Pinned News
Women in Appraising: AI award winner highlights career, starting a business
Valuation Review
Valuation Review sat down with the owner of Aufrance Valuations, LLC to get her perspectives on the profession overall and her journey to becoming a successful appraiser and businesswoman.
Volunteers of Distinction 2022
Appraisal Institute
The Appraisal Institute's recognition program honors volunteers for their service to the Appraisal Institute, to the real estate valuation profession and to their local communities. Each quarter, the Appraisal Institute recognizes AI professionals who have been nominated by their fellow AI professionals. Individuals may be recognized once per calendar year.
Industry News
Week of October 2-8, 2023
Fannie Mae air updates: how AMCs help lenders comply
Svclnk
The Fannie Mae Selling Guide recently became more detailed around the issue of the valuation process for one- to four-unit residential properties. With the intent of strengthening protections to safeguard the independence, objectivity and impartiality of appraisers and other independent parties, Fannie Mae set forth amended standards as to who may and may not engage in the appraisal process…
Understanding the Impact of Improvement Ratio on Real Estate Appraisals and Marketability
Off Plan Property Exchange
In the world of real estate, the improvement ratio is a crucial factor that significantly influences property appraisals and marketability. It is a key determinant of a property’s value and can greatly impact its attractiveness to potential buyers…
Wolters Kluwer Shares How U.S. Lenders Can Address Challenges in a Down Market
Investor's Hub – ADVFN, 01net
… “Regardless of market conditions, there is a need to ensure that compliance and risk management teams are fully staffed and supported at the highest levels of the organization. One way to leverage these resources is to support them with data and analytics solutions that automate various compliance tasks, such as HMDA and CRA reporting,” Moir says. “These solutions can provide early warning signs for major lending issues, such as redlining, appraisal bias or identifying practices that could be deemed unfair or abusive. The goal should always be to identify these issues before regulators do.”…
Conservation Easements: Palpable Fraud or Honest Mistakes? A Federal Jury Returns a Split Verdict
The National Law Review
On September 22, 2023 a federal jury convicted two promoters, CPA Jack Fisher and attorney James Sinnott, in the Department of Justice’s (“DOJ”) first criminal trial over allegedly abusive syndicated conservation easements (“SCEs”). The jury acquitted the appraiser, Clayton Weibel [MAI] of all charges. The split verdict is a major development in the DOJ’s investigation into SCEs and adds two convictions to the six guilty pleas related to the Inland Capital conservation easement funds. Two more alleged co-conspirators (Lewis and Smith) are set for trial in January…
Week of January 18-23, 2023
How wind farms are supercharging the economies of rural America
Fast Company Online, Lima News Online
A wind power boom in the nation’s central corridor has been a financial windfall for some struggling rural areas…
Hospitality Net
McKenna Luke, MAI, a Director with HVS, resides in central South Carolina and is a member of the Charleston consulting team. McKenna earned her bachelor's degree in Hospitality Management and her MBA with a concentration in Finance from University of Denver. She holds a certified general appraisal license and is a Designated Member of the Appraisal Institute (MAI)…
Moring Named Partner at Valbridge Property Advisors
Biz New Orleans Online
D. Parker Moring Jr. has earned an MAI designation from the Appraisal Institute and been named partner and senior managing director at Valbridge Property Advisors l South Louisiana.
‘Deals to be had:’ Homebuyers should ask for these incentives while they have the upper hand
Emea Tribune, The Madison Leader Gazette, News Post US Zero, Yahoo! Hong Kong, Your Trading Edge Magazine, Yahoo Finance, Invest Money UK
The housing market is finally tipping in favor of buyers, and that means they can walk away with more than just a decent deal on a home…
Week of January 10 - 17, 2023
Judge’s Second Ruling Favors Disgruntled Neighbors And Paves Way To Shut Down Rockland Cider Works
Rockland County Business Journal
The latest legal ruling in the case against Rockland Cider Works may deliver a final fatal blow. Rockland County Supreme Court Judge Thomas Zugibe has essentially ordered the cidery shut down, though angry neighbors who initiated the suit must still prove their case that the cidery’s operations are an illegal nuisance that devalues their property. The Judge partially rendered a decision based on affidavits from Real Estate Appraiser Sal Mazella who said that the “non-residential commercial use of the property has negatively impacted the fair market property value of the single-family residences” of the neighbors…
State wants to redevelop Shepard building in downtown Providence. Here's what could happen
The Providence Journal Online
… When the state unveiled a plan in 2019 to possibly sell the building as part of a larger plan by the Efficiency Commission to save money, the Shepard building was appraised by Thomas Andolfo [MAI, SRA, AI-GRS] at $27.5 million. Andolfo conducted the latest appraisal for the state in May 2022 and found the building to be worth only $10.2 million, citing its best use as apartments, which would mean gutting the interior. In an email, Andolfo would not say why, four years earlier, he appraised the building at $27.5 million, 63% higher than his 2022 assessment. He referred all questions to the Department of Administration…
HVS Report - How Financing Costs Are Impacting Hotel Transactions - By Bradley Hoban
Hotel Resource, Hotel News Resource
(This article was written by Bradley Hoban, MAI.)
Commercial real estate financing, particularly related to the hospitality industry, has been in a state of flux as the pendulum of the economy swings towards a correction. At the start of the year, many lenders were coming back to hospitality, and the general sentiment for both investors and lenders was bullish. In late February 2022, the war in Ukraine drove increases in the prices of oil and goods that started to shift the global economic outlook, which many lenders and hotel investors cautiously watched, uncertain of the impact this would have on the U.S. economy…
Judge’s Ruling on City’s Purchase of Watertown (N.Y.) GC Expected Within 10 Days
Club & Resort Business Online
The question over whether the city of Watertown, N.Y. can proceed with its purchase of the Watertown Golf Club remains pending after state Supreme Court Judge James P. McClusky reserved decision Jan. 11 on multiple issues contained in a suit filed by a property owner seeking to have the deal voided, the Watertown Daily Times reported…
Appraisal Buzz
Today’s Buzzcast interview is with Joshua Walitt, Principal Analyst of Walitt Solutions. We discussed non-lender work for appraisers in this market and his upcoming in-person CE course, “Non-Lending Appraisal Assignments” hosted on February 17th…
Riley Co.’s average property value increases to $215K
WIBW
Change of Value Notices have been sent to Riley Co. property owners as the County Appraiser’s Officer finds the average property value has increased to $215,000.
The Riley County Appraiser’s Office says on Monday, Jan. 9, that it has completed an analysis for 2023 property valuations. It said the annual Change of Value Notices should be completed and mailed to property owners by the end of February…
Week of December 28, 2022 - January 3, 2023
‘Don’t fear third-party data,’ Fannie Mae says
Valuation Review
In the Fannie Mae “Appraiser Update” section of the December 2022 newsletter, the subject of desktop appraisals is discussed, providing tips for appraisers utilizing this method of valuation. A common concern the Fannie Mae Collateral Policy Team hears from appraisers deals with using third-party data in desktop appraisals; specifically, what is the risk to appraisers in relying upon third-party data, and are appraisers expected to validate such data?...
A town-by-town battle to sell Americans on renewable energy
Express India, News leportale, The Japan Times Online, Robins Post, WebsFeed, Rocket News, World News Times, National Wind Watch: Wind Energy News, WebsFeed, Best in Technology, DNyuz, User Walls
Depressed property values. Flickering shadows. Falling ice. One by one, a real estate appraiser rattled off what he said were the deleterious effects of wind farms as a crowd in an agricultural community in central Illinois hung on his every word. But others were worried about all the issues that the real estate appraiser mentioned, and more. “I moved here for nature, for trees, for crops,” said Sandy Coyle, who lives nearby and opposed the project. “I’m not interested in living near an industrial wind farm.”…
Calhoun Sands Valuation & Advisory Expands Valuation Business
StreetInsider.com, Biz Wire Express, WFMZ-TV Online, Invest Four More, Le Lézard
(This article was included in an additional 25 outlets.)
Calhoun Sands Valuation & Advisory, Inc. (CSVA), a leading independent third-party commercial real estate valuation and consulting firm, has announced the acquisition of Chattahoochee Valuation Group, LLC (CVG). The acquisition of the Atlanta-based commercial real estate services firm will double the firm's traditional commercial appraisal capacity and meaningfully add to CSVA's specialty practice team including litigation support, expert witness testimony and eminent domain appraisals. Chattahoochee Valuation Group has been a regional leader in real estate appraisal and consulting since 2013. Their work includes valuation of complex properties including wetland and stream mitigation banks, impartial expert witness testimony, feasibility analyses, and eminent domain appraisal services. The firm's founder, George Galphin, Jr., MAI is now Managing Director at CSVA. David Ball, MAI and Shelby Edwards, MAI were named as Directors…
Week of November 1-7, 2022
Do Geothermal Systems Heat up Home Values?
Mansion Global
“Geothermal systems are more predominant in the South and used to be called a ‘Florida heat pump system,’” said Jody Bishop [MAI, SRA, AI-GRS], president of the Chicago-based Appraisal Institute, a professional organization of appraisers, and senior managing director of Valbridge Property Advisors in Charleston. “One downside to these systems is that it can be hard to find a contractor who knows how to service them.” Still, Mr. Bishop said, if you’re in a market where geothermal systems are common, you’re more likely to find someone who can maintain it. “The resale value of geothermal systems, just like solar panels, depends on real estate agents, appraisers and buyers understanding the value of clean energy,” said Mr. Bishop. “It’s important to know whether geothermal systems are popular in an area before you can determine if one adds value to a property.”…
Amendment 1 will help Florida communities become more resilient | Column
News Break, Tampa Bay Times Online
(This article was written by Mike Twitty, MAI.)
… This implementing bill identifies qualifying residential properties as those located within the Special Flood Hazard Areas (A & V flood zones) that currently have their first finished floor below base flood elevation. A summary of the implementing bill, frequently asked questions, and an informational whitepaper are all available on the Pinellas County Property Appraiser’s website at: https://www.pcpao.gov/learn-about/legislative-update...
ASC adopting final rule amending temporary waivers
Valuation Review
The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) is adopting a final rule to amend rules of practice and procedure governing temporary waiver proceedings which were promulgated in 1992 pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (Title XI), according to a release from the Federal Register.
Doug Hodge, ARA, MAI Joins AgValue Consulting
PR.com
AgValue Consulting, an agriculture valuation consulting organization, recently announced Doug Hodge, ARA, MAI has joined the firm. Hodge has been involved in the valuation of agricultural assets since 1983 and has conducted appraisal reports and appraisal reviews globally. Doug holds a BS degree in Finance with a concentration in real estate from Ferris State University…
Week of October 25-31, 2022
Can underground spaces be included in the square footage?
TrainersAdda, Today Headline, Edeshseba, Inman News Online
… According to the president of the Appraisal Institute, the price of above-ground or “above ground” living space is usually different from below ground or “below ground”. Jody Bishop [MAI, SRA, AI-GRS] meaning that hidden basement space can count toward the home’s value if it’s a finished, functional space, but at a lower rate than the rest of the home. “While it could add value, if it was a useful, functional space like the rest of the basement, then yes, it could add some more value, but not as quickly as the above area,” Bishop said. For example, if the grade is higher square meters home is $100 per square foot, lower-level square footage can cost $20 per square foot, Bishop explained…
FTC Announces Decision “with a 100% chance of far-reaching” Impact for Data Breaches
The National Law Review, JD Supra
On Monday the Federal Trade Commission issued a press release stating it is settling a case against Drizly and its CEO for a data breach that exposed the information of 2.5 million consumers in July 2020…
Under the updated Safeguards Rule requiring financial institutions to implement security measures, the definition of “financial institution” includes many businesses that don’t normally describe themselves that way. For example, personal property or real estate appraisers, professional tax preparers, courier services and even ATM providers…
Dallas-Fort Worth Is Expected To Be One Of The Nation’s Top Real Estate Markets In 2023
Wealthcreationinvesting, The Dallas Morning News Online
Dallas-Fort Worth is expected to be one of the nation’s hottest real estate markets next year for investment and development… Commercial property values haven’t yet shown much decline because of a lag in appraisals and a decline in sales, Carlock said…
Week of September 20-26, 2022
Phone usage for home inspections more frequent, says executive
Valuation Review
(Subscription required. User agreement prohibits sharing with non-subscribers.)
In some cases, appraisers can look at homes through Realtors’ or homeowners’ smartphone cameras—measuring and inspecting rooms without ever viewing the property contacts. Incenter Appraisal Management President Mark Walser believes more of this is currently happening…
Week of August 23-29, 2022
Red hot housing market will influence reappraisal
Hendersonville Lightning – Online
… Assessors are getting to the short rows of a four-year-long process to stamp a value on all 69,422 parcels of real property — 68 percent of which have a structure on them. State law requires counties to reassess real estate at least as often as every eight years. Since 1995, Henderson County has opted to reassess every four years. The goal of the reappraisal is to assess all real property at 100 percent of its market value as of Jan. 1, 2023, Burgess said. The revaluation team is made up of a manager, nine appraisers, an analyst and a clerk, and the field appraisers began visiting parcels in 2019. The team has trained sights on 94 percent of the nearly 70,000 parcels, Burgess told commissioners, and will visit the rest by Jan. 1…
CAUTION - Solar Loans May Prohibit Added Appraisal Value
ActiveRain
There's been a lot of confusion amongst the public and realtors especially about solar loans versus owned solar systems. Homeowners are being told by solar companies that these loans help them to buy solar panels and own them. This is a partial truth and may not apply to every system or homeowner scenario...
Farmland prices soar, making it even harder for young farmers to break in and grow
Iowa Public Radio Online
… Economists and appraisers attribute the increase to a number of things: good crop prices, a global food shortage, low interest rates, inflation and record high government payments — largely from the coronavirus pandemic.
Ross Valley schools OK up to $17K for appraisal at children’s center
Marin Independent Journal
The Ross Valley School District will bring on an appraiser to evaluate the Fairfax-San Anselmo Children’s Center as part of a plan to transfer ownership to the center’s operators.
URW sells Californian retail park for 537.5 million dollars
FashionUnited - United Kingdom
Unibail-Rodamco-Westfield (URW) has sold Westfield Santa Anita for 537.5 million dollars to a real estate investor who operates retail assets in Southern California.
Fitz: Looking forward after the St. Louis flood of 2022
St. Louis Post-Dispatch Online
… It is time to consider a Negative Appraisal Adjustment. The value of homes are appraised biennially. The negative adjustment would be an amount deducted from the appraised value of flood-damaged homes. Each home would then have a lower adjusted appraisal…
Mortgage Rates Jump Nearly Half A Percentage Point As Housing Market Retracts
Forbes Online
Rates for home loans jumped this week, continuing the up-and-down pattern seen for months now. What’s more, home shoppers are showing signs they are losing interest as a result of rising mortgage costs and home prices…
AI president speaks to appraiser recruitment, more misconceptions
Valuation Review
Subscription required. User agreement prohibits sharing with non-subscribers.)
Appraisal Institute (AI) President Jody Bishop [MAI, SRA, AI-GRS] offered much insight and analysis of the profession as we talked from the AI conference recently held in Las Vegas.
Chief appraiser discusses apprentice program, short and long-term rentals
Valuation Review
Julie Friess [SRA, AI-RRS] is the chief appraiser at Sedona Appraisal Research Associates, where she and her team established Appraisal Camp, Sedona. This is a real estate appraiser apprenticeship program in cooperation with the U.S. Department of Labor Office of Apprenticeship, Program (#2021-AZ-80465). It also is part of Apprenticeship Arizona. ..
Week of August 16-22, 2022
Farmland prices soar, making it even harder for young farmers to break in and grow
High Plains Public Radio
… Farmland values have been rocketing up across the Midwest, for the last year and a half. Farms in Iowa have sold for as much as $25,500 an acre with values increasing 26% in the state over last year and 18% in Illinois, according to data from the Federal Reserve Bank of Chicago. On average, prices rose 25% in Nebraska, and 23% in Kansas over the last year, according to data from the Federal Reserve Bank of Kansas City…
American dream of owning a home out of reach for many in tight markets | US economy
Texas News Today, ExecReview, Swift Telecast, Yahoo Singapore, Business Telegraph, Business Fast
Samantha Hawkins had a clear vision for her first home: the 29-year-old from Austin, Texas, wanted a detached house surrounded by a yard for her dog, a garden and a stable space where she could put down roots…
A small Gloucester County borough has been named one of the hottest zip codes in the country
Press of Atlantic City Online
One of Gloucester County’s smallest municipalities — a place created in the 19th century as a resort for wealthy Philadelphians — is a home-buying hot spot…
Valuation Review
The Appraisal Institute (AI) Board of Directors elected Paula Konikoff [MAI, AI-GRS] vice president at its annual conference in Las Vegas. Her one-year term as vice president will begin Jan. 1. and she’ll also serve for one year as chair of the Finance Committee…
Week of August 2 - 6, 2022
Fannie Mae is Bullish on Appraiser Trainees
Appraisal Buzz
Appraisers who have had the opportunity to participate in an appraiser conference recently have probably noticed a recurring theme from Fannie Mae – the importance of supervisory appraisers training the next generation of appraisers.
Challenging Your Property Assessment
Money Wise
Homeowners love the fact that property values have gone through the roof this past year, but there’s a downside. If you haven’t gotten your latest property assessment, you could be in for a shock. Your property tax assessment will probably rise right along with your home’s value…
Did you win the “discount apartment” lottery? These are the important things to know
Tek Deeps
In the coming weeks, about 5,500 citizens, young couples and families are expected to receive one of the most important and joyful phone calls of their lives. On the line will be a representative of the Ministry of Construction and Housing who will inform them that they are among the lucky winners of the lottery in which they participated last month for a new apartment as part of the “discounted apartment” program…
VA now accepting desktop and exterior-only appraisals
HousingWire
The Department of Veterans’ Affairs announced last week that it would allow desktop and exterior-only appraisals for some transactions.
Week of July 26 - August 2, 2022
LIVE: AI welcomes appraisers to Las Vegas
Valuation Review
The 2022 Appraisal Institute (AI) Annual Conference is underway, and Valuation Review is live in Las Vegas to cover the event. A wide variety of appraisal topics will be discussed during the next two days at the Bellagio Hotel & Resort…
Home Appraiser vs. Home Inspector: What’s the Difference When Selling a Home?
homelight.com
New book addresses real estate arbitration for appraisers
Valuation Review
Arbitration is increasingly seen as an efficient and cost-effective alternative to litigation. Valuation professionals are often called on to serve as arbitrators, expert witnesses and consultants in arbitration matters, according to a book published by the Appraisal Institute (AI)…
Week of June 28 - July 5, 2022
NUMBER OF IOWA FARMLAND AUCTIONS AT RECORD HIGH, PRICE RECORDS BEING SHATTERED
Agri Marketing Online
(This article was written by Jim Rothermich, MAI)
June 2022 came in with a record-setting 19,735 auctioned acres for the month, more than doubling the previous record of 8,961 acres in June 2021. Farm realtors tell me most of the land going to auction is from estate sales. Heirs of these estates are taking advantage of the historically high land prices, loosening the grip on farms that have been held tight for generations…
Property Appraiser: Leon County real estate value soars by 9.3%
Florida Dispensaries, Spot On Florida, Florida Politics
Florida’s capital city, like the rest of the state, is witnessing a surge in real estate values that could eventually result in residents paying more in property taxes depending on what actions local governments take in the next few months. Leon County Property Appraiser Akin Akinyemi announced that taxable property values have increased 9.33% over last year, which is the largest increase in over a decade…
Kan. court reverses property tax decisions favorable to Walmart, Sam’s Club
Hays Post, Great Bend Post, Junction City Post, Hutch Post, The Salina Post, The Kansas City Star Online The Kansas Supreme Court waded into a simmering dispute Friday in the appraisal industry on valuing real property of big-box retails stores by overturning lower court decisions rejecting Johnson County’s evaluation of nine Walmart Inc. and two Sam’s Club stores. Walmart took legal action to challenge methods used by Johnson County that resulted in 2016 and 2017 appraisals nearly double 2015 tax values for the properties. The case raised questions about whether standards set forth in law by the Kansas Legislature were appropriately applied…
Tampa Bay property values bring record revenues, but not necessarily lower taxes
Tampa Bay Times Online
Hammers and nails helped build a looming $43 million property tax windfall for the city of Tampa. The sizzling housing market produced it, said Tampa City Council member Orlando Gudes, and “that money needs to be put back into housing… New construction is up 33% in Pinellas County, breaking the $1 billion mark for the first time since 2008, said Pinellas County Property Appraiser Mike Twitty [MAI]. It’s a boom that’s led to a 13.1% increase in Pinellas County’s taxable values, double the increase seen last year…
FDIC economist to address ASA conference attendees
Valuation Review
The American Society of Appraisers (ASA) announces the selection of LaVaughn Henry as its keynote speaker for the 2022 ASA International Conference (ASAIC22), Sept. 10-12 in Tampa, Fla., and virtually… The ASAIC22 is celebrating its 85th year, will be available in a hybrid format featuring live and virtual programing, will feature 65 educational sessions across six discipline tracks and is supported by Valcre, Knowcraft Analytics, Suncorp Valuations, Borrowman Baker, LLC, FleetEvaluator, Business Valuation Resources, Mynarski International Valuation, Appraisal Institute, Tagnifi, Quantum Leap Software Solutions and Harry Davis & Co…
A conversation with Fannie Mae’s Keisha Wilkinson
Valuation Review
At the 2022 National Association of Appraisers Conference and Trade Show, Fannie Mae Single Family Marketing Lead Associate Keisha Wilkinson said appraisals are the foundation of how Fannie Mae manages collateral risk…
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Homeowners weren't the only people to find surprising appraisal notices in their mail this spring. The Harris County Appraisal District issued 100,000 commercial notices this year, and though tax experts say appraisals rise every year, some city officials and CRE experts were shocked by just how high and fast values spiked — most especially for multifamily properties…
LCAD working to solve glitch in system that double-charged homes
KLBK
The Lubbock Central Appraisal District is actively working to solve a recent upload failure that has resulted in doubling the value of some homes. When a zip file with information wasn’t successfully uploaded, those at LCAD tried to re-upload the file. When that happened, it actually doubled the improvements instead of just putting in one house. Meaning, they ended up charging two houses for one…
In the Real World with the Real Appraisers
Appraisal Buzz
Today’s Buzzcast interview is with Woody Fincham [SRA, AI-RRS], Founder of Fincham and Associates. We sat down with Woody and Joan Trice, Founder of Allterra Group, LLC, to discuss what’s going on with the boots on the ground appraisers in the industry...
Does affordable housing depreciate nearby property values?
KTXL-TV Online, KRON-TV Online, Invest Money UK, WGHP-TV Online, WCMH-TV Online, The Local Report, News Nation Now, WLNS-TV Online
(This story was published in an additional 57 outlets.)
Recently, inflation has hit all-time highs. While prices at grocery stores and gas stations have most of us tightening our purse strings, it’s the rapidly increasing housing costs that will have the most repercussions on the working class… Local real estate appraiser Gary Crabtree [SRA] reported in his “Crabtree Report” that list prices for homes currently on the market were up 32.2 percent year over year. ApartmentList.com found the average rent in the United States rose 16 percent year over year…
Week of June 21 - 27, 2022
As millennials age, quest for a home grows even more desperate
The Santa Fe New Mexican Online
Twenty years ago, builders of custom homes legitimately claimed they could build a new house cheaper than what it cost to buy an existing home of equal size and quality. They promised future homeowners instant equity.
Desktop appraisals usher in new era for mortgages, speeding up & simplifying the process
Fox13, WFLD-TV Online, WTXF-TV Online, KTTV-TV Online, WITI-TV Online, WAGA-TV Online, FNTalk.com, Love by Life
The process to get a new home loan typically takes around 30 days or more, according to Rocket Mortgage, with part of the reason being the time added for appraising a home and its inspection. But now, technological advancements in the mortgage industry are steadily changing that appraisal process. Desktop and digital appraisals, which became more widely accepted during the COVID-19 pandemic, are simplifying the process within the mortgage industry and reducing the time it takes for consumers to obtain a mortgage…
Unaffordable: California home prices break yet another record. How do we compare to US?
MSN Travel, The Fresno Bee Online, The Sacramento Bee Online, Tribune Online
The median sale price of a single-family home in California broke yet another record in May, placing the prospect of homeownership out of reach for more residents of the Golden State…
Staying Relevant in the Appraisal Industry
Appraisal Buzz
Class Valuation, McKissock, and DataMaster present this webinar on how appraisers can stay relevant in the industry. Join us for our upcoming webinar, “Staying Relevant in the Appraisal Industry” on June 28th at 2 pm with Mel Black, Matt Simmons, Jared Preisler [SRA, AI-RRS], and Lamar Ellis [MAI, SRA]. We sat down with one of our hosts, Lamar Ellis, to get the inside scoop on this upcoming webinar.
Week of June 14 - 20, 2022
A wave of buyer's remorse is washing over London's cooling real estate market
CBC News Network Online
Real estate professionals in London, Ont., say they're seeing an increasing amount of buyers remorse now that the city's real estate market has started to cool. Some buyers are considering backing out of deals made months ago when the market peaked…
AI book explores complex land valuation solutions
Valuation Review
Appraisers encounter many situations in which the value of land must be estimated, and some of these situations can present complex challenges, according to a book published by the Appraisal Institute, AI announced in a release…
Demand in a low inventory market drives home sales
News-Topic
Home values will continue to increase as demand exceeds supply in June 2022. The millennial first-time homebuyer (average age between 26-35), and the under-building of new homes are responsible for this home-buying boom…
Travis County landlords are facing sharp increases in inflation-driven costs this year, leaving rental property owners with unappealing choices: absorbing these expenses or passing some of that on to their already-strained tenants.
Week of June 7 - 13, 2022
The case for a career as a commercial real estate appraiser - by Anthony Graziano
New England Real Estate Journal Online
Finding people to fill jobs seems to be a common problem across industries these days, and the commercial appraisal field is no exception. According to the Appraisal Institute (AI), research shows the number of appraisal professionals has been shrinking at a rate of 2.6% per year for the past several years. The association anticipates sharper declines on the horizon due to a convergence of issues – an aging industry and fewer new entrants coming in to replace those that are retiring out. In fact, the AI estimates that more than 70% of the nearly 78,000 commercial and residential appraisers in the profession are 50+ or older.
Idaho lawmakers hire firm to appraise federal public lands
The Wichita Eagle
Idaho lawmakers have hired a Utah company to appraise federal land in three counties to determine how much tax revenue the land would generate if it was privately owned and subject to property taxes…
Valuation Review
Paula Konikoff [JD, MAI, AI-GRS] was nominated for the 2023 Appraisal Institute (AI) vice president position by the AI National Nominating Committee at its May 11 meeting in Chicago. National Nominating Committee Chair Rodman Schley [MAI, SRA] then submitted the committee’s nomination to the AI Board of Directors at its May 12 meeting, AI announced in a release…
Week of May 17 - 23, 2022
Bakersfield home prices still rising, home sales decline
KGET-TV Online
The Crabtree Report has released its data for the month of April. Bakersfield real estate appraiser Gary Crabtree [SRA] said the market is transitioning to “peak season.” Home prices are still rising, and Californians living in pricier urban areas are looking to move here. Home listings have seen a huge jump, climbing nearly 36 percent from March and 34 percent since last year…
Are virtual appraisals here to stay?
Main Street Nashville
When COVID-19 reached the United States and stay-at-home orders were put in place nationwide, many industries and professions, including real estate, shifted to working remotely… Originally put in place as a temporary emergency measure to the health risks of COVID-19, the Federal Housing Authority gave permission to appraisers for optional “desktop appraisals.”… In the traditional sense, an appraiser is hired by a mortgage lender to perform an inspection of a home’s interior and exterior conditions. An appraisal considers several factors including the location, building site, structure of the home, square footage, condition and amenities. The findings are then reported on a standard Fannie Mae and Freddie Mac form called the Uniform Residential Appraisal Report…
Expert Insights: Modernizing the Appraisal Process
MReport
From desktop and hybrid appraisals to leveraging artificial intelligence (AI) and machine learning, the appraisal industry has truly modernized in more ways than one within the last decade. The pandemic accelerated the industry’s appetite for new advancements, and it is only a matter of time before they are fully embraced by the GSEs (government-sponsored enterprises) and the industry as a whole…
Week of April 25 - May 2, 2022
What appraisers look for: Home improvements that pay off
KTTV-TV Online, KRIV-TV Online
Home prices are still sky-high. But if you’re looking to sell your home, there are some improvements you can make to help ensure you get the highest price you can.
The key to maximizing your appraisal is to keep up with the Jones', to improve your home to about the same level as your neighbors have improved theirs.
"We don’t want to go too far over what’s standard for the market. And we don’t want to be too far below," said Audrey Herndon [SRA], a State Certified Residential Appraiser, and a member of the Appraisal Institute…
Company exec, economist offer remote working tips
Valuation Review
(Subscription required. User agreement prevents sharing with non-subscribers.) In its “Appraisal Firm Remote Work Tips for Success” blog authored by Realquantum CEO Jeff Weiner, the company executive outlines advice for successful remote working. One can be productive working from home but if you cannot operate remotely, some suggestions were offered…
Valuation Review
(Subscription required. User agreement prevents sharing with non-subscribers.) The Move to ANSI Standards webinar was held on March 31st. During the program, audience members submitted a number of questions. Hamp Thomas, real estate appraiser at Carolina Appraisers, has generously taken the time to answer some of those. We hope these answers/insight will be beneficial to our subscribers moving forward. Stay tuned to Valuation Review for more updates…
New Technology Changing the Industry for Appraisers
Appraisal Buzz
Today’s Buzzcast interview is with John Liss, Founder and CEO of True Footage. We sat down with John and Joan Trice, Founder of Allterra Group, LLC to discuss technology changes in the industry and what it means for appraisers in the industry…
A mortgage giant crunched 47 years of housing data. Here's what it found
Inman News Online
A new home price index compiled by Fannie Mae estimates that national home prices were up 20 percent during the first quarter of 2022 — the fastest annual pace of growth in records dating back to 1975…
Week of April 4-11, 2022
President’s message: The PAVE Action Report - by Brad Hevenor [MAI]
New England Real Estate Journal
The Appraisal Institute has launched a website with up-to-date information and resources regarding the PAVE Action Plan for appraisers, consumers, and other stakeholders. Given the implications for real estate professionals and other stakeholders, I recommend reviewing materials already provided on the website and checking in from time to time for new developments…
NEXT GENERATION OF APPRAISERS: PROFILING AN UP-AND-COMING (NEW) APPRAISER WorkingRE
For an industry that has long predicted its own demise, it is a pleasant surprise that appraisers have actually been busier than ever—more in demand than ever—over the last two years. Against this backdrop of increased demand for appraisal services as well as a changing environment for valuations within the industry itself, a brave few who see a future in this industry and seek to join its ranks have stepped forward…
Hillsborough appraiser says tax notices will show record numbers this summer
WFLA-TV Online, News Break
One Hillsborough County Property appraiser said the surge in real estate values are likely to negatively impact property owners late this summer. According to Bob Henriquez, property taxes are likely to hit record numbers with some seeing nearly a 20% increase overall. New homebuyers will be most affected…
CFPB director issues statement on PAVE announcement
Valuation Review
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra issued a statement regarding the final report of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), according to a release from the CFPB…
Lubbock residential property taxes reach record high in 2022
KLBK
Lubbock Central Appraisal District mailed out over 133,000 notices on April 1, 2022. Experts said that this year’s 16% average increase beat 2021’s shocking average of 10%. Lubbock Central Appraisal District’s Chief Appraisal Administrator Tim Radloff said that in his 20+ years in appraisals, he’s never seen the values appraised this high before…
Week of January 24 - 31, 2022
New England Real Estate Journal
… Educational and other requirements have become more onerous with each passing year. Professional associations continuously refine methodology. The Appraisal Institute, Society of Real Estate Appraisers, and local organizations such as the Mass. Board have embraced the academic side of appraising. At the same time, federal and state courts continue to make rulings with which testifying expert appraisers must comply. In eminent domain cases, it is quite common for an appraiser to take the stand and quickly be put in a difficult position because the appraisal assignment is so unique and evidentiary standards are so strict. How do you put a specific value on elusive property rights, partial takings, easements, leaseholds, complicated income properties, and even [gulp] time-shares? A distinguished superior court judge took a long look at time-shares and was not able to state what exactly they represent in the bundle of rights…
Week of January 4 - 10, 2022
Helena home prices surged more than 26% in 2021
Independent Record
In 2021, housing prices in the Helena area grew more than they did during any other year in at least a decade. Housing prices rose an average of 26.14% over where they were in 2020. Real estate appraiser Shaun Moore [Practicing Affiliate], of Moore Appraisal Firm, said he has never seen an increase so drastic in his 21 years in the business…
Week of December 7 - 13, 2021
The Supply Chain Revisited – Interview with Greg Stephens
Appraisal Buzz
The current supply chain shortage has now been impacting the real estate industry for months… Join our free upcoming webinar on December 14th at 3 pm, “The Supply Chain Revisted” with our hosts Greg Stephens [SRA, AI-RRS], Bill Garber, Jessica Lynch, and James Heaslet. These experts will examine how real estate professionals can navigate these supply chain issues and revisit some of the points made in their June webinar, “The Supply Chain Reaction.”…
A Practical Guide to Hotel Appraisals
Hospitalitynet
… An analysis of the subject property’s neighborhood which is defined as “a group of complimentary land uses; a congruous group of inhabitants; buildings or business enterprises” (The Dictionary of Real Estate Appraisal, Sixth Edition, Appraisal Institute, 2015, page 156). The neighborhood area has a direct impact on the real estate surrounding it…
December 2021 Demo Day : Incenter Appraisal Management
HousingWire
RemoteVal is a powerful new remote appraisal inspection tool takes all the time and labor-saving promise of remote valuations and makes it real. Appraisers maintain full control so they can deliver USPAP compliant appraisal reports that meet their professional standards while lenders benefit from turn-times cut from weeks to days…
How did the pandemic change the state of the appraisal market?
HousingWire
“On a purchase loan, the timing of the appraisal is even more important because it could delay a closing and throw off a borrower’s entire offer, making them less competitive in the market,” said Brian Zitin, CEO at Reggora. “With desktop appraisals now a permanent option, we should expect to see some of the traditional pressure on turn times alleviated. It should also benefit borrowers by creating cheaper appraisal options for them, depending on their needs and situation.”
Week of November 23 - 29, 2021
US home sales on track for the best year since 2006
CNN
Despite low inventory and rising prices, home sales inched higher in October, marking a second straight month of growth, according to a report from the National Association of Realtors… "Any buyers who are competing to buy with mortgages, especially if they have FHA, VA mortgages which have more involved appraisal processes, may find it very difficult to compete against all cash," said Yun…
Week of November 2 - 8, 2021
FTC Finalizes Safeguard Rules for Non-Bank Financial Institutions
Martindale.com
On October 27, the FTC announced a final rule amending the Standards for Safeguarding Customer Information, known as “the Safeguards Rule,” under the Gramm-Leach-Bliley Act, which is applicable to a broad range of non-banking financial institutions, such as check-cashing businesses, payday lenders, mortgage brokers, nonbank lenders, personal property or real estate appraisers, professional tax preparers, courier services, and credit reporting agencies to develop, implement, and maintain a comprehensive security system to keep their customers’ information secure…
APPRAISERS, THIRD-PARTY INSPECTIONS AND THE RISE OF HYBRID APPRAISALS
Consumer Bankers Association
Hybrid appraisals, also known as bifurcated or desktop appraisals, have a decades long track record of reliability. This type of appraisal has the subject’s inspection completed by someone other than the appraiser, commonly referred to as a bifurcated process. The inspection results are then shared with the appraiser who does the analysis and estimates the type of value required by the client. For example, market, disposition, quick sale, etc. Hybrid appraisals have historically been used in the home equity, mortgage portfolio, REO and mortgage insurance termination channels for years because of their success…
Week of September 14 - 20, 2021
Mid-Atlantic Real Estate Journal
(This article was written by Michael J. Acquaro-Mignogna, MAI, SRA, AI-GRS.)
The AI’s government affairs specialists have been working to enact state legislation limiting the time in which civil and administrative actions against appraisers can be filed following the date the appraisal was performed…
What’s key amid private lending sector appraiser crisis?
National Mortgage Professional Magazine
The COVID pandemic is forcing a change in the mind-set of appraisers as they attempt to negotiate through a crisis in the private lending sector, according to John Tedesco (pictured), senior VP of business development at Appraisal Nation…
North Carolina Chapter of the Appraisal Institute (NCAI)
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