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Skyrocketing prices for lumber, appliances and other building materials continue to handcuff new housing starts all over the country. Single-family housing starts in April dropped 13.4% from March to a rate of 1.09 million, according to the most recent study from the U.S. Census Bureau. Housing completions were at a rate of 1.045 million in April, just 0.1% above the March rate of 1.04 million — proof that builders are delaying housing starts due to the marked increase in costs for lumber and ot
Dear Sellers, How are things? I hope all is well. The housing market is so chaotic right now, so I wanted to share some thoughts and advice that I thought might help. This is coming from a good place and it’s based on observations and conversations with the real estate community. I hope this helps. […].
Who needs an appraiser when one has cash? That’s a question a good friend asked me after telling me that a home on the same street from them sold, in hours, for a much higher price than many other generally similar homes are selling for in the neighborhood. 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.
During the 2007-10 mortgage default meltdown, appraisals were a target of complaints and allegations by lenders, the GSEs, some state appraisal boards, and a few unscrupulous entrepreneurs. Many of the complaints and allegations about appraisals related to not addressing the changes happening in the market as the meltdown began to occur, calling the market stable when prices were starting to decline.
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
This is my fourth appearance with my friend Barry Ritholtz, a prolific columnist/blogger, radio show host/podcaster , and wealth management firm head on his Masters In Business show for Bloomberg Radio. He previously interviewed me in 2014 , 2016 and 2020. Barry also posted the interview on his essential Big Picture blog: MiB: Jonathan Miller, Appraiser Extraordinaire in addition to the Bloomberg Masters In Business landing page.
It is no secret that we as appraisers take a lot of photos. I probably take about 20-25 per house that I inspect. Then there are all the comp photos. Read More.
It is no secret that we as appraisers take a lot of photos. I probably take about 20-25 per house that I inspect. Then there are all the comp photos. Read More.
The booming real estate market has created a high demand for appraisal services. This is good news for lenders, but it puts a tremendous amount of pressure on appraisers who have to be diligent in their work, while also meeting closing dates. HousingWire recently spoke with PCV Murcor Founder, President and CEO Keith Murray and COO Cindy Nasser on how the appraisal process can be streamlined in today’s tight housing market. .
“Buyers are crazy!!! How can they be paying these prices?” That’s what we tend to hear from people who are NOT trying to buy a house right now. It seems like onlookers really don’t understand what it takes to get an offer accepted these days. But for anyone actually in the game, the truth is […].
Hello everyone! I hope you’re doing great out there! I am working on a new article that I will share next week. Kelsey Luvisa from HomeLight wrote a cool article for the Cleveland Appraisal Blog on a hot topic in real estate, namely, backyard entertaining. I hope you enjoy their article and the warmer weather! An Entertainer’s Dream: Top Backyard Upgrades Your Summer Guests Will Eat Up.
When you calculate a house’s worth, you think about how numerous factors position the property in the current market. This process has appraisers review location, condition, and other variables so they can assess whether buyers will be interested. However, things aren’t always as straightforward as they seem. Challenges often arise in how professionals figure out the overall value of multifamily homes.
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
NAHB analysis of the most recent 2019 American Community Survey (ACS) data reveals that the median age of construction workers is 41, the same as a typical worker in the national labor force. While the residential construction has been adding jobs during the pandemic, access to skilled labor is still a business challenge in 2021. The median age of construction.
I recently had a question come in from a follower regarding how to best make time adjustments in this crazy world of multiple offers and offers over list. It was. Read More.
In the last few years, there’s been a lot of conversation surrounding 25 to 40-year-olds and their home purchasing habits. But according to a new LendingTree study , millennials aren’t the only ones making big purchases – Generation X is doing the same. Generation Xers are taking advantage of the housing boom. Generation Xers were born between 1965-1980 and range between 41 to 56-years-old.
There’s no way it will sell for that much… But then it did. Today I have an interview with a local real estate agent about a property that recently commanded easily about $100,000 more than it looked like it could have on paper. I hope you enjoy this Q&A with Ted DeFazio and my takeaways […].
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
15 Years of Appraising. This month marks my 15th year of real estate appraising. I clearly remember how nervous I was to quit my teaching job and a steady paycheck to join my husband in his business. We would both be self-employed and with 7 kids that was going to be a challenge but I can say that I have never looked back. Now, don’t get me wrong, I miss my students and fellow teachers but working together with my husband has proven to be a wonderful thing.
Many of you reading this are probably familiar with this case that recently went viral. A husband and wife requested a bank appraisal to refinance their Jacksonville, Florida home. The wife is African American, and her husband is white. Only the wife was at home to greet the appraiser when they arrived to inspect her home. When the couple received the final appraisal report of their home’s value, they were shocked!
Confidence in the market for new multifamily housing increased in the first quarter of 2021, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two major indices: the Multifamily Production Index (MPI) and the Multifamily Occupancy Index (MOI). The MPI increased eight points to 51 in the.
After three straight quarters of declines, home purchases by investors rose 2.7% year over year in the first quarter of 2021, marking the first period of growth since the COVID-19 pandemic began, per a new study from Redfin. Looking to take advantage of the hot housing market and a soaring stock market, investors bought about 1 of every 7 U.S. homes in the first quarter — up from the prior three quarters, in which they bought closer to 1 in 10 homes.
According to the National Association of Realtors, existing home sales for April’s housing market came in at 5,8500,000. This was a miss from estimates and the third straight month of declines in sales. I have been saying we should expect home sales to moderate since the end of summer 2020, and that is what we see in this report. This sales trend looks very normal to me.
Nearly 50% of homes sold for more than their list price during the four weeks ending May 16, but there are signs that housing market demand may be reaching its peak, according to a recent study from Redfin. Pending sales for the seven-day period ending May 16 were down 10% from four weeks prior, compared to an 8% increase during the same period in 2019.
The key to the U.S. getting back on track economically is for its citizens to freely walk the earth again without the existential threat of COVID-19. The U.S. is getting closer and closer to meeting that goal, while other countries are still trying to control the virus. Before the successful vaccination program, I targeted Aug. 31, 2021, as the launching point for when we can fully achieve this, with the mindset that all jobs lost to COVID would be back online by September 2022 or earlier.
The average 30-year fixed rate mortgage managed another dip last week, falling two basis points to 2.94%, according to Freddie Mac ‘s PMMS. Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under 3% for the past month. Despites last week’s rates mirroring closer to what was seen in February, Sam Khater, Freddie Mac’s chief economist isn’t convinced they will last. “The low mortgage rate environment has been a
Robin Sheridan, a real-estate broker with Compass Washington, recently listed a three-bedroom home in Seattle for $795,000. The 76-year-old brick home had what Sheridan considered a “funky layout,” with two rooms added to the back that didn’t quite integrate into the flow of the home. Still, they functioned well as office spaces. Sheridan received 29 offers on the property, which went pending within five days – and sold for $1.013 million, or 27.4% over the list price.
A full month of sub-3% mortgage rates , ongoing housing market supply constraints, and a 300% increase in lumber prices over the past 15 months has prompted Fannie Mae ‘s Economic and Strategic Group to revise several of its 2021 forecasts. March’s existing home sales report perfectly illustrated the country’s core housing market issues – a decade of under-building led to a 3.7% decline in transactions from the prior month, even though there’s never been more demand for a
With the economic expansion well underway, one big question remains: When will mortgage rates move toward 4% and higher? Mortgage rates increased toward 3.25% in mid-February from the recent all-time lows of 2.625% at the start of the year, but then retracted to around 3.0% currently. The bond market in 2021 has been above 1.60% for a brief time, with a recent high of about 1.75%.
Today the Census Bureau reported 863,000 new home sales in April 2021. This was a miss from estimates and revisions for the previous months were all negative. From Census : “Sales of new single?family houses in April 2021 were at a seasonally adjusted annual rate of 863,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
After two straight weeks of increases , mortgage applications dropped 4.2% for the week ending May 21, 2021, according to the Mortgage Bankers Association ‘s weekly mortgage applications survey. “Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
Nearly six months after David Brickman stepped down, government-sponsored entity Freddie Mac has tapped ex- Wells Fargo mortgage executive Michael DeVito to assume the role of CEO. DeVito, who spent more than two decades at Wells Fargo before retiring last year , will take the helm of the GSE on June 1. “I am delighted to announce that, after an exhaustive search, the Board of Directors has chosen Michael DeVito as the next CEO of Freddie Mac,” said Sara Mathew, non-executive chair of Fred
Mortgage credit availability increased by 2.2% in April as mortgage lenders fight for borrowers in an increasingly competitive market. The Mortgage Bankers Association said Tuesday that the Mortgage Credit Availability Index (MCAI) — which uses 100 as a benchmark — increased to 128.1 last month. A decline in the MCAI suggests that lending standards are tightening while a higher number suggests loosening credit standards.
The Federal Housing Finance Agency didn’t have a set date for its new refi option targeted to low-income borrowers when it announced the program last week. But on Wednesday, both Fannie Mae and Freddie Mac announced release dates for their versions of the refi product. Fannie Mae’s RefiNow option will be available June 5, while Freddie Mac’s Refi Possible will be available two months later in August.
There’s a common misconception that fixer-uppers are less expensive than turnkey properties. While turnkey properties come with a higher price tag , they can be a cheaper investment in the long run. According to a study conducted by Buildword , 53% of buyers who purchased a fixer-upper exceeded their budget, compared to 15% of buyers who purchased a turnkey home.
April’s 7.08% decline in mortgage delinquencies wasn’t even half of the drop March posted, but it did manage to push the national delinquency rate to below 5% for the first time since the beginning of the pandemic, Black Knight revealed in a new report. Overall, the number of past-due mortgages fell to 4.66% in April while an additional 400,000 homeowners managed to become current on their payments.
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