George Dell
MARCH 15, 2023
Market value, of course! Or is it? The great recession, and things like that, which come around every 12-15 years, all concur with the ‘accepted’ definition of market value, as written in the USPAP book Advisory Opinion 30. In short, the definition requires: Most probable price Competitive and open market Prudent and knowledgeable consumers No […] The post Market Value or Other Value?
Housing Wire
MARCH 30, 2023
With the banking crisis spurring more talk of a recession, the question now is: What would housing credit look like in a recession? Many people predicted that the U.S. housing market would crash during the pandemic. One of the main reasons for that fear was that housing credit was about to get tight, meaning fewer people could buy homes with mortgages.
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Sacramento Appraisal Blog
MARCH 9, 2023
It’s a bump. Do you feel it? The housing market has been waking up in 2023, and we’re starting to see an uptick in lots of different stats. Let’s talk about it. This post is designed to skim quickly or digest slowly. UPCOMING (PUBLIC) SPEAKING GIGS: 3/10/23 PCAR Market Update Lunch & Learn 3/24/23 How to Think Like […] The post A spring bump in the housing market first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.
Real Estate News
MARCH 29, 2023
NAR reported that February pending home sales were up 0.8% from January, making it the third consecutive month of increases.
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Cleveland Appraisal Blog
MARCH 25, 2023
Having had our kitchen gutted and remodeled a couple of years ago, I can honestly say that I had not thought about this question before our renovation. However, if you’re thinking of a kitchen demo or remodel, you will likely need a dumpster. This week, I welcome guest blogger Ashley Rodriguez, with bins4less , who tackles the answer to this question.
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George Dell
MARCH 1, 2023
Ah, this is easy – pick comps! This was pretty easy, compared to the many other things I had to learn. It was a little harder than making adjustments though. For adjustments, I had an adjustment sheet. I foolishly asked how the numbers were arrived at. The answer was “It comes from many years of […] The post How Do You Pick Comps? Pt I appeared first on George Dell, SRA, MAI, ASA, CRE.
Housing Wire
MARCH 23, 2023
If there’s one sector of the economy that benefits from the very low levels of total housing inventory , it’s the homebuilders , but for a reason you might not think. If national housing inventory were back to normal, we would have 2 to 2.5 million active listings, and these active listings would be direct competition for the builders. New homes are traditionally more expensive than existing homes, which don’t have all the bells and whistles.
Sacramento Appraisal Blog
MARCH 21, 2023
The housing market is a mixed bag. It’s not always easy to understand what the market is doing right now. Today I have some thoughts about prices, Zestimates, and cash buyers. Scroll by topic or digest slowly. UPCOMING (PUBLIC) SPEAKING GIGS: 3/24/23 How to Think Like an Appraiser (at SAR) 3/28/23 Downtown Regional MLS meeting 4/1/23 NAA […] The post The housing market is a mixed bag first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.
Real Estate News
MARCH 15, 2023
With the value of its residential real estate surpassing $3.6 trillion, Florida edged out New York but trails California among markets with the top home values.
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Appraiserblogs
MARCH 27, 2023
Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness. Fannie Mae’s decision to waive/eliminate property appraisal for lending purposes is nothing more than wanton recklessness that could have serious repercussions in the future. The truth of the matter is that appraisals are an essential part of any mortgage transaction and should not be taken lightly or eliminated without due consideration.
Inman
MARCH 29, 2023
Amid an economic landscape in flux, homebuyers and sellers continue to want expert advice from real estate agents while looking to prepare for the future, and for Gen Z that means finding "green homes," according to RE/MAX.
Eyes on Housing
MARCH 15, 2023
After four consecutive declines, the producer price index (PPI) for inputs to residential construction less energy (i.e., building materials) rose 0.3% in February 2023 (not seasonally adjusted) follow a 1.1% increase in January (revised), according to the latest PPI report. Price growth of goods inputs to residential construction, including energy, gained 0.4% over the month.
Housing Wire
MARCH 30, 2023
Mortgage rates declined for the third consecutive week, sparking hope for a good homebuyers’ spring season. But while rates have dropped, the housing market has continued to be challenged by low inventory levels. Freddie Mac’s Primary Mortgage Market Survey showed on Thursday that the 30-year fixed-rate mortgage was 6.32% as of March 30, down 10 basis points from the previous week, mainly due to the economic uncertainty caused by bank collapses.
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Sacramento Appraisal Blog
MARCH 28, 2023
Sellers are hibernating. It’s been striking to see sellers sitting back so far in 2023, and it’s really starting to create more competition for buyers. Let’s talk about it. Scroll by topic or digest slowly. UPCOMING (PUBLIC) SPEAKING GIGS: 3/28/23 Downtown Regional MLS meeting 4/1/23 NAA Conference in Sacramento 4/13/23 Realtist Meeting 5/4/23 Event with UWL […] The post Sellers are hibernating & the housing market feels broken first appeared on Sacramento Appraisal B
Real Estate News
MARCH 29, 2023
A judge ruled that the Moehrl suit would now cover all sellers who paid commissions to named companies over a 5-year period, plus “current and future” sellers.
George Dell
MARCH 29, 2023
In Part One we asked why the current definition of market value has been around without change for so long? We focused on item 4 in the current definition of market value which says: “payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto” Editor’s Note: […] The post Is the Definition of Market Value Outdated?
Inman
MARCH 1, 2023
With billions saved — and lost — Opendoor is living by the creed "go big or go home." Yet even after a dreary Q4, the iBuyer persists, which may be the biggest takeaway, Mike DelPrete writes exclusively for Intel.
Eyes on Housing
MARCH 17, 2023
NAHB recently released its 2023 priced out estimates, showing how higher prices and interest rates affect housing affordability. The new estimates show that 96.5 million households are already not able to afford a median priced new home in 2023 due to the fact that their incomes are insufficient to qualify for the required mortgage under standard underwriting criteria.
Housing Wire
MARCH 16, 2023
How is today’s housing starts data , which beat expectations, good for mortgage rates ? Typically good economic data is bad for rates, especially in this environment, when a Fed member will come out and say building or buying homes is bad for fighting inflation. The answer is simple: The best way to fight inflation long-term is to add more supply. Destroying demand is a short-term fix, but longer-term supply is the natural economic way.
Sacramento Appraisal Blog
MARCH 14, 2023
I’ve got two things on my mind today. Price cycles and getting bid up during the first week. Well, and banks failing. And my 23rd wedding anniversary this week. And getting in shape. Anyway, let’s look at the first two things. UPCOMING (PUBLIC) SPEAKING GIGS: 3/24/23 How to Think Like an Appraiser (at SAR) 3/28/23 Downtown Regional […] The post Real estate price cycles & getting bid up first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.
Real Estate News
MARCH 23, 2023
A new report found that most portals lost traffic and market share over the past year, but a few companies improved or firmed up their positions.
George Dell
MARCH 22, 2023
Everyone knows value. Of course! It’s easy! Value is what I can sell something for. Well, sorta. No, wait – value is what I am willing to pay for something. Editor’s Note: This is Part 2 of Market Value or Other Value. I have an apple. You want one. I threaten to take a bite […] The post Devalue Market Value? Pt 2 appeared first on George Dell, SRA, MAI, ASA, CRE.
The Appraiser Coach
MARCH 14, 2023
I’ve talked about the importance of paying yourself first, and how living that principle will bless your life. Equally important, however, is its sister principle: pay 10% to charity second.
Eyes on Housing
MARCH 6, 2023
Residential remodeling companies, just like any other private enterprise in a capitalist economy, exist to satisfy the demand of consumers for specific products or services in exchange for a rate of profit commensurate with the risk taken. Companies control when they enter or exit the industry, but their financial performance is intrinsically linked to external factors, such as the number.
Housing Wire
MARCH 6, 2023
The housing market faced some serious obstacles last week as the 10-year yield broke over 4%, mortgage rates rose to over 7%, purchase apps fell again and we are still trying to find the elusive seasonal bottom for housing inventory. Here is a quick rundown of the last week: Purchase application data was down 6% weekly. Weekly inventory fell much more than the previous two weeks, down 11,021; new listing growth had its lowest weekly calendar print for this previous week.
Inman
MARCH 29, 2023
Although people have mixed feelings about social media, there's no denying that it's a valuable tool for marketing your business. Find out how agent Nikki Beauchamp puts it to work effectively.
Real Estate News
MARCH 7, 2023
Many agents brand themselves as experts. If you've done the work to earn that title, how do you stand out and get noticed?
George Dell
MARCH 8, 2023
Bias against minorities has been “proven” against property value message measurers – at least once. It has also been “proven” that the undervaluation is as much as $500, on average. Something must be done! Let’s blame the appraisers! They keep on “determining” values too low! Does the flurry of blame-placing help resolve the problem? But […] The post Can Appraisers Protect Minorities?
The Appraiser Coach
MARCH 7, 2023
No matter what you call it – pay yourself first, save, setting money aside for a rainy day – making sure you take the.
Eyes on Housing
MARCH 7, 2023
While nationwide single-family housing starts have slowed in the past year, the largest drop on a percentage basis is occurring in the densest counties, due to high housing costs. Meanwhile, multifamily growth was robust throughout much of the nation at the end of 2022, with the notable exception in high-density markets, according to the latest findings from the National Association.
Housing Wire
MARCH 21, 2023
Existing home sales had a huge beat of estimates on Tuesday. This wasn’t shocking for people who follow how I track housing data. To understand why we had such a beat in sales, you only need to go back to Nov. 9, when mortgage rates started to fall from 7.37% to 5.99%. During November, December and January, purchase application data trended positive, meaning we had many weeks of better-looking data.
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