will explain the impact of appraisal revisions, methods to prevent common errors, and tips for ultimately reducing the occurrence of appraisal corrections. In a volatile market where interest rates are constantly changing, an appraised value can sometimes trigger a renegotiation. Run a quick check before sending.
For many different reasons, properties can come on the market in less-than-par condition. At some point it’s no longer “normal market value minus cost to cure equals as-is value.” To read more of this long blog post with many topics, click Read More Below!! Appraisers sought to bracket the subject using three comparable sales.
It also looks at other metrics like New Listings and New Pending Sales as they are often the best indicators for predicting future trends in the market The inventory crisis last year caused demand to spike higher than ever by fall and into the winter, which in turn caused prices to continue to increase significantly. What's Ahead?
The conventional pathway to selling your home is hiring a listing agent who represents you in the transaction and manages the marketing that requires a real estate license—namely, listing your property on the MLS. High-quality photographs—and lots of them—lead to higher offer prices, more offers, and less time on the market.
Unique Properties, Rocket Mortgage Sues HUD, Trump Shifts in Housing Market? Rocket Mortgage Sues HUD Over Regulatory, Enforcement Discrepancies Donald Trumps Second Term Could Bring Significant Shifts to the Housing Market Report: Whats Driving the Recent Refi Boom? Read on blog www.appraisaltoday.com/blog Posted by noon Friday.
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