“Death Stairs” for Appraisers

By on November 22, 2024   /   appraisal, climate change, forecast, GSEs, liability, modernization, Mortgage interest rates, New URAR, retirement, ROVs, zillow   /   Leave a comment
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Newz: New URAR Training, “Death Stairs”, Catastrophe and Climate Risk

November 22, 2024

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

  • LIA Buyer says value too high
  • The Rise of the ‘Death Stairs’! Inside ‘Perilous’ Home Trend Taking the Internet by Storm — and How To Conquer It Safely
  • Infinity Symbol-Shaped Circular House Hits the Market for the Unique Price of $3,399,888
  • ARCC (Appraisal Regulation Compliance Council) Podcast with Guest Mark Calabria – AVMs, GSEs, and more
  • NAR Chief Economist Lawrence Yun Forecasts 9% Increase in Home Sales for 2025 and 13% for 2026, with Mortgage Rates Stabilizing Near 6%
  • Catastrophe and Climate Risk Is Only Increasing – Lender and Servicer issues
  • New Uniform Residential Appraiser Report Training (for lenders but useful for appraisers)
  • Mortgage applications increased 1.7 percent from one week earlier

 

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The Rise of the ‘Death Stairs’! Inside ‘Perilous’ Home Trend Taking the Internet by Storm—and How To Conquer It Safely

Excerpts: Thrill-seekers who are in desperate need of an adrenaline boost need look no further than their own home for their next dose of action—that is, if they are (un)lucky enough to be in possession of a set of “death stairs.”

While walking down a flight of stairs has not historically been considered the most death-defying of acts, one group of social media users is on a mission to change that misconception by highlighting the most dangerous, baffling, and downright weird step designs across the world, starting in their own homes.

In a now-viral Facebook group, which is named “Death Stairs,” hundreds of users have been sharing images of the most mind-boggling steps they have come across, from those so steep that few would dare to descend them, to edgy designs that appear near-impossible to mount.

To read more, Click Here

My Comments: Appraisers see some strange stairs. I have seen many. Usually DYI. I really hate the very narrow spiral staircases – often the only access to a part of the home. And old exterior wood stairs with very shaky hand rails.

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Appraising Kitchens

By on November 1, 2024   /   AMCs, appraisal, appraisal modernization, liability, UAD, waivers   /   Leave a comment
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Newz: FHFA Waiver Expansion, AMC Appraisal Fees, Appraising Kitchens

November 1, 2024

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

  • Construction Progress Inspection Reports: Claims Involving ADUs and Remodels
  • Appraising Kitchens: Understanding Trends, Functionality, and Market Expectations
  • Lake Tahoe Ranch Hits the Market for $188 Million, Making It One of the Priciest Listings in the U.S.
  • FHFA’s Appraisal Waivers Expansion
  • The Great Debate on Appraisal Fees
  • Updated UAD redesign timeline with specific implementation dates
  • Mortgage applications decreased 0.1 percent from one week earlier

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Appraising Kitchens: Understanding Trends, Functionality, and Market Expectations

Excerpts: When it comes to real estate appraising, kitchens often play a pivotal role in determining a home’s value. A well-appointed kitchen can significantly enhance a property’s appeal and marketability. As an appraiser, understanding the nuances of kitchens is essential to providing credible and insightful valuations. Let’s dive into appraising kitchens and how the room impacts market value.

Functional Obsolescence and Price Point

If a back corner kitchen or a galley kitchen does not align with current market preferences for homes of a similar age, it might be considered outdated and impact marketability. However, this does not necessarily rise to the level of functional obsolescence that must be remedied. An outdated but functional kitchen might not be a major concern in lower price ranges.

Conversely, in high-end homes, buyers expect the latest designs, features and finishes; and therefore, an outdated kitchen may be considered as functional obsolescence.

Appeal & Functionality Count when Appraising Kitchens

In conclusion, appraising kitchens requires a thoughtful, balanced analysis of market trends, quality, and functionality. While it’s important to understand current design preferences, the value of a kitchen is ultimately determined by how well it meets the expectations of buyers in a particular market.

A homeowner may have invested heavily in a kitchen renovation, but it is the appraiser’s responsibility to carefully consider factors such as conformity, local market preferences, and house style and price range when valuing the subject property. Remember, ultimately a kitchen’s value lies in its ability to enhance the overall appeal and functionality of the home, not its initial cost or the cost of renovation.

To read more, Click Here

My comments: This is the best analysis I have read on kitchens. Worth reading. Kitchens are a very important factor when buying a home. What is popular changes over time. Of course, appraisers see all types of kitchens.

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Lake Tahoe Ranch Hits the Market for $188 Million, Making It One of the Priciest Listings in the U.S.

Excerpts: sprawling Lake Tahoe estate known as Shakespeare Ranch hit the market on Monday for $188 million.

Not only is that a price tag that makes it the most expensive property on the market in Nevada, it’s also one of the priciest in the entire U.S., bested only by a small handful of homes in Los Angeles and South Florida.

Named after the nearby Shakespeare Rock, a nearby outcropping that is said to resemble the playwright, the property spans 130 acres on the eastern shores of Lake Tahoe and includes a colossal selection of amenities, from multiple properties and a historic barn to its own rodeo ground and private pier.

The ranch dates to the late 1800s, and its multiple properties include a 4,980-square-foot lakefront home with a waterside cabana, an under-construction 7,713-square-foot architect-designed residence and a number of cabins.

he historic barn on the property was built in 1873 and is currently outfitted with a commercial kitchen, a game center and a wine room.

The property also has a pool house with an indoor pool and spa, a gym, lawns, gardens, an office suite, a staging kitchen for catering, two boat lifts, 14 buoys and a boat house.

To read more, Click Here

For video, photos, and more information and to see the listing, Click Here

My comments: I live within driving distance to Lake Tahoe and have been there many times. A beach with a dock and a boat house is a premium feature.

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Appraiser and Real Estate Agent Communication

By on September 6, 2024   /   AMCs, appraisal, Appraisal fees, Economic analysis, non-lender appraisals   /   Leave a comment
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Newz: Disturbing AMC Violations, Appraiser and Real Estate Agent Communication

September 6, 2024

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

  • Top 10 Things Appraisers Wish Real Estate Agents Understood
  • Divorce Appraisal Red Flags
  • Carmel’s Iconic and Artistic ‘Owl House’ $3,750,000
  • Housing Market Update: August 2024
  • Please! Not Another Highest and Best Use Question?!
  • Appraisal Regulation Compliance Council Exposes Disturbing AMC Violations
  • Mortgage applications increased 1.6 percent from one week earlier

Real Estate Agents and Comparable Sales – Tips for Appraisers

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Top 10 Things Appraisers Wish Real Estate Agents Understood

McKissock Survey

Excerpts: Survey question: “What’s one thing you wish real estate agents knew about the appraisal process?”

Based on the answers we received, appraisers wish that agents knew the following:

  • The appraisal process is complex and takes time
  • Appraisers do not assign value
  • Appraisers are unbiased and must follow guidelines
  • Appraisers need their input and cooperation
  • How to select appropriate sales comps
  • The importance of providing accurate and detailed info in their listings
  • How to determine correct GLA (gross living area)
  • How renovations and upgrades affect value
  • How to prepare for the appraisal appointment
  • FHA/VA/USDA guidelines

Sample appraiser answers:

“How complex it really is. We don’t just pull numbers out of the air—they are market supported adjustments backed by ‘many angles“

Some brokers regard the appraiser as an adversary, who potentially can ruin their deal and end up without commission. They should learn that the appraiser is neutral and cooperating can be a benefit.”’ of research.”

“Entering an occupied home without agent or home owner present is a liability issue for appraisers—[we] need someone present to observe what we do.”

To read more, Click Here

My comments: Read the blog post and maybe get some good ideas for answering agent questions!

Many years ago a top local agent asked me why I was driving around taking photos. I explained they were similar homes (comps) I may be using in an appraisal. I realized she did not know much about what appraisers do.

When I started my appraisal business in 1986 I did presentations at all the local real estate offices, usually during their marketing meetings. I explained what appraisers do and how agents and appraisers can work together. They liked the information.

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AI and Appraisers

By on August 30, 2024   /   AI, appraisal, appraisal management company, liability, Mortgage interest rates   /   Leave a comment
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August 30, 2024

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

  • New AMC client. They’ve asked me to provide a list of other AMCs I work with and how long I’ve been working with them before they accept me. Is this a common requirement?

  • AI Appraisals: Embracing the Future Appraisal

  • 5 Enormous Mansions, With Wildly Different Architectural Styles—Priced at Under a Million Bucks

  • Is appraisal accuracy measured by contract price?

  • Redfin Reports 6 of Every 7 People With Mortgages Have an Interest Rate Below 6%

  • 110 Nightmarish Home Inspector Scenarios

  • Mortgage applications increased 0.5 percent from one week earlier

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AI Appraisals: Embracing the Future Appraisal

By Jim Amorin

Excerpts:

Image Recognition

AI can analyze property images to identify features and property conditions, and even estimate dimensions with remarkable accuracy. This technology accelerates the inspection process, allowing appraisers to focus their expertise on more nuanced aspects of the valuation where their experience and judgement are most critical.

While some may worry about image recognition taking away from the appraisers’ skills, it is more useful to see it as a supplement to your own eyes. The visioning capabilities (image recognition) of AI can reinforce your own observations. Using the generative capabilities of a large language model such as ChatGPT coupled with the visioning tools, some of the narrative description of the property can be streamlined for the appraiser.

Enhanced Reports

Another appraiser leveraged AI tools to generate detailed market analysis reports. These reports included data visualizations and trend analysis that provided clients with a deeper understanding of the market, ultimately enhancing the appraiser’s service quality and client satisfaction.

Summary

AI is not a threat to appraisers but a powerful ally. By leveraging AI’s capabilities, appraisers can enhance their efficiency, accuracy, and overall service quality. The unique judgment, expertise, and contextual understanding that appraisers bring to their work are irreplaceable. Embracing AI as a tool will ensure that appraisers continue to play a vital role in the real estate industry, delivering unparalleled value to clients and shaping the future of real estate appraising.

To read more, Click Here

My comments: Amorin’s new book is very well written and understandable. Craig Gilbert wrote an extensive review of the book “The Generative Shift: A Thorough Examination of AI” and interviewed Amorin, in the July, 2024 issue of Appraisal Today.

I have not used AI for my appraisals but follow its use in other applications, such as medical. For example, I have had many mammograms over the years. A recent study found that an artificial intelligence system has an accuracy rate of about 90 percent, compared to an overall average of 80 percent by radiologists. “Notably, when radiologists used this tool as a second reader, their performance improved,” says Dr. Moy. “So we want to reach that sweet spot where we use both.”

A friend had dense breasts. Her mammograms never detected the small tumors scattered through both breasts before her breast removal surgery, where they found them. Bad News

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SFR or 2 units with an ADU?

By on August 2, 2024   /   ADUs, appraisal, AVMS, liability   /   Leave a comment
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What’s in This Newsletter (in Order, Scroll Down) August 2, 2024

  • Avoiding Court: A Common Sentiment Among Appraisers
  • When Is Single-Family a Multi-Family Appraisal?
  • What Is a Superhome? 10 Must-See Mansions That Define the High-End Trend
  • Accurate Appraisal Underreporting
  • How Confidential is Your Appraisal?
  • Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
  • Mortgage applications decreased 3.9 percent from one week earlier

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How to Identify a Single-Family with ADU vs. Two-Family Property 9-29-23-

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When Is Single-Family a Multi-Family Appraisal?
SFR or 2 units with an ADU?

by Richard Hagar, SRA

Excerpts: Once upon a time, it was easy to classify single-family homes, duplexes, triplexes and multi-family buildings. Though there have always been exceptions, if a property was zoned single-family residential (SFR) and there was a single home on the site, you’d use a 1004 form for bank appraisals.

If a property was zoned multi-family and there were two to four units on the site, an appraiser would use the 1025 form. And, if there were five or more units on the site, it would be something a commercial appraiser would handle via a narrative format.

Ah, the good old days. Then, along came accessory dwelling units (ADU), which in some states and cities are messing with established appraisal and lending systems.

Things Get Twisted – ADUs

Many counties and cities that allow ADUs do not “change” the official zoning; SFR 5000 still means one single-family home per 5,000-square-foot lot (and allow an ADU). What a few politically and emotionally driven cities have done is bypass the normal requirements for changing zoning (public hearings, notifications, etc.) and passed laws that overlay additional uses and requirements on to existing zoning codes. It’s their “clever” way of changing things without following the historic path to … well, changing things without informed consent by the citizens.

So, here we are: appraisers looking at zoning codes trying to determine the highest and best use for the subject’s site (as if vacant) and the structure as improved. We see SF7500 and say, “great, single family.” But did you look to see if there are overlay additions to the code? If so, did you read them? Did you look at regulations related to accessory dwelling units? If you didn’t, you’d better start looking because these things are popping up in numerous counties and cities across the United States, and they have a massive impact on unit density, the highest and best use, land values and depreciation rates.

Conflict With Lending

The Federal National Mortgage Association (FNMA) will buy a loan where the single-family home has a single ADU. Look at the below form (Figure 1) and note the two options: Units “One” and “One with Accessory Unit.” There is no space on the 1004 form to identify a second ADU.

Now we have a conflict between cities allowing two or more ADUs and the lending world of FNMA, the Federal Home Loan Mortgage Corp. (FHLMC), the VA and FHA. These entities will not buy loans with two or more ADUs. And when FNMA won’t buy (or VA and FHA insure) a loan from a lender it results in fewer lenders offering loans, higher interest rates and possibly larger down payments. In a city’s zeal to lower the cost of housing, they’ve increased the cost of housing.

Required Information

When you run across properties with ADUs, all sorts of additional information is required in the appraisal. ANSI requires the square footage to be separately indicated. Fannie Mae needs additional information specific to the ADU, and just wait until you see FNMA’s new appraisal “form,” along with its 20-plus new information fields in the special ADU section. If you want an example of how we provide square-footage information, email me (See author bio) and I’ll provide you with a copy of the form we use.

The appraisal will also require fully supported adjustments, explanations on how you determined the adjustments, and the ADUs impact on value measured by the cost, income and sales comparison approaches.

To read more, Click Here

My comments: Read this detailed article if you appraise any properties with ADUs. It is a comprehensive analysis of all the new issues. Richard Hagar is one of my favorite appraisal instructors.

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What is a Complex Residential Property?

By on June 21, 2024   /   AMCs, appraisal, Appraisal fees, liability   /   Leave a comment
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How to Identify a Complex Residential Property

By Dan Bradley

Excerpts: A complex one-to-four family residential property is defined as a property that meets at least one of the following criteria:

  •   The property to be appraised is atypical
  •   The form of ownership is atypical
  •   The market conditions are atypical

Some of the key physical features that can make an appraisal assignment complex include:

  •  Size (significantly larger or smaller than typical for market)
  •   Floor plan (there may be functional obsolescence)
  •   Unique custom features
  •   Quality of workmanship or construction (higher or lower than the norm)
  •   Architectural design
  •   Adequacy of HVAC, electrical systems, well and/or septic
  •   Additional living unit(s)
  •   Non-conforming zoning
  •   Mixed-use property (for example, it is used as both a business and residence)
  •   Waterfront properties

Keep in mind that what is considered a complex residential property in one market might not be considered complex in another market. For example:

  •  A mansion in Beverly Hills is not atypical; a mansion located somewhere in rural America might be
  •  A log cabin in the mountains of Virginia is common; a beach-front log cabin in VA, not so much
  •  Manufactured or mobile homes with additions are common in rural areas, but generally not in cities

To read more, Click Here

My comments: Read this short article and keep it available. Very good lists of the factors.

Why do you want to know about this topic? Business is slow now, which is a good time to try appraising unusual homes. But, a fast turn time is not a good idea unless you are very familiar with the subject’s complexities. Do you have another appraiser who can help you? Don’t risk your appraisal license by getting in “over your head”. I get regular calls from appraisers who said “yes” but did not have anyone to advise them.

Very few appraisers, if any, would have experience on all these types of properties. For example, I have appraised many life estates, but no homes with a leasehold (ground lease) in a market area where such interests are uncommon. I have only appraised homes where the subject and all the nearby homes are leaseholds. I get advice for appraising it.

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Appraisers Riding the Waves of Up and Down Mortgage Rates

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NOTE: Please scroll down to read the other topics in this long blog post overpriced homes, appraising 3,000 years ago, AMCs good bad ugly, unusual homes, mortgage origination stats, etc

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Paperless Appraisal Office?

By on May 31, 2024   /   appraisal how to, bias, HOME INSURANCE, liability   /   Leave a comment
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10 Steps to a Paperless Office

By Mike Fletcher

Excerpts: If you’ve talked to appraisers who have gone digital, you know they love not having boxes of old reports and workfiles cluttering their offices, homes, and garages and not spending money on paper, toner, and other equipment. Even better, appraisers who run a paperless office often enjoy increased productivity and efficiency.

If you’re ready to enjoy the benefits of getting rid of paper, I’m sharing 10 steps to switch to a completely paperless office. While you may need to tailor this blueprint to your preferred methods and workflows, this will help you get started.

Summary

Switching to digital files and a paperless office saves you time and offers better protection for your files. Making the shift to get rid of printed documents and handwritten notes isn’t easy at first, but by going one step at a time and relying on your appraisal software’s tools, you’ll be paperless in no time.

Topics with detailed and practical advice:

1. Why do you want a paperless office?

2. Commit to change – Be aware of wanting to stay in the familiar

3. Identify your paper and how to go paperless

4. Obtain needed equipment for your paperless office

5. Determine your storage needs in a paperless office

6. Establish a new workflow in your paperless office

7. Going paperless starts small

8. Add another paperless item

9. Get trained

10. Seek out your peers

To read more, Click Here

My comments: What appraiser does not want to go paperless? No one. Read this article with lots of good advice!

Business is slow for many appraisers. Going paperless is an excellent option to consider.

This is by far the best article I have read on going paperless. It is written for appraisers, is understandable, and is not too long. The author is a veteran residential appraiser and self-proclaimed “Data Nerd.” He is currently a Senior Data Steward at Corelogic.

I have a home garage and business office full of appraisal files, plus my business records for taxes. I keep hoping someone will come in and steal all the paper and the filing cabinets

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How to Find Comps With Few Sales

By on February 23, 2024   /   appraisal, bias, Fannie   /   Leave a comment
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The challenge of pulling comps in 2024

By Ryan Lundquist

February 14, 2024

Excerpts: Pulling comps in 2024 is tough. Think about it this way. If we have 40% fewer sales happening, that means there are 40% fewer comps. Yikes. Let’s talk about this. I also have some market recap visuals to unpack what’s been happening in 2024 so far.

GO BACK FURTHER IN TIME:

One of the things I’m doing more often today is looking at older comps in the immediate neighborhood. I find myself scouring 2021 onward especially. The truth is there are portions of 2021 and 2022 where prices are exactly the same as today too, so if I use an older comp, I don’t always need to adjust for the way the market has changed. But backing up, I can look at older stuff for the sake of research, but this doesn’t mean I’ll use a super old comp in a report. In short, it’s not enough today to go back 90-180 days because there just aren’t enough data points in so many cases…

WATCH THE MEDIAN TREND

The median price for the region doesn’t translate rigidly to neighborhoods, so be careful about saying stuff like, “The median is up 3% this year, so neighborhood prices are up 3%.” Maybe. Maybe not. Look to the comps most of all. In my experience, some people get really upset when I share median trends because the sentiment is the median isn’t a perfect metric (true)…

EXPAND TO OTHER NEIGHBORHOODS:

Looking up other nearby neighborhoods is something I’ve done much more of lately since sales volume has plummeted. The ideal is to compare areas with similar prices, but even if the price point is a bit different, it can be valuable to see what is happening in a different nearby neighborhood. I may or may not use comps from a different neighborhood. I’m just trying to understand what the market is doing…

To read more and see the graphs with excellent illustrations, Click Here

My comments: Very good tips from Ryan. Market conditions is the easiest adjustment to make. This is my first choice for any unusual homes without current data in any market. I quit making dollar adjustments on form appraisals many years ago, but I always do market conditions adjustments when needed. I appraise a lot of 2-4 units and regularly go to other neighborhoods for comps.

I have been doing this for many years. I do a lot of estate appraisals, which are not current value.

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2024 Updated UAD and URAR – What does It Mean for You?

By on February 2, 2024   /   appraisal, Economic analysis, forecast, real estate market   /   Leave a comment
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2024 Updated UAD and URAR – What does It Mean for You?
The Appraisal World Is Changing

January 25, 2024

Excerpts: There has been a lot of talk about the Uniform Appraisal Dataset (UAD) and Uniform Residential Appraisal Report (URAR) redesign initiative, and how it will make life easier for appraisers. What exactly does this mean? In this post, we’re providing an overview of the UAD and URAR, what’s changing, and what benefits these changes will bring.

How will these UAD and URAR changes be beneficial?

A redesigned, dynamic URAR will replace the numerous and separate appraisal forms and can be used for different property types, such as two-to-four units, condominiums, and manufactured homes, and for different scopes of work, such as interior and exterior inspections, updates, and completion assignments.

The new URAR will be better organized and populated based on the property type and characteristics.

The standardized data in the new UAD will allow appraisers to better define the property (outbuildings, additional units, site influences, energy efficient and green features, etc.).

Concerns that require attention will be easily identified in each section of the report instead of being buried in an addendum.

Photographs will be included in relevant sections to make descriptions easier for appraisers and enhance reader understanding.

To read more, Click Here

My comments: A brief summary of the coming changes. See below for more timeline information.

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Freddie – Updated UAD and Forms Redesign Timeline

The Uniform Appraisal Dataset (UAD) and Forms Redesign team has released an updated timeline. The overall timeline has not changed; however, we wanted to provide the industry with more milestone details to help in development, testing and training to prepare for the new UAD and Uniform Residential Appraisal Report (URAR).

To see the timeline (from 2018 to 2026) PDF, Click Here

Too large to include in this newsletter.

To go to the Freddie UAD page (mostly technical) Click Here

To go to the Fannie UAD page, Click Here

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A few comments from Dave Towne:

My concern at this point is ‘training’ materials will be available in Q4 2024, but actual implementation of the ‘new reporting process’ won’t begin until Q3 2025 with limited production, into 2026.

As someone who’s potentially interested in ‘training’ appraisers on the new process, it seems to me that providing training in Q2 2025 would be more appropriate than 6 months before. But we’ll have to see how things progress as this time-line gets more firmed up.

To read the recent appraisersblogs.com post with new comments from Dave plus other appraiser comments, Click Here

My comments: No date changes, but more information on the timeline. Maybe there will be some appraisers left to do full appraisals…

The UAD and Appraisers – Past, Present, and Future

5-24-18 Newz//UAD and Fannie Form Changes. Floating Island. Refis dropping

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to read the other topics in this long blog post on forecasts for economic factors, SFR zoning and more apartments, appraising and rhetoric, opinion, or anecdotal theories, unusual homes, mortgage origination stats, etc.

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New 2024 USPAP Q&As

By on January 26, 2024   /   appraisal, forecast, future, Mortgage applications, mortgage loan volume   /   Leave a comment
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New USPAP Q&As

January 16, 2024, the Appraisal Standards Board released new Questions and Answers covering important topics in the profession today including:

Demographics

Does demographic information relating to race (such as Census data) constitute “information relating to” a protected characteristic?

Artificial Intelligence

Question:

What is an appraiser’s USPAP obligations when using artificial intelligence (AI) in an appraisal assignment?

Personal Inspection

I recently completed an appraisal on a residential dwelling for Lender A that sells loans to Fannie Mae and Freddie Mac and the report was completed on a GSE form. Lender A decided not to grant the loan and the borrower then engaged Lender B to obtain financing. Lender B engaged me to perform a new appraisal assignment on the same property. Lender B indicated there wasno need for me to re-inspect the home, since my previous inspection date was only a few days earlier.

To read these new Q&As Click Here.

My comments: AI and demographics are “hot topics” now. I am glad the ASB is explaining them.

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