12/28/17 Newz//Home prices since 1870, Change your templates!!, Very unusual airports

By on December 28, 2017   /   AMCs, appraisal business, appraisal management company, appraisal waivers, real estate market, weird properties   /   Leave a comment
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CHANGE YOUR TEMPLATES!!, computer folders, etc.

  • Appraisal template(s) forms, and narrative appraisals, proposals/bids, etc.
  • Set up new (sub) folders on your computer for 2018, such as 2018fotos and 2018appraisals. Every year, starting January 1, I keep using 2017 on my personal checkbook. I am setting up  about 10 checks with the year already on them so I finally will get this right ;>
  • Note: this depends on what you have already set up. Or, maybe it is time to think about setting up folders if you have difficulty finding files.

RECORD YOUR 1/1/18 AUTO ODOMETER READING AND DON’T LOSE IT!!

For your mileage log. I also always go to my mechanic for oil change, etc. to get an “official” odometer reading, which the IRS prefers. I learned a lot after miserably failing my IRS audit of my “recreated” mileage log as I did not have one.

Is Your Life Integrated? – George Dell

Tools for work, tools for life.

Excerpt: This time of the year for many is a time of reflection and hope. My reflection today is how some principles of our profession may be principles of a successful life; what those principles may be, and how they’ve contributed to my joy and sense of satisfaction and service.

Very interesting. Worth reading!!

My comment: I have known George for many years. He has appraisal ideas I have never seen anywhere else. He is a regular contributor to the paid Appraisal Today.

Read more!! →

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12-14-17 Newz, Underground Digs, AirBnB values, FHA loan limits and PACE

By on December 14, 2017   /   adjustments, appraisal how to, FHA, real estate market, weird properties   /   Leave a comment
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Digging into our drive to tunnel, bore, and head underground.
Just For Fun!!
Excerpt: The deepest tunnelers among animals, crocodiles that can burrow 39 feet down, cannot compete with us at all. Humans have traveled, in the deepest mine in the world, almost 2.5 miles underground (to say nothing of our boreholes, which go nearly three times deeper). The longest and deepest traffic tunnel in the world, the Gotthard Base Tunnel, makes it possible to cross the Alps in 40 minutes or less. The world’s major cities are criss-crossed by tunnels carrying water, sewage, wires, and people. Montreal has an entire subterranean city for its residents to navigate in the cold winter.

My comment: Fascinating!! I have not appraised any properties with tunnels, but I have seen many (and traveled through some) over the years. Railroad and mass transit trains, abandoned tunnels to nowhere, underground parts of cities (mostly abandoned), old mining tunnels, etc. I have seen (and appraised) lots of basements though, some way below ground ;>

How much is Airbnb driving up home prices and rents

Excerpt: The researchers looked at rents and home prices in the 100 largest metro areas in the U.S. between 2012 and 2016. They found that a 10% increase in Airbnb listings leads to a 0.39% increase in rents and a 0.64% increase in house prices.

“That may sound minuscule, but between 2012 and 2016, rents rose by about 2.2% annually [on average in the 100 areas], so a 0.39% increase in that context isn’t very small at all,” says Dr. Edward Kung, an assistant professor of economics at the University of California Los Angeles and one of the study’s authors. The same is true for home prices, which rose by an average of about 4.8% annually in the 100 areas, he adds.

My comment:

Seems like Airbnb rentals are all over, such as my small city, not just in popular vacation spots. From an appraisal point of view, Airbnb rentals are tricky. More cities are regulating them. A lot more hassle than renting out an ADU for a year, for example. Tax issues for owners. To me, seems like it is business value rather than real estate value. Very confusing!!

Appraiserville from Jonathan Miller’s Housing Notes

Check out the topics below
– The Appraisal Industry Needs Better PR
No one knows what we do.
No one appreciates what we do.
– More on Tristar Bank in TN (you know, the one that shouldn’t be in the mortgage business)
– Loan origination graph 2006 to 2017
– The Next Appraisal Bombshell: Economic Growth Regulatory Reduction and Consumer Protection Act

Scroll down the page to Appraiserville, and maybe make a few stops along the way ;>

Read more!! →

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10-5-17 Newz//Increasing home prices in disaster-prone areas. USPAP and Desktop Evaluations

By on October 5, 2017   /   AMCs, appraisal business, Appraisal fees, commercial appraisal, evaluations, fees, Freddie, real estate market, USPAP   /   Leave a comment
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Home Prices Rising Twice as Fast in U.S. Cities with Highest Natural Hazard Risk Than in Lowest-Risk Cities

 Homeowners in Highest-Risk Cities Have More Equity, Longer Homeownership Tenures
 Appreciation Slower in Florida and Louisiana Cities with Highest Flood Risk, Bucking Trend

Excerpt:
ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, recently released its 2017 U.S. Natural Hazard Housing Risk Index, which found that median home prices in U.S. cities in the 80th percentile for natural hazard risk (top 20 percent with highest risk) have increased more than twice as fast over the past five years and over the past 10 years than median home prices in U.S cities in the 20th percentile for natural hazard risk (bottom 20 percent with lowest risk).

Click here to see a Heat Map of all U.S counties – what does your look like? Search by type of disaster. Plus lots more analysis. Very interesting!!

My comment: Overall high risk counties are scattered all over the country. The article mentions strong economies and scenic locations. I live in Earthquake Country. When I first started appraising here, I was surprised that it did not matter. There is no discount even for being on a fault line. Why? Lots of people want to live in the San Francisco Bay Area. The fault line closest to me (about 10 miles away) is on the top of hills with very good Bay views. There are 3 in the Midwest and east. The large New Madras earthquake fault area in the midwest is on the map as Moderate (last earthquake in the 1800s). Two other small areas in NC and PA are on the map.

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8-17-17 Newz//Appraiser Goes to Jail, Mercury Network Bidding, $10,000 Lighthouse

By on August 17, 2017   /   appraisal business, Appraisal fees, bad appraisers, Mortgage applications, real estate market, Strange homes, weird properties   /   Leave a comment
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Buy a lighthouse for $10,000

 Just For Fun!!

Excerpt:
Bidding is underway for six decommissioned lighthouses built before 1930 that the federal government has put up for auction. Five overlook the Great Lakes in Michigan, and the sixth is on the Chesapeake Bay.
It’s a tempting prospect, perhaps, for those who yearn for scenic surroundings – and who have the stamina to tackle periodic renovations.
Interesting article with photos and commentary
My comment: I Want One!!! A former lighthouse in San Francisco Bay was converted to a very popular B&B. Someday, maybe, I will stay overnight there ;>

How Air-Conditioning Conquered America (Even the Pacific Northwest)

Excerpt: Air-conditioning has been remarkably good at creating demand for itself.
 It enabled the sweeping postwar development of the South, where all new single-family homes today include central air. In automobiles, it made the commutes between air-conditioned homes and air-conditioned offices possible. In the Southwest, its arrival facilitated new methods of rapid construction, replacing traditional building designs that once naturally withstood the region’s desert climate.
Interesting graphs and analysis.

My comment: A timely topic in today’s increasing temperatures. I have never lived in a house with air conditioning, even in Oklahoma when I was a kid. But, I used to visit my aunt in Dallas in the summer – air conditioned house, car, etc. I always say that people here in California do not know what hot is: 85 degrees and 85% humidity when I lived in Oklahoma ;>

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8-10-17 Newz// Fannie-Appraiser Future, AMC goes down, Delightful Domes

By on August 10, 2017   /   AMCs, appraisal business, Appraisal Qualifications Board, Fannie, forecast, mortgage loan volume, real estate market, weird properties   /   1 Comment
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A Tour of the World’s Most Delightful Domes

17 half-spheres that do round right. Just For Fun!

Excerpt: Employing massive hemispherical roofs first became popular with the ancient Romans-most famously the iconic Pantheon, built in the 2nd century. Since then, the feature has taken many forms across the globe, providing cover for everything from ancient tombs to futuristic houses. The circular nature of domes has special significance in religious houses such as churches and mosques, where it represents the eternal, with no beginning and no end.

http://www.atlasobscura.com/lists/domes-architecture-world-tour 

TC Valuations (AMC) Ceasing Operations!

Paying appraisers $ .25 on the dollar!!

Excerpt from letter sent to appraisers: It is with much regret, that I write this letter to inform you that TCV has commenced an orderly wind up and liquidation of operations. Unfortunately a significant downturn in revenue and the loss of part of our volume with two key clients in the second quarter of 2017, has forced the company to wind up its operations.
Read the full letter plus lots of comments at

My comment: There will be more AMCs going down, particularly small ones. In 1993, when the appraisal business crashed and I had way too many employees, I almost went out of business. But, I had no uncollected billings, even from mortgage brokers. Why? I always carefully monitor my accounts receivable. My assistant called all my clients every day until they paid. My husband, a very large man, wearing black clothes (Gangsta style ;>), went to a local mortgage broker’s office and left with a full payment check. It may be time to write a collections article for the paid Appraisal Today…  predictions are for more small AMCs Going Down.

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7-27-17 Newz// LA-FTC and AMC fee survey, Silent place, No Bubble?

By on July 27, 2017   /   Appraisal fees, fees, Mortgage applications, real estate market, va   /   Leave a comment
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One Square Inch of Silence

A tiny red pebble marks what may be the quietest outdoor spot in the United States.

Just For Fun!!
Excerpt: One Square Inch of Silence, an independent research project created by the author and Emmy Award-winning acoustic ecologist Gordon Hempton, aims to protect the space from human noise intrusions. The tiny quiet spot, accessible via a three-mile rainforest hike down the Hoh River Trail near Forks, WA was designated on April 22, 2005 (Earth Day) as a “noise control project” to ensure the decibel count at the square inch would never rise.
 
My comment: Our lives today are very noisy: cars, lawn mowers, refrigerators, air conditioners, fans, etc. etc. Plus, external noise can affect property values. There is quite a bit of noise “pollution” in most places. It is very hard to find a quiet place today, even in very remote locations. I keep reading articles on this topic.

Smoking pricing crack, era charm, & blaming appraisers

By Ryan Lundquist July 5, 2017
Excerpt: Smoking Pricing Crack: Did you see that listing in Waco Texas of the property that was rehabbed by Chip & JoAnna Gaines of the reality show Fixer Upper? It was purchased for $28,000 and now it’s listed for sale at $950,000. Would you pay more because Chip and Joanna rehabbed it?
My comment: Interesting blog post plus lots of comments!!

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4-20-17 Newz// The Narrowest House, State Appraisal Boards, Low Housing Inventory

By on April 20, 2017   /   appraisal business, fees, lender appraisals, Mortgage applications, mortgage loan volume, real estate market, state appraiser regulators, weird homes   /   Leave a comment
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Keret House- The world’s narrowest house makes for an awkward, four-foot-wide living space.

Excerpt: Designed by Polish architect Jakub Szczęsny, the Keret House in Warsaw is wedged inside a four-foot crevice, nicknamed a “cushion of air,” between two buildings. The Keret House stretches over 30 feet tall but is simultaneously only 28 inches wide at its narrowest point-thinner than a stovetop-and just four feet wide at its widest.
My comment: Check out the fotos and full article. Wow!! I have written about narrow houses in this weekly email before, but this is definitely the narrowest!!
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When You Get Notice of a State Complaint…

By Ted Whitmer
If you are an appraiser, it is likely that at some point in your career you will receive notice that a complaint was filed against you. In one particular busy year in Texas, roughly one in six residential appraisers were filed against with the Texas Appraiser Licensing and Certification Board. When you run the number of complaints in one year against the number of appraisers, one can expect a complaint every eight to ten years.

Read more!! →

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1-26-17 Newz: Master baths .Failed appraisals .$220 million home

By on January 26, 2017   /   Mortgage applications, mortgage loan volume, real estate market, Strange homes, Trumpish speculations, weird homes, weird properties   /   Leave a comment
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The Rise of the Luxurious Suburban Master Bathroom
How a utilitarian room turned into a pleasure palace.
Excerpts:
Bathrooms haven’t changed much since indoor plumbing became a standard feature in newly built homes at the turn of the 20th century.  This, coupled with changing societal expectations regarding the frequency of bathing and new technology such as the flush toilet, swiftly ushered in the era of the modern bathroom.
The story of the master bathroom was long in the making. A space we now deem a necessity is only around 36 years old. It’s one of many examples of how a cocktail of social, technological, and economic influences combine to create new standards of living, and change the face of not only architecture, but how we live.
My comment: Fascinating, with lots of historic bathroom photos and excellent commentary! No comment on “master” and fair housing ;>
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This Is What a $250 Million House Looks Like
As a glut of mega-homes hits the L.A. market, developers are taking it up a notch.

Read more!! →

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7-15-16 Newz//CU Crumbles-Refi mania-Urbanization since 3700 BC

By on July 14, 2016   /   adjustments, Collateral Underwriter, forecast, Mortgage applications, mortgage loan volume, real estate market, regression, weird properties   /   Leave a comment
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The history of urbanization, 3700 BC – 2000 AD

Watch as the world’s cities appear one-by-one over 6,000 years

Fascinating!! Take a break from appraising and check this out!!

By 2030, 75 percent of the world’s population is expected to be living in cities. Today, about 54 percent of us do. In 1960, only 34 percent of the world lived in cities.

Urbanization didn’t begin in the 1960’s. But until recently, tracking its history much further back than that was a challenging task. The most comprehensive collection of urban population data available, U.N. World urbanization prospects, goes back only to 1950. But thanks to a report released last week by a Yale-led team of researchers, it’s now possible to analyze the history of cities over a much longer time frame.

http://metrocosm.com/history-of-cities/

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419.99 Mile Marker

Just For Fun

When zealous marijuana enthusiasts kept stealing the “Mile 420” highway marker, the State of Colorado got creative.

Another obscure factoid from atlasobscura.com ;>

Since the recreational use of marijuana was made legal in Colorado in 2012, the “Mile 420” post became a hot commodity. So hot, it kept disappearing – and the Colorado Department of Transportation got tired of replacing it.

Check out the photos (and try not to click on too many of the other weird stuff) at:

http://www.atlasobscura.com/places/41999-mile-marker

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Refis skyrocketing per Zillow – Brexit

Read more!! →

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5-12-16 Newz .Geographic competency .Killing home values .Fair housing

By on May 11, 2016   /   appraisal, appraisal business, appraisers, Collateral Underwriter, Fannie, forecast, future, lender appraisals, listings, Mortgage applications, mortgage loan volume, real estate market, Strange homes, unusual home, unusual homes, weird homes   /   1 Comment
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The Most Insane Property Description Ever

Short descriptions, click here for some humor!! Reminds me of the times I am driving to the subject, hoping the house ahead is not the one I am appraising… Probably not the Most Insane, but definitely reality-based!!

http://www.thebrokeagent.com/blog-1/2016/4/the-most-insane-property-description-ever

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These Neighborhood Amenities Can Kill Your Property Value

Excerpt: In real estate, the phrase “cash is king” is oft overused. However, if you’re struggling to sell a house in a bad ‘hood, then you already know that in reality, location is king. Purchasing a home in a great area, or an area that is up-and-coming, can help maximize the value of your home investment.

So what can tear your property value down faster than a tree through the roof? The following infographic from Realtor.com offers insight-and some will surprise you!

Link to original article:

http://blog.rismedia.com/2016/these-neighborhood-amenities-can-kill-your-property-value

My comment: Of course, the effect on value varies by location – cemeteries for example.

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