ANSI Update

I have been getting questions from appraisers but did not have time to research this Very Hot Topic. Below is a link to purchase the new 2021 Standards.
There are lots of comments online. The first link below by Appraisersblogs allows comments which you can read and make your own comments. The second link is a short blog post by McKissock.
Purchasing the Standards document for $25 is a good idea—link at the end of this section. I purchased a copy, so I knew what it said. Hopefully, most appraisers who do GSE appraisals will get a copy. Disclaimers coming soon regarding ANSI, assessor’s offices, etc. Disclosure of what you use is an excellent idea.
For many years, I did relocation appraisals, where 2-3 appraisers appraised the same house before the sale. Sq.ft. by the appraisers was very seldom the same. We did future values, typically 90-120 days in the future. My most favorite appraisals. Every appraisal was a test of how close I came to the sales price.
ANSI Measuring Standard Required on April 1, 2022 – Comments allowed
By Appraisersblogs
Excerpts: includes Fannie’s 1-page “Standardized Property Measuring Guidelines” with good information.
Does following ANSI even reflect the market? Perhaps, adopting the ANSI standard will make the description of the subject property more precise. However, how is this going to help if Realtors, assessors, builders, and architects are not measuring by the same standard? Will this create a false sense of accuracy? Will there be a lot more discrepancies once the ANSI measuring standard is used by appraisers for the subject property while different measuring standards measure the comparable sales. And how do we apply the ANSI measuring standard on exterior-only appraisals, desktops, hybrids, and 2055s?
This blog post is a good place to read comments and leave your own. Over 35 comments. Click here to read.
Fannie Mae to Adopt ANSI Measurement Standard in 2022
Short blog post with good info
By: Dan Bradley (McKissock)
Excerpt: ANSI Z765 is a copyrighted document. A downloadable PDF is available for purchase from Home Innovation Research Labs for $25.00. The website can be accessed here:
To read more, click here


Santa’s Home Value Today and in 2018

Today: $1,031,401
Excerpt: Take a tour of Santa’s North Pole home on Zillow
Visit the Clauses’ remote property and take a virtual 3D tour of its elf village by visiting Santa’s home details page on Zillow Dec 15, 2021
The pandemic upended the housing market and changed the way we live. From how we work to our hobbies, life is different — including Santa’s. Santa and Mrs. Claus’ home is the ultimate Zen retreat, where they’ve been getting in shape, baking delicious goodies for the elves, and enjoying their time at home playing games and staying healthy.
Santa’s remote log cabin sits on 25 acres and has some unique features that pandemic-era home buyers will find appealing, including a floor-to-ceiling river rock fireplace, a hot cocoa tap, and a gourmet oven with 12 different cookie settings.
To see lots of photos and a tour (click on the 3D Home link on left),
To read the press release with more info, Click Here
Santa’s home value in 2018 = $764,389.
To calculate the value of Santa’s home in 2018, which is currently off the market, Zillow looked at comparable properties that are also in remote locations. Taking the median price of those homes, they added a “Santa premium” which brought the home’s total value to $764,389.


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I spend a lot of money in late December. Going shopping at Office Depot Monday. Donations. Amazon is also calling to me. I need a new Big Monitor!

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Don’t be like me and make these mistakes I made in early January 2021:
  • I did not get 2021 computer subfolders set up by 12/31/20 and put early 2021 appraisals and photos into my 2020 subfolder. I file my electronic appraisals, and my photos, by year.
  • I did not change my 2021 appraisal report templates before 1/1/21, especially those pesky templates I don’t use very often.
  • I kept writing 2021 on my personal checks. I am putting x/xx/22 on 5-6 of them (or more). Fortunately, Quickbooks keeps track of the year.
  • If you use calendars that have the full year on one page, throw them away or put them somewhere you won’t see the wrong calendar. I hate it when I used the wrong one sometimes last year.


Excessive Christmas decorating or not???

Excerpt: Built in 1998 by sister and brother Janet and Chris Munger, the stately stone house features an impressive circular driveway, manicured lawns, and elegant stonework.
Even so, the luxe exterior may be something you’ve seen before—that is, nothing out of the ordinary and similar to many other homes in the neighborhood.
But once inside, you’re greeted by a holiday display beyond compare. Life-size nutcrackers and other statues welcome you into the two-story grand foyer.
It’s looks as if Santa’s sleigh dropped off an entire year’s worth of work at the North Pole in one fell swoop. Throughout the house, there are a total of 238 angels, 115 religious statues, 38 life-size Santas, and 14 nativity scenes. And the decorations stay up all year.
The bathrooms fixtures are unique. Some toilets and sinks are pink, others are aqua with pebble accents. One of the master bathrooms has black fixtures.
To read more and see lots of strange photos, click here

Mortgage applications decreased 0.6 percent from one week earlier

Note: I publish a graph of this data every month in my paid monthly newsletter, Appraisal Today. I have been following this data since 1993. For more information or get a FREE sample issue go to or send an email to . Or call 800-839-0227, MTW 7 AM to noon, Pacific time.
Mortgage applications decreased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 17, 2021.
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index increased 2 percent from the previous week and was 42 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent compared with the previous week and was 9 percent lower than the same week one year ago.
“Mortgage applications fell last week, driven by a 3 percent decline in purchase applications. Both conventional and government purchase applications were down, while the average purchase loan increased for the second straight week to $416,200 – the second highest amount ever. The elevated loan size is an indication that activity is more on the higher end of the market,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Home-price appreciation growth remains faster than historical averages and inventory, particularly for starter homes, continues to trail strong demand.”
Added Kan, “The 30-year fixed rate decreased to 3.27 percent – its lowest level in four weeks – and helped spur an increase in refinances across all loan types. FHA and VA refinances jumped 4 percent and 12 percent, respectively.”
The refinance share of mortgage activity increased to 65.2 percent of total applications from 63.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 3.4 percent of total applications.
The FHA share of total applications remained unchanged to 9.6 percent from 9.6 percent the week prior. The VA share of total applications increased to 11.5 percent from 10.6 percent the week prior. The USDA share of total applications decreased to 0.4 percent from 0.5 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.27 percent from 3.30 percent, with points increasing to 0.41 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $548,250) decreased to 3.31 percent from 3.32 percent, with points decreasing to 0.27 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.34 percent from 3.37 percent, with points increasing to 0.36 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 2.59 percent from 2.58 percent, with points decreasing to 0.32 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 2.79 percent from 2.75 percent, with points remaining unchanged at 0.28 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
Please Note:
MBA’s office will be closed Friday, December 24, 2021, and will reopen on Monday, January 3, 2022. Due to the holiday, the results for the weeks ending December 24, 2021, and December 31, 2021, will be released on January 5, 2022.
Ann O’Rourke, MAI, SRA, MBA
Appraiser and Publisher Appraisal Today
1826 Clement Ave. Suite 203 Alameda, CA 94501
Phone 510-865-8041

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