Appraisal Today

AUGUST 30, 2024

AI Appraisals: Embracing the Future Appraisal 5 Enormous Mansions, With Wildly Different Architectural Styles—Priced at Under a Million Bucks Is appraisal accuracy measured by contract price? Again, I ask, does contract price equal market value? Two recent articles highlight the ongoing debate about appraisal accuracy.

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Appraisal Today

SEPTEMBER 15, 2023

This typically happens when an appraiser turns in an appraisal with an appraised value opinion lower than the sale contract price. Properties sold due to a job relocation, estate settlement, foreclosure, or divorce may sell for less than market value. To read more, click here My comments: worth reading, or skimming.

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Eppraisal

FEBRUARY 7, 2023

If the lot is zoned for commercial use, they do well to develop it as a retail space or other business, and later serving as the landlord. By contrast, a homebuilder acquires raw land to build on and sell when home values are high. Of course, the purchaser's plans for the land are factors in its market value.

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Appraisal Today

FEBRUARY 28, 2025

At its core, real estate appraising involves the due diligence necessary to form a credible opinion of the market value of a particular property.This requires a deep understanding of the appraisers local real estate market, as well as of the physical, legal, and economic factors that influence property values in it.

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Appraisal Today

AUGUST 9, 2024

Market Value and Appraised Value: Exploring Various Appraisal Values By Jo Traut Excerpts: You’ve probably been asked about the difference between “market value and appraised value” by clients seeking a mortgage. We don’t provide an appraised value of a property. percent from 6.82

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Appraisal Today

AUGUST 30, 2024

AI Appraisals: Embracing the Future Appraisal 5 Enormous Mansions, With Wildly Different Architectural Styles—Priced at Under a Million Bucks Is appraisal accuracy measured by contract price? Again, I ask, does contract price equal market value? Two recent articles highlight the ongoing debate about appraisal accuracy.

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Appraisal Today

APRIL 26, 2024

However, there are six other types of real estate transactions that you need to know about so you can specify these sale types in your appraisal report as they can affect the market value of the property. Therefore, the final price may not reflect the market value of the property. percent from 7.13 percent from 7.40

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Appraisal Today

APRIL 12, 2024

Home equity lines of credit (HELOCs): When homeowners apply for HELOCs, lenders may request desktop appraisals to ascertain the property’s value and determine the credit limit without requiring a full appraisal. Managing Investments: For investors who own multiple properties, desktop appraisals provide rapid updates on property values.

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Appraisal Today

AUGUST 23, 2024

Among other things, the waived appraisals have allowed predatory closing costs to be hidden in inflated contract prices as sellers try to recoup concessions paid on behalf of cash-strapped buyers. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.50

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Appraisal Today

JANUARY 19, 2024

An example of this in real estate appraisal is the purchase and sale contract. When a property goes under contract, that is an excellent sign of what the buyer and seller conclude the property is worth. In and of itself, it is not market value. The average contract interest rate for 5/1 ARMs decreased to 6.14

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Appraisal Today

FEBRUARY 9, 2024

also clarifies when appliances are required to be operational by stating, “Appliances that are to remain and that contribute to the market value opinion must be operational,” and, “The Appraiser must note all appliances that remain and contribute to the Market Value.” FHA Handbook 4000.1 percent from 13.3 percent from 6.78

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Appraisal Today

OCTOBER 6, 2023

The market area that the property is located in can definitely support the price but does the price truly reflect the market value of that specific property or does it reflect what a super motivated buyer with available funds is willing to pay? The average contract interest rate for 15-year fixed-rate mortgages increased to 6.86

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Appraisal Today

SEPTEMBER 20, 2024

Value is defined in the Uniform Standards of Professional Appraisal Practice (USPAP) as: “The monetary relationship between properties and those who buy, sell, or use those properties, expressed as an opinion of the worth of a property at a given time. Unlike value, price is not an opinion. What is Sale Price? It is a fact.

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Appraisal Today

OCTOBER 20, 2023

The guidance provided in the Mortgagee Letter will assist appraisers to more accurately determine the market value of a property with an ADU and also will help advance the maturation of ADU valuation, thereby increasing access to ADU financing as more cities and states remove zoning barriers. percent from 7.67 percent from 7.70

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Appraisal Today

MAY 31, 2024

Two appraisers may be working to develop an opinion of the market value of the same property. Let’s call the appraiser’s opinion of the property’s market value the cake. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.05

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Appraisal Today

FEBRUARY 16, 2024

Many downtown mixed-use buildings (retail and apartments) are in my city. So, don’t say something open ended like: “the intended use is to provide a fair market value of the property.” from 0.59 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. percent from 6.80

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The Robert Weiler Company

OCTOBER 21, 2022

The commercial real estate appraiser’s role is to produce an accurate, reliable, and unbiased estimate of the market value of a property. Market value is the most likely selling price a knowledgeable buyer would pay to a knowledgeable seller. Question 6: What is the overall commercial real estate appraisal process?

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Appraisal Today

NOVEMBER 25, 2022

NOTE: Please scroll down to read the other topics in this long blog post on Graphs and Trendlines, Market Value definition, appraisal forms, unusual homes, mortgage origination stats, etc. ==. Is the Definition of Market Value Outdated? Why don’t appraisals consider the impact of financing on market value?

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Appraisal Today

JUNE 21, 2024

FIXATE ON ACTIVES & PENDINGS: A closed sale today doesn’t really tell us about the market today. It tells us more about the trend one month ago when the property got into contract. Where is the market at right now? This is where we want to give strong respect to other similar units that are getting into contract.

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Appraisal Today

AUGUST 16, 2024

It’s also essential to review the condo declarations and bylaws, inquire about pending critical repairs (whether known by the association or observed), and evaluate the impact on the market value of any special assessments related to these repairs. The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.96

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Appraisal Today

JANUARY 20, 2023

Spend hours writing volumes of supporting documentation to justify the market value of a property you already decided on when you pulled into the driveway. What is happening in your market? You may need to call agents to see the amount of concessions offered and make an adjustment based on its effect on market value.

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Appraisal Today

MAY 17, 2024

Click here = Appraisals for estates and trusts The most popular non-lender appraisals Topics include: Estate/trust liability advice Use the IRS definition of Fair Market Value What forms to use? Date of value – be sure you use the correct date(s) What information do you have on the condition of the subject? percent from 7.18

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Appraisal Today

JUNE 17, 2022

NOTE: Please scroll down to read the other topics in this long blog post on real estate market, USPAP and contracts, unusual homes, mortgage origination stats, etc. ==. My Comments on Market Changes. USPAP and the Contract. Excerpt: But USPAP and the contract have a very unique relationship. 8-minute podcast.

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Appraisal Today

AUGUST 2, 2024

Real-Life Applications of Confidentiality in Appraisal Let’s consider a few scenarios where confidentiality plays a critical role in the appraisal process: Mortgage Refinancing- When refinancing your mortgage, the lender will require an appraisal to determine the current market value of your property. percent from 7.09 percent from 6.71

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Property Metrics

AUGUST 13, 2020

A liquid asset is one that can be sold immediately at market value. If an owner had to sell a piece of real estate by the end of the day, chances are that it would be for a price far below market value. The degree of illiquidity varies according to location, property type, and market cycle. Liquidity Risk.

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Appraisal Today

JULY 1, 2022

When developing an opinion of the market value of a property, what appraisers are really measuring is how much depreciation a property has suffered from, and more specifically how much depreciation the improvements on the land have depreciated. from 0.77 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

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Appraisal Today

JANUARY 27, 2023

By Jamie Owen Excerpts: The Appraisal of Real Estate, fifteenth edition on page 352, states that “…the relationship between land and improvements and the relationship between a property and its environment must be in balance for a property to achieve its optimum market value. percent from 6.23 percent, with points increasing to 0.69

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Appraisal Today

APRIL 1, 2023

So, don’t say something open ended like: “the intended use is to provide a fair market value of the property.” The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.48 The average contract interest rate for 5/1 ARMs decreased to 5.58

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Appraisal Today

OCTOBER 7, 2022

If it had a market value of $345k, it would have listed at $345k!”. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 6.75 from 1.15 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. percent from 6.52

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Appraisal Today

APRIL 14, 2023

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.” The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.30

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Appraisal Today

SEPTEMBER 9, 2022

So, don’t say something open ended like: “the intended use is to provide a fair market value of the property.” So they are paying investment value, not market value. With USPAP, what’s important now is changes in market trends. The average contract interest rate for 5/1 ARMs increased to 4.81

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Appraisal Today

JANUARY 5, 2024

Spend hours writing volumes of supporting documentation to justify the market value of a property you already decided on when you pulled into the driveway. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.76 percent from 6.71 percent from 6.85

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Appraisal Today

MARCH 21, 2025

So one main difference between traditional lender appraisals and relocation appraisals is the forecasting aspect: whereas lender appraisals determine a current market value, relocation appraisals try to project what the sales price WILL be. from 0.63 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

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Appraisal Today

OCTOBER 25, 2024

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) remained unchanged at 6.52 from 0.65 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.29

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Property Metrics

MARCH 13, 2025

Retail Spaces: Strip malls, shopping centers, stand-alone stores, and anything designed for consumer-facing businesses. Mixed-Use Developments: Buildings that blend retail, office, residential, and/or hospitality in one project. Breaking Down CRE by Class and Condition Beyond just the property type (office, retail, industrial, etc.),

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Appraisal Today

NOVEMBER 29, 2024

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.86 percent, with points remaining unchanged at 0.70 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The average contract interest rate for 5/1 ARMs remained unchanged at 6.34

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Appraisal Today

NOVEMBER 16, 2024

On more than one occasion some who have read my appraisal reports felt that my opinion of value was too high. They felt that way because of sales they saw on Zillow that appeared to be comparable and sold for less than my opinion of the market value of the property I appraised. percent from 6.81 percent from 6.98 percent from 6.75

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