Appraisal News and Business Tips

7-6-17 Newz: Tech Trends in 1776 .Arms-length transactions .Zillow vs. McMansions

8 Hottest Tech Trends in 1776

Just For Fun!! Take a break from writing up those darn reports. Is there any appraiser who likes writing reports. Not me ;>

Excerpt: At that time, the “best” technology available was the printing press and the “best” social network required the use of “word of mouth” in Public Houses… But while all this was going on, there were a bunch of entrepreneurs and a few startups that changed the world.
  1. Underwater warfare
  2. Telling accurate time
  3. Underwater exploration
  4. Indoor plumbing
  5. Kitchen stove
  6. Electricity
  7. Mechanical motion
  8. Multitasking
My comment: check out this great article!! It is only 2 days after July 4, so I decided to include this very interesting article by Shelly Palmer one of my favorite tech writers!

Arm’s-Length Transactions, Market Value and Related Parties, Part 2 By Richard Heyn, SRA

Excerpt: So while a non-arm’s length transaction may be a red flag that can point to an above or below market value transaction, the bottom line is that ALTs may or may not take place at market value.
Another area of misconception among appraisers regarding ALTs involves the application of the term “related parties.” Unfortunately, the term “related parties” is not defined in any authoritative appraisal-related literature that I am aware. The term is, however, defined in accounting standards and by the Internal Revenue Service, most notably in the IRS guidelines for exchanges of like-kind properties.

My comment: the excerpt above is from part 2, above is the link for part 1. I have read several long threads online about this topic. Lots of confusion. Rich’s articles are Most Excellent. Read These Articles!

Lowest price appreciation cities

Excerpt:”13 of the bottom 25 markets are exclusively in the States in the northeast portion of the country including New Jersey, New York, Connecticut, West Virginia, Pennsylvania, and Ohio. Many of these markets are characterized by consistent population declines – often over decades,” says Fox. “Atlantic City is forecast to be the worst performing market over the next year with 3.0% depreciation expected.” Fox continues, “Connecticut and New Jersey look particularly weak. But, this does not mean every Northeastern market will fare poorly. In New York, Queens and Brooklyn (Kings Co.) are expected to do very well.”

My comment: The article has the lowest and highest appreciation markets. Very interesting comparison with all put on a U.S. map plus interesting infographics. I am so used to daily price appreciations, multiple offers, etc. it is sobering to see that not everywhere is doing well. None of the declining markets are in the west. Of course, we do have big declines when the market declines, as it always does eventually.

In the July issue of the paid Appraisal Today

 

Vacation time for appraisers. Just Do It!! by Doug Smith. A Very Timely Topic!! 

 

Excerpt: Stealth Vacations
Some appraisers choose to take a “stealth” vacation. They don’t let their clients know they are on vacation and some even take work with them working off laptops to maintain client continuity. This may work for some, but for most, it is best to call or e-mail key contacts at least two weeks in advance before leaving.

Some appraisal management companies such as LandSafe and many others have a place on their website for listing vacation times. Some Appraisal Management Companies e-mail a vacation form each year. The VA provides a system for pre-notification of being away from the office when orders will be diverted.

To read the full article with tips on returning from vacation, 

handling business while on vacation, and other topics

, plus 2+ years of previous issues, subscribe to the paid Appraisal Today.

 
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One in Three Recent Homebuyers Made an Offer Sight-Unseen-Up from Nearly One in Five a Year Ago

Excerpt: One-third of people who bought a home in the last year said they made an offer on a home without first seeing it in person. That’s up from 19 percent last year and from 21 percent two years ago. Millennials were even more likely to have made an offer sight-unseen, with 41 percent saying they had done so, compared with 30 percent of Gen-Xers and 12 percent of Baby Boomers.
My comment: plus data on what affects buying: affordability, immigrants, political views, etc. Very Interesting to understand buyer behavior. And, why home prices keep going up. Also very tough for lender appraisers!!

Zillow Backed Down After Threatening A 23-Year-Old Woman Over Her Popular Blog – McMansion Hell

Excerpt: Earlier, real estate website Zillow demanded that Kate Wagner delete photos from her popular architecture blog, McMansion Hell. But after she refused to comply Thursday, relaunching the blog with all the photos still there, Zillow backed down and opted not to pursue legal action.
My comment: I posted a link to McMansion Hell with all the funny, sarcastic comments in the photos. Interesting story. Worth reading!!!

Appraiserville – McMansion Hell, skateboards and appraising, the future of appraising, etc. By Jonathan Miller

My comment: Great posting last Friday by Jonathan Miller. Scroll down to read lots more about Zillow and McMansion Hell. Plus Appraiserville skateboard video, comments on future of mortgage appraising and are home appraisals always necessary.
Sorry, no MBA loan application stats this week. The data was not available until Thursday, after I send this email newsletter, due to the Tuesday July 4 holiday. Some people were working Tuesday, but not many. 

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