Appraisal Buzz

AUGUST 16, 2021

Fannie Mae defines market value in part as “the most probable price that a property should bring…” Thus, probability is the very foundation of the most common definition of market value. In other words, why are appraiser estimating market value below the contract price so often? Time to make an offer.

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Appraisal Buzz

OCTOBER 4, 2024

It might go without saying that a junk-cluttered yard does a home seller no favors—in fact, six in 10 real estate agents estimate that an unkempt front yard decreases a property’s value by 20% or more. What if a neighbor is the clutter-collecting culprit—could the adjacent property take a home-value hit?

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Housing Wire

OCTOBER 24, 2024

That means the buyer will need to pay in cash or use non-traditional financing such as a hard money loan. Helping the seller understand the true market value of the home given the condition can also be a challenge. After-repair value is the estimated market value of a property in fully repaired condition.

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Housing Wire

SEPTEMBER 19, 2023

You’ve found a house for your buyer or a buyer for the home you’re selling. This will help you set a realistic price and manage your sellers’ expectations. For appraisals that are low, a seller may want to get a second appraisal. At this point, an estimated market value is generated. Not necessarily.

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Cleveland Appraisal Blog

JULY 20, 2022

It states that the buyer will still purchase the home at the contract price, even if the appraised value is lower than the contract price by a certain amount. Appraisal gap clauses have become relatively common in recent years due to many homes being sold at prices that market data does not support as being the market value.

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Appraisal Market Value Contracts Buyers 397

Housing Wire

APRIL 5, 2024

Although other local agents said they wouldn’t characterize the market as being in a lull, they agree that interest rates and inventory are two major challenges to overcome. Regardless of the Fed’s decision, Nicole Wilhelm believes 2024 is still a good time for buyers to be in the housing market. “I

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Housing Wire

MAY 21, 2024

For many, buying a home is a complex process, and navigating the real estate market’s rules and regulations can be tricky, especially in states where property sale prices remain a secret. Without sales figures, it’s difficult to access comparable sales, and home buyers may find it challenging to gauge the fair market value of a property.

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Housing Wire

JUNE 25, 2024

This keeps single-family inventory out of the hands of prospective buyers who may be looking to start raising families. Notably, according to the data, around 56% of 55+ home sellers have lived in their homes for 15+ years. Some Americans may not be able to decouple the market value of their home from the sentimental value.

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Real Estate Sellers Market Value Buyers 417

Housing Wire

DECEMBER 12, 2024

Institutional sellers at distressed property auctions have gradually lowered pricing over the last six months as rising retail inventory and stubbornly high mortgage rates act as twin headwinds for buyers purchasing at these auctions. The after-repair value is the estimated full market value of a property in fully repaired condition.

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Housing Market Retail Marketing Sellers 366

Housing Wire

APRIL 19, 2024

Redfin defined luxury homes as those estimated to be in the top 5% of their metro area based on market value, while non-luxury homes are those with estimated values in the 35th to 65th percentile. High-end buyers tend to be more immune to mortgage rate fluctuations and flock to the luxury housing market.

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Luxury Properties New Listings Buyers Housing Market 488

Housing Wire

JUNE 11, 2021

A home inspector, hired and paid by the buyer typically, will look at the plumbing, electricity and the overall foundation of the home and then provide a report with their findings. While home inspections aren’t required, they provide the buyer with several important opportunities in the home-buying process.

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Appraisal Buzz

AUGUST 8, 2024

“Mortgage rates have started falling, but many potential sellers and buyers are waiting to make a move, meaning we are likely to continue seeing a pattern where prices slowly tick up,” said Zhao. New Jersey leads in value gains New Jersey metros close to New York City saw the largest jumps in property value over the last year.

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Cleveland Appraisal Blog

MAY 27, 2021

The buyers paid cash. I must admit, in the past year, there have been times when I have felt like many buyers don’t really care about value anymore. While it may seem like many buyers don’t care about what the market value of a home is, I think that we must be careful to not make that assumption.

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Appraisal Buzz

SEPTEMBER 26, 2022

They were able to get others to declare the value as fair, but some valued fair as high as possible. They found liar buyers. Everything worked well so long as “value” equaled price! We have rules, we have standards, and we all know the exact definition of value. buyer and seller are avariciously motivated; biased.

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Market Value Sellers Buyers Finance 321

Appraisal Buzz

MAY 20, 2024

Interest rates impact the housing market significantly — demand can rise or fall any time they go up or down. When the market enters a phase more favorable to sellers, appraisers may find themselves caught in a crossfire between what buyers think is fair and what the homeowner expects. appeared first on Appraisal Buzz.

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Appraisal Marketing Valuation Sellers 370

Appraisal Buzz

MARCH 25, 2024

The transaction is a complex interplay between buyer and seller. The hypothetical interaction of the typical buyer (who embodies the collective thought and action of the whole market of buyers) with the typical seller (who similarly embodies the collective thought and action of the whole market of sellers).

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Sellers Appraisal Real Estate Buyers 379

Housing Wire

JANUARY 13, 2022

The median age of a first-time buyer for the past three years has remained 33 years old. Between 1981 and 2018, the median age of first-time buyers ranged between 28 and 32. There will soon be a wave of potential buyers aging into the first-time buyer age group. There are 23.4 million adults aged 28-32 in the U.S.

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Housing Wire

NOVEMBER 5, 2024

The removal of offers of buyer broker compensation from most MLSs across the country — as mandated by the National Association of Realtors’ (NAR) commission lawsuit settlement agreement — was a massive change for real estate agents and brokers. But they aren’t the only housing professionals impacted by these changes.

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Housing Wire

JUNE 7, 2024

Listings are the life-blood of all successful real estate businesses, but making the leap from working primarily with buyers to working with sellers can be a challenge for many agents early in their careers. This is a good strategy for agents who are looking to work with buyers as well as sellers. Who’s it for?

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Real Estate Open Houses Agents Sellers 468

Housing Wire

OCTOBER 10, 2023

A Comparative Market Analysis (CMA) is a detailed report that helps real estate agents evaluate and determine the market value of a property. A CMA report includes information on similar, comparable properties in the area, including recent sales, active listings and current market trends.

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Marketing Real Estate Agent Clients Tools 435

Cleveland Appraisal Blog

APRIL 21, 2022

Could being located next to a property that is an eye-sore cause a loss in market value to your home? Part of our work as appraisers is to consider whether situations like this are influencing the market value of the home we are appraising. Of course, that’s not the same as market value.

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Market Value Appraisal Agents Real Estate Agent 350

Housing Wire

MARCH 24, 2023

An appraisal gap is the difference between what a buyer agreed to pay for a home in a purchase contract and what an appraiser concludes as the fair market value of the property. Fannie Mae recently announced the Value Acceptance + Property Data solution. Well, a cure for appraisal gap anxiety has appeared on the scene.

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Appraisal Contracts Valuation Tools 476

Realtor

MAY 17, 2023

While it’s certainly true that you can let go of the anxiety of needing to show your home at any moment, you still need to cooperate with your buyer, the buyer’s agent, and the commitments made in the contract. As a seller, here’s what you need to know about the settlement process.

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Sellers Inspection Contracts Property Taxes 142

Realtor

OCTOBER 29, 2020

When you’re a first-time home buyer approaching the finish line in the journey to your new home, you want nothing to go wrong, right? These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected.

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Appraisal Buzz

JUNE 10, 2024

of US home sellers reduced their asking price on average, representing the largest percentage since November 2022. And the average active listing has been on the market for 46 days, up 2.3% I’ve seen buyers get a home under asking price when it has been on the market for a few weeks. Home prices jumped 4.4%

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Realtor

SEPTEMBER 19, 2023

That means you get zero say in who’s determining the financial value of the home you’ve lived in, loved, and sunk your savings into. Here are some things sellers can do—straight from the home appraisers’ mouths—to navigate the process of home appraisals. “There’s an epidemic of puffery,” Wiener says.

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Cleveland Appraisal Blog

MARCH 30, 2021

TODAY’S HOME BUYERS ARE LIKE THE CARP. This fish phenomenon reminds me of the housing market today. As soon as homes hit the market, they often sell in days, with numerous offers that usually bid the list price up. This year, it appears that buyer panic is even worse than last year. That is a lot of bread!

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Housing Market Marketing Reconsideration of Value Contracts 367

Miller Samuel

NOVEMBER 30, 2018

If the buyer realizes they overpaid for the property, the agents are now the professionals with the bullseye on their back. The seller and the buyer determined the market value by agreeing on the price." "The seller and the buyer determined the market value by agreeing on the price."

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Appraisal Inspection Real Estate Agent Agents 300

Housing Wire

FEBRUARY 7, 2023

The year ahead for the mortgage-servicing rights market is shaping up to be a lucrative play for investors, lenders and others looking to purchase MSR assets. Independent mortgage banks (IMBs) leaning on MSR sales, however, now face a supply-demand imbalance, market observers say. These differences can cause volatile MSR values.

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Sellers Investors Valuation Finance 321

Cleveland Appraisal Blog

AUGUST 20, 2021

If you’re not an appraiser, if you are trying to figure out the value of a home, chances are good that you use a price per square foot metric. That way of measuring the market can lead to an opinion of value that is in the ballpark of a home’s market value. The seller will probably never know.

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Appraisal Market Value Contracts Agents 418

Housing Wire

AUGUST 3, 2023

They repeat the mantra “Home buyers and sellers will always need a real estate agent.” Combining the strengths of AI with the expertise and insights of real estate professionals could provide the best results in accurately assessing the market value of homes.” So how can real estate agents be so cavalier about their job?

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Real Estate Agent Real Estate Agents Tools 370

Appraisal Buzz

OCTOBER 12, 2021

For many different reasons, properties can come on the market in less-than-par condition. The degree and cost to cure becomes an issue to buyers and sellers, and a challenge for appraisers. At some point it’s no longer “normal market value minus cost to cure equals as-is value.”

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McKissock

DECEMBER 14, 2021

The standard residential appraisal report form’s definition of Market Value states in part: “ Implicit in this definition is the consummation of a sale as of a specified date and passing of title from seller to buyer under conditions whereby: buyer and seller are typically motivated…”.

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Housing Wire

MAY 20, 2021

Accurately establishing a home’s value is not just an important factor in real estate transactions and mortgage lending, it is integral to household wealth creation, as homeownership continues to be one of the primary pathways for Americans to build wealth. An AVM will use this sale record as part of the formula to estimate value.

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Cleveland Appraisal Blog

OCTOBER 14, 2021

On many of my appraisals at that time, my opinion of value would not support the contract price. Perhaps they were drinking the Kool-Aid that some are drinking today, that market value is whatever the purchase price is. Don’t drink the Kool-Aid that any contract price is reflective of market value.

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Inventory Market Value Appraisal Contracts 243

Realtor

AUGUST 7, 2019

Simply put, home appraisals are meant for the buyer’s lender more than any other party. If a buyer needs a loan to purchase your home, the lender will require an appraisal toward the end of the loan application process just to make sure the home is actually worth its purported value. “The The final word?

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Sellers Appraisal Market Value Real Estate Agent 111

JMV Lending

APRIL 18, 2024

We had an appraisal come in $40,000 under contract a few weeks ago and both the buyers and sellers were furious solely because they did not understand appraisal guidelines. The post Appraised Value Can’t Exceed Highest Comps; Appraised Value Market Value; WHY WE NEED AGENTS!

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