Housing Wire
MAY 26, 2021
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.
Sacramento Appraisal Blog
MAY 25, 2021
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. […].
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Cleveland Appraisal Blog
MAY 27, 2021
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.
Appraisal Buzz
MAY 24, 2021
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.
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Housing Wire
MAY 25, 2021
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.
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Cleveland Appraisal Blog
MAY 22, 2021
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.
Appraisal Buzz
MAY 26, 2021
Former Wells Fargo Head of Home Lending comes out of retirement to lead GSE. The post Freddie Mac Names Michael DeVito New CEO appeared first on DSNews. The post Freddie Mac Names Michael DeVito New CEO appeared first on Appraisal Buzz.
Housing Wire
MAY 26, 2021
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
Eyes on Housing
MAY 27, 2021
Shortages of materials are now more widespread than at any at any time since NAHB began tracking the issue on a regular basis in the 1990s, in is survey for the NAHB/Wells Fargo Housing Market Index (HMI). In response to special questions on the May 2021 HMI survey, over 90 percent of builders who buy the product in question reported.
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George Dell
MAY 26, 2021
Misused terms: AI (Artificial Intelligence), ML (Machine Learning), makes you look smart. It makes for clever marketing. And it may be BS. The most important “algorithm” for valuers is A+B=C. Words are important. They help us understand each other and avoid wars. Marketers, in particular, tend to bandy about clever words, designed to impress you […].
Appraisal Buzz
MAY 26, 2021
In today’s Buzzcast, we dive into a firsthand account from a new appraiser of the Appraiser Diversity Initiative (ADI) by Fannie Mae and the challenges facing trainee appraisers today. Today we have Marcus Knight, a recently licensed appraiser that completed this specific program giving a deeper look with Joan Trice, Founder of Allterra Group, LLC.
Housing Wire
MAY 28, 2021
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.
Eyes on Housing
MAY 28, 2021
A new NAHB study shows that, on average, regulations imposed by government at all levels account for $93,870 of the final price of a new single-family home built for sale. Of the $93,870, $41,330 is due to a higher price for the finished lot, attributable to regulations imposed during the lot’s development. The remaining $52,540 is the result of regulatory.
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Appraiserblogs
MAY 28, 2021
In virtually every single case of alleged racism to hit the media recently, admitted staged events were in play. One could argue staging was necessary to identify if a valuation difference resulted from perceptions of what race the occupants are. Fair enough. Provided that the staging itself does not alter the value scenarios. Provided that the results are being honestly reported.
Appraisal Buzz
MAY 25, 2021
Showing no signs of a slowdown, home prices continued to trend upward in March, with 20 major U.S. metros showing double-digit growth year-over-year. The post Home Prices Climb 13.2% YoY in March appeared first on DSNews. The post Home Prices Climb 13.2% YoY in March appeared first on Appraisal Buzz.
Housing Wire
MAY 24, 2021
The National Association of Realtors Confidence Index Survey for April reveals how hot the housing market is. Per the report, homes that sold had five offers on average , and nearly 50% of homes sold for more than their list price during the four weeks ending May 16. NAR expects home prices in the next three months to increase nearly 6% from one year ago and will increase almost 3% from last year’s sales level.
Eyes on Housing
MAY 26, 2021
The historic climb for lumber prices, combined with delays and higher costs for other building materials, is a significant limiting factor for home building in 2021. Despite a historically low level of overall housing inventory and solid demand due to low mortgage interest rates and demographics, new construction has been unable to add additional needed supply to the market, resulting.
GoForrmz
MAY 27, 2021
Miss out on our GoFormz and Procore use case webinar? Watch a full recording of the webinar and explore the key takeaways below! About the GoFormz & Procore integration The GoFormz and Procore integration empowers construction teams to streamline their field-to-office data captures and workflows. With GoFormz, your construction forms can be digitized for use on phones, tablets, and online from computers – allowing your operation to maintain its original document formatting and rapidly onboar
Appraisal Buzz
MAY 27, 2021
It seemed safe to say, even before the National Association of Realtors® (NAR) released the pending home sale numbers for April, that some analyst somewhere would be able to say, “I told you so.” Trading Economics had a +0.8 consensus estimate while Econoday’s consensus of 2.0 percent was for growth predictions ranging from 0.8 to 5.0 percent.
Housing Wire
MAY 27, 2021
George Schechter has an entirely new business model. A real estate agent at Compass Florida in Coconut Grove, Schechter has 12 years of experience in the real estate industry, so he’s familiar with its cyclical ups and downs. But today’s housing market has forced him to pivot to remain successful. “This market is like nothing we’ve ever seen,” he said.
Eyes on Housing
MAY 25, 2021
After a significant downward revision for the preliminary March data, April recorded a decline of 5.9% for sales of newly-constructed single family homes, according to estimates from the Census Bureau and HUD. The April seasonally adjusted annual rate (863k) was the lowest since June 2020, with the exception of a weather-influenced February report. Residential demand continues to be supported by.
GoForrmz
MAY 25, 2021
Keep your remote team efficient, connected, and productive with digital forms and data capture As remote and hybrid teams become more common in the modern workplace, digital forms have emerged as a powerful tool for streamlining communication and collaboration. Digital forms allow your operation to easily digitize its existing work forms for use on phones, tablets, and computers, or create completely new versions.
Appraisal Buzz
MAY 24, 2021
Non-QM residential mortgage loan provider adds 30-year veteran as its new VP of Correspondent Client Development. The post Deephaven Adds Andrew Spicer to Lead Correspondent Client Development appeared first on theMReport.com. The post Deephaven Adds Andrew Spicer to Lead Correspondent Client Development appeared first on Appraisal Buzz.
Housing Wire
MAY 25, 2021
New legislation would extend a benefit similar to Veterans Affairs loans to first responders and teachers who buy homes. U.S. Representatives John Rutherford (R-Fla.), Al Lawson (D-Fla.), John Katko (R-N.Y.), and Bonnie Watson Coleman (D-N.J.) introduced the bill , dubbed the Homes for Every Local Protector Educator and Responder Act, on May 13. The bill would allow borrowers to finance up to 100% of the acquisition price.
Eyes on Housing
MAY 24, 2021
According to NAHB analysis of quarterly Census data, the market share of rental units of multifamily construction starts remained elevated at 96% during the first quarter of 2021. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. An average share of 80% was registered during the 1980-2002 period.
JMV Lending
MAY 28, 2021
Our Zillow rep told us yesterday that searches for new homes are down 25% from recent months, as buyers appear to be “fatigued” and are putting their searches on hold. Despite that fact, the market remains extraordinarily hot and we continue to see appraisals come in under contract price all too often. This should not […]. The post Appraisal Problems – 5 Options When Appraisals Come In Low appeared first on JVM Lending.
Appraisal Buzz
MAY 24, 2021
With more Americans returning to the workforce, the number of homeowners in forbearance plans dropped for the 12th straight week. The post Forbearances Fall With Job Market in Recovery Mode appeared first on DSNews. The post Forbearances Fall With Job Market in Recovery Mode appeared first on Appraisal Buzz.
Housing Wire
MAY 27, 2021
Mortgage rates fluctuated again last week, down 5 basis points to 2.95% after managing to pop back up to 3% the week prior, according to Thursday data from Freddie Mac ‘s PMMS. Mortgage rates have been hovering around 3% for over a month now, as macro economic factors left the bond market hesitant over the global recovery. “Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow,” said Sam Khater, Fred
Eyes on Housing
MAY 25, 2021
In March, national home prices continued to rise at a fast — and unsustainable rate — pushed by strong demand and low housing inventory. Home price appreciation accelerated in most metro areas. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 20.0% in March, following.
Urban
MAY 24, 2021
Adding 3 million net new Black homeowners by 2030 can help close the homeownership gap for Black families.
Appraisal Buzz
MAY 24, 2021
Andrew “Andy” Spicer recently joined non-agency lender Deephaven as vice president of client development, correspondent. Spicer has more than 30 years of correspondent and wholesale mortgage sales leadership experience. Most recently, he directed midwest sales with Caliber Home Loans/Correspondent Lending, and he has held similar positions with MetLife, Bank of America and Washington Mutual Savings Bank.
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