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According to Census data, approximately 21% of renter households are behind on rent payment, and it’s estimated that up to 40 million renters could face eviction over the next few months after federal eviction moratoriums expired in late July. Now, states and localities are deciding if and when to end or extend eviction moratoriums. Today, eviction moratoriums are expiring in Atlanta and Pennsylvania.
Although I've shared the following CNBC clip before, it's worth showing again given my 15-year ago hairstyle. In 2005, I was interviewed by CNBC in the midst of the Housing Bubble and said that 75% of the appraisals being done then weren't worth the paper they were written on (hey it was 2005 and they were done on paper, not pdf). They found me because I had just started my Matrix Blog because no one seemed to be listening to appraisers.
The answer is…it depends. As an appraiser, I’m often asked some version of this question: “My house is a mess and I just found out they want to send the appraiser tomorrow. Do you think it’ll make a huge difference to the appraised value?” The standard, professional answer is, of course: “No, it won’t affect […].
On March 11, 2020, the World Health Organization announced COVID-19 as a global pandemic (this day also happens to be my birthday so good or bad, it’s an easy date for me to remember). Since then, market uncertainty has caused commercial investors to increasingly worry whether their commercial appraisal analyses are accurate. . At Simonson Appraisals, our team works tirelessly to ensure those worries are needless.
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.
Receiving a copy of a residential real estate appraisal report can be a little intimidating. It may seem like a lot of money for such a such a short report. But that is hardly the case. That appraisal report you are holding tells you so much more than a simple property value. We’re going to examine, in detail, the standard form appraisal report that is most commonly used for residential appraisals.
As a real estate appraiser, there are numerous data types and sources available that you could use to solve a specific appraisal problem. In order to reasonably believe that a source is reliable, it is recommended that you assess the dependability of a data source based on the following three characteristics, at a minimum. FREE Webinar: Join us Wednesday, August 26, 2020 for a live Pro-Series webinar, “The Data Puzzle: Pulling It All Together.
As a real estate appraiser, there are numerous data types and sources available that you could use to solve a specific appraisal problem. In order to reasonably believe that a source is reliable, it is recommended that you assess the dependability of a data source based on the following three characteristics, at a minimum. FREE Webinar: Join us Wednesday, August 26, 2020 for a live Pro-Series webinar, “The Data Puzzle: Pulling It All Together.
Existing-home sales jumped 25% in July from June, beating the prior record of a 21% gain set a month earlier , as low mortgage rates fueled demand for real estate. Sales of single-family homes, townhomes, condominiums, and co-ops rose to a seasonally adjusted 5.86 million, the National Association of Realtors said in a report on Friday. The median price increased 8.5% from a year ago to $304,100, breaking through the $300,000 threshold for the first time.
Yesterday's AI Public Airing Of The Sham Election Process was a dark day for the institution but a bright day for the good guys. The actual selection of Craig Steinley after he won the national nominating committees' endorsement took literally thousands of members to apply pressure to the BoD. Thankfully it worked. However, in order to enable the Board of Directors to do the right thing, they got to keep the sham petition process in place.
Do you own a luxury property in Toronto? Getting it appraised is one of the important things you need to do on a regular basis. A professional appraisal can give you an unbiased opinion of your home’s value, which can be especially useful if you are planning to sell it soon, if you want to refinance your mortgage, or simply want to update your statement of assets.
Translating into energy savings, increased property value and a reduced carbon footprint, green homes are more sought-after than ever. Now a mainstream concept, eco-friendly homes provide incredible energy savings and contribute to lowered living costs and a positive impact on the environment. Home buyers now look for smart features and eco-friendly options meant to reduce their carbon footprint, such as the new Tesla solar roof , smart thermostats, energy smart appliances and tankless hot water
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.
We are so often bullish about our market, but is it as “hot” as news outlets like to believe? We certainly have a shortage of inventory, which does create pressure on acting quickly and agressively on well priced houses that are in “show-ready” condition. That does not mean that prices are rising exponentially, or even that much at all? Simple example is taking all sales of single-family houses that are already built, not new construction or “to be built”, and arrying on a monthly basis.
What ethical considerations are involved in working with FSBOs ? FSBO ethics are not included in the National Associaton of REALTORs® (NAR) Code of Ethics. However, NAR’s Field Guide to Working with FSBOs contains numerous links to help members work with FSBOs. In addition, there are many sources cited in this post that will assist you with how to ethically deal with FSBOs.
The Census report on new construction showed a whopping 22.6% increase above the revised June estimate in housing starts in July. Year-over-year starts are up 23.4%. This means we can add housing starts to our growing collection of V-shaped recovery charts for the 2020 housing market. From the report: Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,496,000.
This post previously appeared in the August 14, 2020 edition of Housing Notes. I've been writing these weekly summaries on housing topics for more than five years. To subscribe for free, you can sign up here. Then you can look forward to each issue every Friday at 2pm New York Time. The New York Times created a terrific graphic on our Elliman New Signed Contract Report by illustrating the performance of Manhattan and Brooklyn versus Westchester County.
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.
At a recent edition of Ask the Appraiser Live on Facebook, Chief Appraiser, Matt Frentheway discussed the square footage vs. gross living area of a home. We thought this would be educational for many of you out there so we wanted to share this segment. For more educational videos, answers to questions, and helpful general information from some of Utah’s best appraisers, click here and join the Ask the Appraiser Group on Facebook.
“Why is an appraiser asking me about an old comp?” In the course of my work, I have elicited that question from quite a few agents and brokers. One agent said, “I thought you guys could only use comps going back 6 months.” Another replied back to me: “Please, why you would use a comp from 2.5 years ago when there have been many[,] many sales in this development just in the last year?
We once had clients who spent dozens (if not hundreds) of hours removing the popcorn ceilings from their $950,000 home. Because they put so much “sweat” into their equity, they were convinced that their home would appraise for substantially more when they were done. But because their neighborhood market had recently softened a bit, their […]. The post Why Appraisers Often Come In So Much Lower Than Homeowner Estimates appeared first on JVM Lending.
Residential appraisers will often—if not just about always—have their work reviewed by another appraiser. Usually, this is a routine procedure that the original appraiser barely notices. Sometimes, the review appraiser will come back with requests for extra information, or doubts, that the original appraiser might find annoying. To be sure, the reviewer’s questions might sometimes seem nit-picky, and answering them can distract from other work.
New home construction continues to climb, as privately owned single-family housing starts in July were at a seasonally adjusted annual rate of 1.496 million, a 22.6% jump from June , according to a new report from the U.S. Census Bureau. Privately owned single-family housing starts showed growth not only over the previous month but the previous year – jumping 23.4% from last July.
This post previously appeared in the August 14, 2020 edition of Housing Notes. I've been writing these weekly summaries on housing topics for more than five years. To subscribe for free, you can sign up here. Then you can look forward to each issue every Friday at 2pm New York Time. The TAF decline in credibility keeps on coming. After the recent letter debacle where the Appraisal Foundation (TAF) opined falsely that Title XI did not permit the Appraisal Subcommittee (ASC) to provide oversight o
Receiving a copy of a residential real estate appraisal report can be a little intimidating. It may seem like a lot of money for such a such a short report. But that is hardly the case. That appraisal report you are holding tells you so much more than a simple property value. We’re going to examine, in detail, the standard form appraisal report that is most commonly used for residential appraisals.
REX, the real estate technology company connecting residential real estate buyers and sellers and offering the lowest transaction costs in the industry, released two new reports Wednesday analyzing housing market trends in New York and New Jersey.
There’s no doubt about it, construction lending is tough. From changing interest rates, long lead times, and freak weather events, there are a myriad of risks that can derail a project. However, from a lender’s perspective, there’s one risk that is top of mind when making a construction loan – the borrower’s ability to make their loan payments during the construction term.
In any real estate appraisal assignment, you must use one of the two written report options outlined in USPAP: Appraisal Report or Restricted Appraisal Report. A diligent appraiser can utilize the Restricted Appraisal Report option when it makes good sense for the assignment and client. Before you take on a Restricted Appraisal Report, here are some important things to consider. 1.
The pandemic is pushing homeowners out of the big cities and into rural and suburban areas , pushing up home prices in previously sleepy towns. In July, less densely populated areas showed more buyer interest than urban areas, Redfin said. Before the pandemic, 9% of homebuyers said they were searching for a home in rural areas. Now, 19% say they are looking at rural options.
The waiver of appraisal requirements for Federal Related Transactions under $1M for commercial real estate transactions was extended for one year throughout the state of North Dakota.
Whether you need an estate tax appraisal, an estate trust appraisal or a probate estate appraisal, we have the experience to help. The type of estate appraisal and the intended us will impact how an appraiser prepares an appraisal report. Estate appraisals by a licensed and experienced real estate appraiser are the most accurate and defensible way to value a property.
July was yet another banner month for the real estate market across Texas. In all major markets, we are seeing record setting numbers for multiple metrics such as appreciation rates and number of closed sales. “Pent-up demand from the spring fueled housing activity across the state,” said Dr. James Gaines, chief economist for the Real Estate Center at Texas A&M University.
“Lead generation is half of the job of any real estate agent,” says national real estate coach Sherri Johnson. So many agents want to know, “How do I get leads?” We sat down with Sherri to get her expert advice on how to find quality real estate leads, and how to convert those leads once you have them. Click the video below to watch this helpful interview.
According to reporting by the Wall Street Journal on Saturday, the Federal Housing Finance Agency has been communicating with mortgage industry groups about delaying the implementation of a fee which would add a 0.5% surcharge to refinance mortgages sold to Fannie Mae and Freddie Mac starting Sept. 1. According to the article, the FHFA is considering a delay to the adverse market fee implementation date, but is not planning to rescind it.
Every investment involves a certain amount of risk. There are certain general sources of risk that influence all assets – things like geopolitical risk and global macroeconomic risk. What makes each asset unique is the level of sensitivity that its rate of return has to those risks. In addition, specific types of assets have risks that are uniquely their own.
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