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The average U.S. mortgage rate for a 30-year fixed loan remained unchanged at 2.72% this week, Freddie Mac said in a report on Thursday – the second week in a row rates have sat at the lowest recorded level in the survey’s near 50-year history. The average fixed rate for a 15-year mortgage also remained unchanged from last week at 2.28%. After another week at the record low, there have now been 18 consecutive weeks when average mortgage rates have been below 3%.
This weekend's New York Times Real Estate Calculator column provides a visualization of the recent rental market results in The Elliman Report: October 2020 Manhattan, Brooklyn & Queens Rentals. The Manhattan changes were the most interesting to me - record highs set for the vacancy rate, concession market share, concession amount, yoy% change in median net effective rent overall, studio, 1-bed, & 2-beds.
Hot markets foster appraisal issues – every time. This is b/c aggressive buyers in multiple bid situations frequently offer to pay far more for a property than what closed comparable sales can support in an appraisal. If buyers have ample cash, low appraisals are often not an issue, as buyers can simply bring in cash […]. The post Comparable Sales Appraisers Can’t Use; Appraisal Reviews appeared first on JVM Lending.
Have you jumped on the refinance bandwagon? If not, you may want to consider it. As of the end of October 2020, interest rates on a 30-year refinance mortgage were averaging around 3.2%. These are the lowest rates in the last 40 years! If you decide to take advantage of these all-time low rates, your lender will most likely order an appraisal. What happens if the new appraisal is less than original one?
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.
Photo by Sasha Prasastika from Pexels. We hope that you had a wonderful Thanksgiving. In a year with so many challenges and uncertainties, it was good to spend time with family, although it be distanced or virtual, and reflect on all that we are thankful for on Thanksgiving Day. “Gratitude unlocks the fullness of life. It turns what we have into enough, and more.
We have an exciting announcement! Riverfront Appraisals opened a new office in Tell City, Indiana. Located at 820 Tell Street in the newly renovated Turnkey Realty building in historic downtown Tell City, the new office had a ribbon cutting with the Perry County Chamber of Commerce on September 25 and is currently open for business. […]. The post Riverfront Appraisals Opened New Office in Tell City, Indiana appeared first on Riverfront Appraisals.
We have an exciting announcement! Riverfront Appraisals opened a new office in Tell City, Indiana. Located at 820 Tell Street in the newly renovated Turnkey Realty building in historic downtown Tell City, the new office had a ribbon cutting with the Perry County Chamber of Commerce on September 25 and is currently open for business. […]. The post Riverfront Appraisals Opened New Office in Tell City, Indiana appeared first on Riverfront Appraisals.
The pandemic has shifted the pecking order of the real estate industry’s location-location-location axiom for many homebuyers — high-cost and high-density urban is out, while suburban is back in vogue and rural is experiencing a bit of a revival. Many real estate investors were serendipitously ahead of this shift even before the pandemic started, driven by both affordability and an affinity for overlooked markets.
Here at McKissock, our Unlimited Learning Members enjoy 24/7 access to a wide array of online resources for real estate appraisers. These include appraisal job aids, checklists, classes, videos, whitepapers, recorded webinars, and more. Below are seven excellent job aids available right now in our membership toolkit. If you already have an Unlimited Learning Membership, you can access all of these appraisal job aids for free under the “Resources” tab in your membership dashboard.
With COVID-19 numbers on the rise here in Utah, Governor Herbert has mandated that we are now required to wear masks whenever we’re out in public. We here at Aspen Appraisal Group wanted to give you our COVID-19 update on our efforts during this pandemic. We want to share this short video with you to let you know that we’re still open for business and doing appraisal inspections here in Utah.
Have you jumped on the refinance bandwagon? If not, you may want to consider it. As of the end of October 2020, interest rates on a 30-year refinance mortgage were averaging around 3.2%. These are the lowest rates in the last 40 years! If you decide to take advantage of these all-time low rates, your lender will most likely order an appraisal. What happens if the new appraisal is less than original one?
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.
WEBINAR |What Lenders Want in a Commercial Appraisal Report. December 3, 2020 12:00-1:00 CST. CATCH THE REPLAY. DURATION: 1 HOUR. FORMAT: LIVE & INTERACTIVE. Agenda. Lenders receive commercial appraisal reports daily, but are your reports falling short? With business picking back up, it’s never been more important to put your best foot forward in order to keep your business thriving.
When the Uniform Standards of Professional Appraisal Practice (USPAP) first came on the scene, its purpose was “to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.” In part one of this blog & podcast series, I shared with you a few questions which were on my mind. […]. The post Promoting Public Trust Part 12: Frequently Asked Questions appeared first on Riverfront Appraisals.
The Federal Housing Finance Agency announced new conforming loan limits for Fannie Mae and Freddie Mac for 2021: $548,250. This is a 7.5% increase from 2020’s limit of $510,400 and marks the fifth consecutive year of increases from the FHFA. In 2016, the FHFA increased the Fannie and Freddie conforming loan limit for the first time in 10 years, and since then, the loan limit has gone up by $131,250.
Successful investors tend to buy and sell multiple properties in a short period of time—and work with the same agent to do so—meaning this could be a steady stream of income for you. Want to become their go-to agent? Consider these seven tips. 1) Learn the language of real estate investors. Investors discuss things like ROI, cap rates, 1031 exchanges, cash-on-cash returns, and net present value.
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.
In some ways, a commercial real estate construction project is just like any other project. There is a start date, several interim milestones, and an end date when the property is complete and a certificate of occupancy has been issued. However, a commercial real estate construction loan is not like other loans. It is distinguished by the fact that the loan balance starts at $0 and rises over time as funds are distributed, according to a predefined “draw schedule.”.
Happy Thanksgiving from Shannon Slater on Vimeo. Happy Thanksgiving from the DW Slater Company. It has been a very unexpected year for all of us and through it all, we are giving thanks. We believe in giving thanks in all things. We give thanks to you, our clients that have trusted us for your appraisal service needs this year. Our Thanksgiving time with family will be different this year due to Covid19 concerns but through it all, we are thankful for our family and friends.
Asset Manager Property Database: Why You Need One. Asset Managers are Drowning in Documents. T he commercial real estate industry has been drowning in a sea of documents for decades. Spreadsheets, Word documents, as-built surveys, title policies, income and expense reports, rent rolls, and of course email, email, email. Turns out, Realquantum’s research found 82% of those in commercial valuation roles are dependent on a manual, spreadsheet-driven process.
Before the COVID-19 pandemic began, a shift toward the suburbs away from multi-family urban homes was already occurring. Since the virus has taken center stage this year, that shift has rapidly accelerated. In the month of May, annual apartment contracts in Manhattan alone dropped 80% and more than half of the country’s largest 100 metropolitan […].
The average U.S. mortgage rate for a 30-year fixed loan fell this week to 2.72%, Freddie Mac said in a report on Thursday – the lowest rate in the survey’s near 50-year history. This week’s rate broke the previous record set on Nov. 5 by 6 basis points. The average fixed rate for a 15-year mortgage also fell by 6 basis points to 2.28%. After this week’s record drop, there have now been 17 consecutive weeks when average mortgage rates have been below 3%.
If a mortgage lender acquires the title to a property as the result of a foreclosure, the property is called an “REO” property, which is short for “Real Estate Owned.” REO properties represent business opportunities for appraisers, as property valuations may be needed for pre-foreclosure, loan workouts, short sales, asset evaluation, and more. However, inspecting these types of properties can be dangerous.
The Department of Justice (DOJ) filed a lawsuit against the National Association of Realtors (NAR) on Thursday, alleging a series of violations of antitrust law, including commission arrangements and consumer disclosure requirements. NAR has adopted a “series of rules, policies, and practices governing, among other things, the publication and marketing of real estate, real estate broker commissions, as well as real estate broker access to lockboxes, that have been widely adopted by NAR’s m
With COVID infection rates exploding and hospitalization rates rising as we go into the cold winter months, the risk this poses to our recovering housing market is a question that should be addressed. In a previous article, I identified infection rates during the winter months as one of the economy’s high-risk variables. Before COVID-19 hit our shores, we were trending at 10% growth, working at cycle highs in demand.
Existing home sales came in at a whopping 6,850,000 , beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at a historically high level of 19%, the same as last year, while sales grew 26.6% year over year. The housing market is hot. While we celebrate these strong numbers, keep in mind these three points: First, expect the data to moderate, so don’t freak out when we see the rate of growth cool down.
In today’s red-hot market, you need a real estate agent who can get creative, play hardball in negotiations, and help you stand out from the pack in a bidding war. And not everyone — even an agent recommended to you by a friend or loved one — is up to the task. Want to make sure you’re getting the best real estate agent possible for your home purchase?
Existing home sales grew for the fifth consecutive month in October, up 4.3% from September to a seasonally adjusted annual rate of 6.85 million, according to a report from the National Association of Realtors on Thursday. Compared to last October, sales are up 26.6%. “The surge in sales in recent months has now offset the spring market losses,” NAR Chief Economist Lawrence Yun said. “With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to
With Halloween now in the rearview mirror, we still have one more spook to survive in 2020 – and no, I’m not talking about the upcoming election. I’m talking about housing market crash headlines. The housing data has been wild this year. We’ve seen waterfall declines and parabolic rebounds. These dramatic peaks and valleys in the data have fed the demons of greed and fear that infest the minds our extreme housing bulls and the fierce housing market bears – leading to equally wild spe
Demand for housing was strong in early 2020, before the COVID-19 crisis hit. Mandated shut-down measures and the fear of what COVID would do to our economy temporarily immobilized the housing market, evinced by nine weeks of declines in the weekly purchase applications data on a year-over-year basis. Then it was as if the Housing Demographic God exerted her chronokinetic powers to snap demand back to pre-COVID levels of growth.
For the third consecutive month, Fannie Mae’s Home Purchase Sentiment Index, a composite index designed to track consumers’ desire to sell or buy a home, gained 0.7 points in October to 81.7. Though that number is increasing, it’s slowed down compared to gains in previous months, including August’s 3.3 points rise and September’s 3.5. Compared to this time last year, the HPSI is still down 7.1 points, but has steadily recovered over 60% of its COVID-19 pandemic loss when April’s HPSI hit i
The Mortgage Bankers Association on Tuesday released revised estimates for the third and fourth quarter of 2020 as well as predicting record purchase volume for 2021. Although The MBA expects decreased numbers of refinancings will lower overall origination next year to around $2.56 trillion, that would still be the second-highest number in the last fifteen years.
The Federal Housing Finance Agency announced Tuesday the validation and approval of the Classic FICO credit score model for Fannie Mae and Freddie Mac. “The validation and approval of Classic FICO by the enterprises allows them to continue supporting the mortgage market while assessing more modern credit score models that were submitted in response to the 2020 Joint Enterprise Credit Score Solicitation ,” the FHFA announced.
Low mortgage rates and record-low housing inventory has driven home price increases throughout the year. The National Association of Realtors is saying that the median single-family home price grew year over year in all 181 metro areas it tracks. In the U.S., median existing single-family home prices rose 12% year over year to $313,500, NAR said. In 117 metros, there were double-digit price gains from one year ago.
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