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Appraisal ADU Price Per Sq.Ft.?

Newz: ADU Price per Sq.ft.? Time Adjustments Insanity

February 14, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Divorce – no interior access allowed
  • Should accessory dwellings be valued at the same price per square foot? By Ryan Lundquist
  • $4 Million Midcentury Modern ‘Casita’ Complete With a Wacky Circular Kitchen in Rancho Mirage, CA
  • Time Insanity, Part 7 of a 12 part series: GSE Guidelines Time Adjustments
  • The irony of replacing appraisers with technology By Tony Pistilli
  • Home Values To Plunge in ‘Climate Abandonment’ Zones Total loss of property value projected to reach $1.47 trillion
  • Mortgage applications increased 2.3 percent from one week earlier

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Should accessory dwellings be valued at the same price per square foot?

By Ryan Lundquist, February 4, 2025

Excerpts: Should accessory dwelling units be valued at the same price per square foot as the main house? This question came up recently, and many people believe the price per sq ft of the house should simply extend to the ADU. This post isn’t targeted at any one person, but I have a different perspective that I’d like to share.

Comps

When we look at comps with an ADU, do we see a value that resembles anywhere close to what the ADU equation above suggests? In other words, if the house was worth $800,000 and we added a 750 sq ft ADU, would that really add $200,000 in value? Or would a 400 sq ft ADU on a $450,000 house really add $163,640 in value?

What do the comps say? That’s the question we ask about solar panels, a kitchen remodel, a new driveway, or a house with an ADU. I find looking to the comps can sound like a very frustrating solution, but the focus is really simple. What are buyers willing to pay? That’s always the question.

Closing thoughts

I realize there are situations where the appraised value of an ADU legitimately comes in too low, and there is no excusing that. So, just as I recommend caution in using an arbitrary math formula, appraisers need to be careful to not just pick a number that doesn’t make any sense when we think about data and the income being produced by the ADU.

All I’m saying is the ideal is to scour comps, do our best to discover value, and support the value in whatever credible way we can. And my concern is if listings are priced without consideration of comps or data, it could result in properties not selling and/or appraisal issues in the future. Know what I’m saying?

To read more, including over 40 comments, Click Here

My comments: Read the article. Good examples, tables and graphs, but too long to put in this newsletter.

Read more!!

Posted in: ADUs, climate change, liability, Mortgage interest rates, time adjustments

Climate Change and Home Values

Newz: Waivers Increasing, The New URAR: Markets vs. Neighborhoods , Climate Change and Home Values

February 7, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Should I consider this an actual claim?

  • How Climate Change Could Upend the American Dream – Declining Home Values

  • A Sporty Paradise in Your Own Backyard: 5 Homes With Awe-Inspiring Athletic Amenities – From Hockey Rinks to Boxing Rings

  • Trump’s War on DEI: Immediate Effects for Appraisers

  • The Full Measure: January 2025 Housing Market Insights for Appraisers

  • Waivers Increasing and Trends Over Time

  • There Goes the Neighborhood…The New URAR: Markets vs. Neighborhoods

  • Mortgage applications increased 2.2 percent from one week earlier.

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How Climate Change Could Upend the American Dream

Declining Home Values

Excerpts: Americans have long accumulated wealth by owning their homes, but a new study predicts that spiking insurance rates and climate disasters now herald an era of widespread losses.

One little-discussed result is that soaring home prices in the United States may have peaked in the places most at risk, leaving the nation on the precipice of a generational decline. That’s the finding of a new analysis by the First Street, a research firm that studies climate threats to housing and provides some of the best climate adaptation data available, both freely and commercially. The analysis predicts an extraordinary reversal in housing fortunes for Americans — nearly $1.5 trillion in asset losses over the next 30 years.

Climate change is upending the basic assumption that Americans can continue to build wealth and financial security by owning their own home. In a sense, it is upending the American dream.

To read more, Click Here

My comments: I hear about, and see, more listings that are including climate risk levels. I have not seen discussions on the future of home values in risky areas. I live 10 miles from a very risky area – Oakland CA hills. I am too far away to be at risk. My insurance company, State Farm, is requesting a 22% increase in homeowner’s insurance. Insurers have been not renewing individual homes for various reasons. Will I have to pay the same rates as the Oakland hills, which is very high risk and had a major fire in 2001?

I quit doing appraisals in the Oakland hills about 15 years ago due to high personal risk if a fire starts while I am there. Narrow, winding, one lane roads. Very difficult to escape from fire. Most of my city has risks from sea level rise and some parts have flooding risks, but my home is not included fortunately.

How will appraisers make adjustments for risky homes?

Read more!!

Posted in: bias, climate change, climate risk, Economic analysis, New URAR

Appraisals and the Cost Approach

Newz: DEI and Appraisers, New GSE Market Analysis Deadline Feb. 4

January 31, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Weather Impact
  • What is the Cost Approach to Real Estate Appraisal?
  • ‘Unparalleled’ 3-Mansion Compound on Miami’s Exclusive Palm Island Splashes Onto the Market for $150 Million
  • DEI and Appraisers
  • Fannie and Freddie Forecasts

  • Fannie, Freddie: New Market Analysis Requirements February 4th

  • Mortgage applications decreased 2.0 percent from one week earlier

 

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What is the Cost Approach to Real Estate Appraisal?

By Kevin Hecht

Excerpts: When to Use the Cost Approach

There are circumstances when it’s necessary to use the cost approach, for example, unique properties and new construction. The cost approach can also be used to support the sales comparison approach.

Fannie Mae only accepts the sales comparison approach as its primary valuation tool. However, that does not preclude an appraiser from also using the cost approach to substantiate their findings. And there are other lenders who may accept the cost approach over other real estate appraisal methods for certain properties or situations…

Some Disadvantages of Using the Cost Approach

There are inherent benefits of using the cost approach, especially when you’re tasked with challenging properties that have little or no comps. But there are also some downsides.

One of the primary disadvantages is the assumption that land is available for purchase to build an identical property. Land is a scarce resource. When comparable land sales are not available, the value must be estimated.

The bigger issue here is undervaluing the land costs based on scarcity. In real estate, location is everything. A small ocean-front cottage has its value because of the land it sits on, not necessarily its four walls…

Other disadvantages include how to depreciate an older property or find costs for similar building materials. This can be particularly tricky when using the reproduction method of the cost approach or appraising a historic home.

Appraisers should consider whether the cost approach is the best tool to use. In many situations, it’s best used in tandem with the sales comparison approach.

Tips for Using the Cost Approach

As part of our monthly survey series, we asked our community of real estate appraisers, “What’s your best tip for using the cost approach to appraise?” They shared many helpful comments, including common pitfalls to avoid as well as general advice and recommendations. Here’s what they said:

“Use and research valuable comps and educate yourself on the surrounding market.”

“Call local developers for better support on cost estimates. Make friends with builders.”…

To read more, Click Here

My comments: When I saw the article topic I thought it would be boring. Not! When I read it I realized it was one of the best on the Cost Approach I have read! If you only do GSE appraisals, you probably don’t use the Cost Approach very often, except for new construction. This article explains when and why. It also includes “basic” info such as reproduction vs. replacement. Keep it as a reference for the future when you may need to use the Cost Approach.

When I first started appraising in a Northern CA assessor’s office in 1975, the Cost Approach was the only approached used for decades for all properties. My supervisor devised a table based on square footage for homes which we used.

In the Oakland CA firestorm in 2021, many of the homes had reproduction replacement in their insurance policies. Many were historic homes with features that were very difficult to reproduce, assuming you could find anyone who still knew how to build them. The home owners with reproduction costs got very large payments from their insurance companies. Many had larger homes built with sometimes very unusual designs. The insurance companies learned their mistake and never offered reproduction again.

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3-Mansion Compound on Miami’s Exclusive Palm Island Splashes Onto the Market for $150 Million

Excerpts: 3 homes, 92,00 sq.ft. 300 linear ft. of water frontage

The pricey property, which initially debuted in 2023, was relisted in 2024 at the same price. Now, with Florida’s luxury housing market experiencing a major boom, the compound is back on the market with the same sky-high price.

“Potential buyers might include high-profile individuals like celebrities or CEOs, investors, entertainers or hosts, or luxury lifestyle seekers,” he tells Realtor.com®.

“This offering appeals to those who prioritize exclusivity and are willing to invest significantly for a unique, turnkey luxury compound.”

The trio of homes was assembled by owner Jorge Luise Garcia and the Adria, Maria, Adrian Almeida Trust. They were purchased separately over a period of 17 years.

The first of the three mansions was purchased in 2004 for $3.45 million, the second in 2019 for $13.9 million, and the third in 2021 for $17 million, for a total of $34.35 million, according to property records.

To read more, Click Here

Read more!!

Posted in: adjustments, appraisal business, bias, Fannie, forecast, Freddie

The Sales Comparison Approach in Appraisals

Newz: Shadowy AMC Fees, State Board Complaints, Borrower Questions

January 24, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Borrower Wants Answers Appraiser Can’t Give
  • The Sales Comparison Approach: A Cornerstone of Real Estate Appraisal
  • Waterfront Home in Boca Raton, FL $25,000,000
  • Metrics – What Poetry and Data Analysis Have in Common
  • The Shadowy AMC Fees Draining Billions from Homebuyers
  • Why Report a State Board Investigation or Complaint?
  • Trump signs executive order to reduce housing costs, but will it work?
  • Mortgage applications increased 0.1 percent from one week earlier

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The Sales Comparison Approach: A Cornerstone of Real Estate Appraisal

By Kevin Hecht

Excerpts: For experienced real estate appraisers, the sales comparison approach is more than just a method — it is a reflection of their expertise and competency in the marketplace. By mastering this approach and staying informed about industry standards and technological advancements, appraisers can ensure that their work meets the highest standards of professionalism and accuracy.

Challenges and Best Practices

While the sales comparison approach is a powerful tool, it is not without challenges. Appraisers may encounter situations where there is a lack of recent sales data or where the subject property is unique. In such cases, appraisers must exercise judgment and creativity to develop credible results.

Some common challenges include:

Inadequate Market Data: In markets with limited sales activity, finding comparable properties can be difficult. Appraisers may need to expand their search geographically or consider older sales, making appropriate adjustments for time.

Dissimilar Comparables: When the subject property has unique features, it may be challenging to find truly comparable sales. Appraisers must carefully analyze and adjust for these differences.

Unsupported Adjustments: Adjustments must be based on market evidence. Unsupported or arbitrary adjustments can undermine the credibility of the appraisal.

To overcome these challenges, appraisers should:

  • Conduct thorough market research to identify the best available comparables.
  • Use both quantitative and qualitative analysis to support adjustments.
  • Document their reasoning and methodology clearly in the appraisal report.

To read more, Click Here

My comments: Good reminders of the Sales Comparison Approach.

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Waterfront Home in Boca Raton, FL $25,000,000

Excerpts: 12 bedrooms, 11 baths, 12,709 sq.ft., 0.53 Acres, Built in 2016

Direct Intracoastal Point Lot with 256 ft of Waterfrontage and .53 Acres. Built of John Ross/ ROSSCO Const, the beauty of the lot is that it is sited on an expansive Nautical turn of the Intracoastal so it captures the gorgeous long North views.

There are 2 staircases, one with Marble & tile work by a Canadian Artist and banister designed by a metal artist and the owner, the other is a tree staircase The best part is you do not have to climb down the stairs as there is a hand crafted wooden Dragon Slide from the second floor to the foyer. The central slide seen from the front door is artizanally made from oak by local artist. The observation deck (covered) offers stunning views of the Intracoastal, and it includes another outside shower, and solar panels.

In the middle there is a 20 sitting Norse carved table with Helga and Magnus dragons protecting it. There are tile murals, stained glass windows and ceiling paintings all over the house, also thematic. The kitchen is dedicated to the Elements of Air and a story of its power is depicted on its ceiling.

To see the listing and 209 Photos, Click Here

My comments: Thanks to Joe Lynch for this listing with very colorful exterior and interiors!

Read more!!

Posted in: AMCs, appraisal how to, state appraiser regulators, Trump Changes

Market Condition (Time) Adjustments for Appraisals

Newz: Appraiser Loses License, Fannie Market Conditions Deadline

January 17, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Your Role as a Judge’s Appraiser
  • Market Condition Adjustments: A Comprehensive Guide for Appraisers By Jim Amorin
  • The Crocker Mansion, New Jersey 50,000 sq ft $ $33,000,000
  • LA: Both Ends Burning By Jonathan Miller, Appraiser
  • How a Chink in Your Armor Can Create an Ugly Outcome by Richard Hagar, SRA
  • Colorado Revokes Appraiser’s License, $97,500 fine
  • Mortgage applications increased 33.3 percent from one week earlier

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Market Condition Adjustments: A Comprehensive Guide for Appraisers

By Jim Amorin, MAI, SRA, AI-GRS

Excerpts: To effectively support market condition adjustments in line with recent Fannie Mae guidelines, appraisers can use a variety of market analysis techniques. These methods provide a solid foundation for demonstrating how changing market conditions affect property values over time. Below is a detailed explanation of each technique to ensure the adjustments are well-supported and align with market trends.

The goal is to make sure every adjustment is defensible, based on empirical evidence, and can withstand scrutiny from all stakeholders involved in the appraisal process. By applying these methods, appraisers can provide reliable, accurate valuations that reflect current market conditions and ensure the appraisal’s credibility and acceptance.

Author’s note: I may use time adjustments and market conditions adjustments interchangeably. This is shorthand that every experienced appraiser knows and understands – please don’t @ me

Market Condition Adjustments Illustration

Fannie Mae guidelines emphasize that adjustments made to comparable sales are based on market changes between the contract date of the comparable sales and the effective date of the appraisal. Depending on when the comparable sales occurred, adjustments can be positive, negative, or zero within the same appraisal report. Understanding these nuances is crucial for ensuring that time adjustments accurately reflect changing market conditions.

SEE GRAPH BELOW. FANNIE DOES NOT REQUIRE THiS TYPE OF GRAPH.

Additional Topics:

  • Paired Sales Analysis
  • Market Trends and Regression Analysis
  • Indexing Methods
  • CoreLogic’s Home Price Index (HPI)
  • S&P CoreLogic Case-Shiller Index
  • Use of Listings and Pending Sales
  • Subdivision or Neighborhood Analysis
  • And More

To read more, Click Here

My comments: READ THIS ARTICLE! Understandable with excellent illustrations. Goes over many topics. The best article I have read on this topic that is not too complicated and/or long.

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From Fannie: Lenders are encouraged to implement these appraisal policy changes immediately but must do so for appraisals dated on or after March 1, 2025.

Source:

© 2024 Fannie Mae SEL-2024-08 Selling Guide Announcement (SEL-2024-08) Dec. 11, 2024

Fannie Announcement:

Time adjustments in appraisals

“We added clarifying language to remind lenders and appraisers the use of home price indices (HPIs), statistical analysis, modeling, paired sales, or other commonly accepted methods are acceptable for supporting appraisal time adjustments. Fannie Mae encourages the use of these tools to provide supporting evidence for market trends and conditions.“

“Failure to make market-derived time adjustments when indicated by market data is an example of an unacceptable appraisal practice. Appraisal reports must summarize all supporting evidence and should include a description of the data sources, tools, and techniques used to determine the overall valuation. “

To read the Fannie notice: Click Here

Read more!!

Posted in: appraisal business, appraisal how to, bad appraisers, climate change

Appraising Unique Homes

Newz: GSE Privatization, 2025 Forecasts, Unique Homes

January 10, 2025

What’s in This Newsletter (In Order, Scroll Down)

My comments on topics: This newsletter is long. Almost all the news items I have received are 2025 Forecasts, so I have included some of them in this newsletter.

    • LIA: Disclosing Identity of Complaining Party
    • Why Selling a Unique Home Is Challenging — and Can Leave Some Owners Feeling ‘Stiffed
    • 2025 Housing Market Predictions: Key Insights for Real Estate Appraisers The National View
    • Real estate trends to watch in 2025 – The Local View
    • Appraisal Industry Outlook Under Trump Administration
    • Will Homeowners Finally Sell in 2025? Here’s What the Experts Say, Amid a Glimmer of Hope
    • GSE Privatization A ‘Herculean Task’
    • Mortgage applications decreased 3.7 percent from one week earlier

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!

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Why Selling a Unique Home Is Challenging — and Can Leave Some Owners Feeling ‘Stiffed’

Excerpts: When Ann Levengood decided to let go of her beloved double-dome home two hours outside of Seattle, she thought she did everything a seller needed to do to get a good price.

“We built a new garage and completely did the heavy work with a $50,000 new roof, new drainage, new retaining walls, landscaping (including removal of alder trees), interior was completely redone, new lighting, new skylights, you name it. We had zero tasks upon inspection,” she tells Realtor.com®

“The inspector had never seen such a clean house.” But when it came time to price the Poulsbo property, Levengood and her agent didn’t see eye to eye. While the proud owner wanted to price the house at $425,000, the cautious agent listed it at $339,000.

The problem? The house, with its double domes, was unusual.

Even so, the home took only two months to close a sale at full price, leaving Levengood with the lingering feeling that she had been stiffed. “I couldn’t even get agents to come out and see it,” she says.

Not only can it be more difficult to find the proper buyer for such a home, but it is also challenging to find comps.

To read more, Click Here

My comments: Worth reading the article. All appraisers appraise unique homes, which are often very challenging, especially for comps and market analysis. This article helps appraisers understand the difficulties in selling unique homes. I have never read about this important topic.

Read more!!

Posted in: appraisal, appraisal business, Economic analysis, forecast, GSEs, retirement, ROVs

Construction Code Violations and Expertise Appraisals

Newz: Appraiser Humor, Mortgage Rate Changes, New GSE Time Analysis

January 3, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA – Code Violations and Expertise
  • Mortgage Rate History Since 1971 What about 2025?
  • Hurricane-Proof $600K Dome Home on Florida’s Space Coast
  • Lyle Radke of Fannie Mae with George Dell, SRA, MAI, ASA, CRE to discuss upcoming changes by the GSEs on Time Analysis
  • Backers of most U.S. mortgages (GSEs) have done little about climate risks
  • Top Ten Reasons Why It Is Great to be an Appraiser – Humor
  • Mortgage applications decreased 21.9 percent from two weeks earlier

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!

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Mortgage Rate History Since 1971 What about 2025?

Excerpts: For many homebuyers, the last few years have felt like a perfect storm of challenges—soaring home prices and climbing mortgage rates colliding to limit affordability. It’s left many wondering if 2025 will finally calm the waters. Will rates dip low enough to bring some relief, or is another wave of increases on the horizon? While there’s no magic compass to navigate these market shifts, a look back at mortgage rate history can offer clues—and maybe even some hope for those waiting to make their move.

Despite the Federal Reserve’s 25-basis-point rate cut in November, mortgage rates have remained in the high 6% range, offering limited relief to borrowers. However, optimism persists in the market as many believe rates could continue to ease in the months ahead, potentially sparking renewed interest among buyers and homeowners.

While the history of mortgage rates provides valuable context, it’s important to recognize that average mortgage rates are just a benchmark. Borrowers with healthy credit profiles and strong finances often get mortgage rates well below the industry norm.

Current rates are more than double their all-time low of 2.65% (reached in January 2021). But if we take a step back and look at the history of mortgage rates, they’re still close to the historic average since 1971 of 7.73%

To read more and see the graphs and many links to more info, Click Here

Read more!!

Posted in: appraisal business, appraisal how to, climate risk, humor, Mortgage interest rates, time adjustments

Q4 2024 Fannie Appraiser Update

Newz: Q4 Fannie Appraiser Update, 2025 Mortgage Rates Forecasts Are Now Wrong

December 27, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad: Disclosing Identity of Complaining Party
  • Q4 2024 Fannie Mae Appraiser Update
  • Dramatic Concrete-and-Glass Santa Monica CA Masterpiece Designed by Famed Architect Ray Kappe Lists for $4 Million
  • Is Ethics a Spiritual Principle By George Dell, SRA, MAI, ASA, CRE
  • All those 2025 mortgage rates forecasts are now wrong
  • The New Con: Hybrids, Waivers & AMCs Threaten Public Trust
  • MBA: No data released until January 2, 2025

CHANGE THE YEAR ON YOUR TEMPLATES NOW TO 2025!
DON’T WAIT UNTIL AFTER 1/1/25!

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Mortgage forecast – loans predicted to drop 30% in 2014

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Read more!!

Posted in: AMCs, appraisal, appraisal waivers, Fannie, george dell, Mortgage interest rates, waivers

Appraiser Humor

Newz: Appraiser Humor, Data Cancer In Comps,
AMC Panel “Requirements”

December 20, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad: AMC Panel “Requirements”
  • 12 Days of Appraiser Christmas
  • Santa’s House returns to Zillow with new ‘Let Santa Know You Moved’ feature
  • The Town Where Santa’s Sleigh Is a Surf Boat in Mooloolaba Australia
  • You Are Not a Business Owner!
  • Data Cancer In Your Comps

  • Mortgage applications decreased 0.7 percent from one week earlier

 

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12 Days of Appraiser Christmas

NOTE on video: Click on image and it opens in Youtube.

Very funny!! 3.5 minute video

Here are two of the days: 8 mega mansions, 5 REOs

Many thanks to Gary F. Kristensen, SRA, ASA, AGA at A Quality Appraisals in Portland, Oregon.

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Read more!!

Posted in: AMCs, data, humor, liability

Appraising Unique Properties

Unique Properties, Rocket Mortgage Sues HUD, Trump Shifts in Housing Market?

December 13, 2024

What’s in This Newsletter (In Order, Scroll Down)

    • LIA ad – Each appraisal is unique
    • The Ultimate Guide to Unique Property Appraisals
    • America’s Most Expensive Property Is Sitting in a Flood Zone—Will Anyone Buy the $295 Million Estate?
    • Rocket Mortgage Sues HUD Over Regulatory, Enforcement Discrepancies
    • Donald Trump’s Second Term Could Bring ‘Significant Shifts’ to the Housing Market
    • Report: What’s Driving the Recent Refi ‘Boom?’
    • Mortgage applications increased 5.4 percent from one week earlier
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The Ultimate Guide to Unique Property Appraisals

Excerpts: When faced with a truly unique property, the standard approach of pulling recent comparable sales from the neighborhood simply won’t cut it.

These properties require a real estate appraiser with a different mindset and a more creative approach to valuation.

Here’s a quick break down of exactly how unique property appraisals differ from traditional approaches:

Breaking Down the Time Barrier

One of the most common misconceptions is that we can only use recent sales. For unique properties, this simply isn’t true. Here’s why:

Expanding Geographic Boundaries

Location matters, but for unique properties, finding truly comparable homes often requires the appraiser to look beyond the immediate neighborhood:

The Bottom Line

Appraising unique properties requires breaking free from traditional constraints while maintaining professional standards.

To read more, Click Here

My comments: Good summary of the issues. Read the details plus a table comparing traditional and unique properties. Almost all appraisers appraise unique properties, if only occasionally. This is written for real estate agents, but very useful for appraisers.

I regularly hear about AMCs trying to find an appraiser to do one of these properties. They keep shopping for low fees and fast turn times. After a while they finally go with the appraiser who can do them at a good fee and reasonable turn times.

If you can appraise unique properties you have a substantial advantage over less experienced appraisers. Now is an excellent time to try doing one, especially if your business is slow now.

Read more!!

Posted in: adjustments, AI, appraisal, bias, Economic analysis, forecast, future, Highest and Best Use, retirement, ROVs