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I have weathered seasons marred by valuation professionals whose malfeasance adversely impacted the economy and society. The future of the valuation profession is not certain to me. Technological advances suggest we need to move toward automated valuation models that churn data through automated algorithms to produce valuations.
In recent years, on several occasions, I have been hired to appraise a property after a valuation service was provided for my client by another real estate professional. They had hired the former real estate professional to value their property for the purpose of a divorce. Have a great weekend!
Let’s get do what’s happening with housing stats in Northeast Ohio. GETTING TRENDY (Cuyahoga County Housing Trends) The housingmarket in Northeast Ohio has remained strong despite the relatively higher mortgage interest rates and affordability issues. Here’s a search result for Northeast Ohio.
Striving to look through the microscope of empirical thought, we must not forget that our subject is more than realproperty, it is real people. Imperfect though our efforts may be, we must work to untie the knot of each transaction and of the real estate market as a whole.
Have you heard of a property being overimproved, or super adequate? Unless you’re in the propertyvaluation profession, you may not have. Here are some links to other articles I think you might also enjoy… Fishing For Housing Inventory – Housin g Notes by Jonathan Mille r How Was The HousingMarket in 2022?
While this article was not about realproperty or appraising, appraisers do help people who are relocating. I also perform a fair number of appraisals for folks out of state who would like to either move to the Cleveland area and need to know the value of a property they would like to purchase. Sage advice!
The 2022 real estate appraisal term of the year will be “standardization”—of data specifications and measurement standards. Housingmarket trends for 2022. This market change, Traut says, is likely to lead to more manageable and constant appraisal workloads than the unparalleled extreme demand experienced over the past year.
At the center lies this crucial inquiry: Are only essential requirements included in the RealProperty Appraiser Qualification Criteria? The 1007 was not designed for appraising single-family properties that are used as STRs. Specifically, the 1007 calls for the “Indicated Monthly Market Rent.”
Market Value and Appraised Value: Exploring Various Appraisal Values By Jo Traut Excerpts: You’ve probably been asked about the difference between “market value and appraised value” by clients seeking a mortgage. However, from the perspective of the valuation profession, this isn’t an accurate question.
Among the rights that come with realproperty ownership is the right to exclude others. When oceans, lakes, bayous, estuaries, rivers, streams, and ponds are involved, this right is a large part of what property purchasers are paying for. Two Trends Slowing HousingMarket Normalization. June 20, 2022.
In the past year, the appraisal industry has been under attack from various academics who claim “racial bias” on the part of realproperty appraisers providing appraisal services to lenders who provide home mortgages.
Moreover, appraisers must conduct each of the four tests on the realproperty as if vacant, and as improved. Applying each of these tests properly is essential to the valuation process. Order doesnt matter for the first two tests, but its essential for the last two.
(Image generated by AI through Midjourney) Some housing industry professionals have cheered the Trump administration’s actions to disable the Consumer Financial Protection Bureau (CFPB), but appraisers have mixed feelings about it. A lot of appraisers are sad to see [ Rohit Chopra ] go. These are homes, stores, offices and data centers.
Instead, we could see a return to using fewer waivers and non-appraisal valuation alternatives as a means of shoring up collateral risk in preparation for an exit from conservatorship, and stronger collateral risk management requirements imposed on the GSEs going forward.
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