Construction Code Violations and Expertise Appraisals

By on January 3, 2025   /   appraisal business, appraisal how to, climate risk, humor, Mortgage interest rates, time adjustments   /   Leave a comment
Tags: , , , , , , ,

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!

—————————————————————–

————————————————————–

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!! →

Back to Top

“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
Tags: , , , ,

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

 

———————————————————-

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.

————————————————————————-

Read more!! →

Back to Top

Appraisal Cost Approach and Highest and Best Use

By on November 16, 2024   /   AI, appraisal, appraisal how to, cost approach, Economic analysis, forecast, future, Highest and Best Use, liability, USPAP, zillow   /   Leave a comment
Tags: , , , ,

Newz: Now What For Appraisers After Election? Generative AI and adjustments?

November 15, 2024

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

  • (LIA ad) Intended Use and User
  • 10 Questions on the Cost Approach and Highest and Best Use
  • A Real-Life ‘Yellowstone’: Historic 52,000-AcreArizona Ranch Hits the Market for $42 Million—Complete With a Private Airstrip and Off-Grid Cabin
  • Now What? On a New Trump Administration
  • Can Generative AI solve the adjustment support paradigm
  • How Deep Fakes Have Burrowed Into Home Finance
  • Murder in the flying saucer: inside The Chemosphere in Los Angeles, CA
  • Mortgage applications increased 0.5 percent from one week earlier
  • So Many Appraisal Cost Approach Questions
  • Appraisal Business Tips 
    Humor for Appraisers


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

————————————————————–

10 Questions on the Cost Approach and Highest and Best Use

By Timothy Andersen

Excerpts: It is clear most appraisers do not like to perform the analytics inherent in the Cost Approach. This may be because most appraisers simply do not appreciate its power. Consider these 10 Cost Approach questions.

10 QUESTIONS TO CONSIDER

Take a look at these 10 questions on the Cost approach (and various items related to it). After you are finished, you will still not like to do it. But you may appreciate its analytical and interpretative powers even more.

1. On the 1004 form is the indication that Fannie Mae does not require the Cost Approach to Value. However, where does the form instruct the appraiser not to complete the analytics of the Cost approach? (Spoiler Alert: It does not.)

2.   Instructions on the form state the appraiser is to “…[p]rovide adequate information to the lender/client to replicate the [herein] cost figures and calculations.” However, where does the typical appraiser provide such replicable information?

3. In addition, the reporting form requires the appraiser to “…[s]upport the opinion of site value [with a] summary of comparable land sales or other methods for estimating site value.” Nevertheless, where does the typical appraiser provide such summary information?…

So, it is clear from these Fannie Mae instructions that the appraisal of a SFR includes an analysis and valuation of the subject site separate from the valuation of the site as improved. Does this mean to conclude a site value as if the subject site were vacant and available to be put to its highest and best use? (Spoiler Alert: Yes, it does.)

To read all 10 Q&As, Click Here

My comments: Of course, for custom home construction the Cost Approach is required to determine the feasibility of construction before building the home. I got some good ideas on using the Cost Approach from this article.

Read more!! →

Back to Top

New URAR For Appraisals

By on November 8, 2024   /   appraisal, appraisal modernization, Economic analysis, GSEs, lender appraisals, liability, New URAR, time adjustments   /   Leave a comment
Tags: , , , ,

Newz: New URAR, GSEs Update Appraisal Market Areas Requirements, Lender Redlining

November 8, 2024

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

  • Claudia Says: Navigating Value Revisions in Appraisals

  • The New URAR: Embracing New Beginnings

  • $19.8 Million Cape Cod Estate Next to Kennedy Family’s Famed Hyannis Port Compound Hits the Market

  • CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama

  • October 2024 Real Estate Market Update: A Balancing Act of Hope and Hurdles

  • What can we expect for the future of the appraisal and the country?

  • GSEs Update Appraisal Market Area Requirements

  • Mortgage applications decreased 10.8 percent from one week earlier

—————————————————————————————-

The New URAR: Embracing New Beginnings

By Jo Traut

Excerpts:

What’s New with the New URAR?

Think of the new URAR like upgrading from a basic flip phone to a modern smartphone. The old flip phone did its job—making calls and sending texts—but the new smartphone offers so much more. It’s customizable, adaptable to various apps and functions, and streamlines your daily tasks.

Similarly, the new URAR goes beyond a static, one-size-fits-all approach. It’s dynamic and data-driven, tailored to different property types and appraisal assignments, ultimately allowing us as appraisers to provide clearer and more comprehensive reports .

Why the Change?

The existing URAR has been dependable, much like an old-school flip phone. But as technology advances and standards evolve, the mortgage industry requires a more versatile tool. This redesign addresses current inefficiencies, meeting the rising demand for improved reports, as well as enhancing the experience for both appraisers and report readers.

To read more, Click Here

My comments: Read this blog post! Definitely the best practical appraisal advice I have read on new URAR. Includes links to relevant technical details.

No more 30-40 page appraisal SFR reports that is not what GSEs (and most appraisers) wanted. No more outdate “forms” reports that do not change fast enough to accommodate GSE (and USPAP) changes.

Both URAR and UAD acronyms are used in articles and references I have read. I like that the GSEs kept the same name for the reports (formerly “forms”)

URAR – Uniform Residential Appraisal Report

UAD – Uniform Appraisal Dataset

I will be writing more about the new URAR upcoming changes in future issues of this weekly newsletter and my monthly newsletter.

—————————————————–

———————————————————————————–

—————————————————————————————-

$19.8 Million Cape Cod Estate Next to Kennedy Family’s Famed Hyannis Port Compound Hits the Market

Excerpts: 7 bedrooms, 7.5 baths, 9,629 sq.ft. 3 Acre lot, Built in 1914

Adjacent to the famed Kennedy Compound in the exclusive Hyannis Port enclave, the eight-bedroom mansion, known as Port View, has just become available “for the first time in a quarter century,” according to the listing.

The seaside, 9,629-square-foot residence sits right next to the home where President John F. Kennedy and wife Jacqueline Kennedy Onassis famously spent their summers sailing the waters of Nantucket Sound.

Some of the most impressive features found throughout the 26-room estate’s open floor plan include high ceilings, ornate architectural details, an imperial staircase, and six fireplaces.

“The whole interior views to the water,” she said. “It’s like being on a ship with front row ocean views. You are just drawn to it.”

Built in 1914, the Cape Cod mansion has been thoughtfully modernized over the years to retain its historic integrity.

Period details include exposed-beam ceilings and preserved mahogany inlay floors. French doors from the main living and dining areas give way to an enormous patio with waterfront views.

To read more, Click Here

To see the listing, with 28 photos, Click Here

————————————————————————————————————-

CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama

Top mortgage lender to pay a $1.9 million penalty and provide $7 million in loan subsidies

Oct. 15, 2024

Excerpts: Today, the Consumer Financial Protection Bureau (CFPB) and the Justice Department (DOJ) took action to end Fairway Independent Mortgage Corporation’s illegal mortgage lending discrimination against majority-Black neighborhoods in the greater Birmingham, Alabama area. The CFPB and DOJ allege that Fairway illegally redlined Black neighborhoods, including through its marketing and sales actions.

Fairway’s actions discouraged people from applying for mortgage loans in the Birmingham metropolitan area’s Black neighborhoods. If entered by the court, the settlement announced today would require Fairway to pay a $1.9 million civil penalty to the CFPB’s victims relief fund. Fairway would also be required to provide $7 million for a loan subsidy program to offer affordable home purchase, refinance, and home improvement loans in majority-Black neighborhoods.

To read more, Click Here

My comments: How much money did Fairway make vs. what an appraiser makes for an appraisal. More lenders in the news vs. “biased” appraisers!

Read more!! →

Back to Top

GSE Appraisal Reports Online

By on July 19, 2024   /   app, appraisal business, appraisal forms, FHA, HOME INSURANCE, UAD   /   Leave a comment
Tags: , , , ,

What’s in This Newsletter (in Order)

  • Confirming Construction Progress
  • The New UAD: “Don’t Borrow Trouble.”
  • Nicolas Cage’s Former New Orleans Mansion Lost to Foreclosure listed for $10,250,000
  • When will interest rates drop?
  • Who will refi when rates are lower?
  • Uncovering Flaws in FHA Appraisal & Loan Review Process
  • Home Insurance: It’s Not The Hurricanes In High-Cost Areas, But The Tornados In Low-Cost Areas That’ll Get You By Jonathan Miller
  • Iconic ‘Constellation 167’ House in Los Angeles for $10.9M
  • Mortgage applications increased 3.9 percent from one week earlier
  • =================================================

UAD and Forms Redesign Update for Appraisers (from 12-15-23)

Appraisal Business Tips 

Humor for Appraisers

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

==================================================

The New UAD: “Don’t Borrow Trouble.”

By Ernie Durbin, July 15, 2024

Excerpts: Reflecting on one of my father’s favorites, “don’t borrow trouble,” I find his advice particularly relevant today. It reminds me to focus on the present and not jump to conclusions about future uncertainties. What he was trying to convey was to trust in my abilities to handle challenges if and when they arise, rather than assuming the worst.

Many in our industry are “borrowing trouble” when they prematurely conclude that the new UAD and GSE report writing requirements will be detrimental.

The problem is… it’s not a form. The new Uniform Residential Appraisal Report (URAR) is an appraisal report expressed as a form. This may seem like semantics, but it is a very important distinction. Although the UAD data set is all-inclusive of property types, only the data points necessary for a specific property need to be reported.

The dynamic nature of the new report will result in “form” outputs that are remarkably shorter than the early examples provided by the GSEs. As an example, if the income and cost approaches are not necessary for credible results, these elements will not be included in the appraiser’s workflow or the final URAR.

To read more, Click Here

My comments: Worth reading. Current forms date back to 2005. A lot has changed since then, but somehow, we have to put it into our appraisal reports. I much prefer the “Turbo Tax” model where you only see what is relevant for what you are appraising. Changes to the software can be made at any time.

I am looking forward to online software for appraisal reports. Since 2006, I have used Constant Contact for this newsletter, which is completely online. Changes, when needed, such as additional features, can be done easily. With Office 360, Word and Excel software is online. I can work on any computer, anywhere. Of course, I have other software on my computers, including Excel and Word, if my Internet goes out ;>

Read more!! →

Back to Top

Value of a Pool

By on July 5, 2024   /   adjustments, appraisal, appraisal business, appraisal how to, forecast, real estate market, zillow   /   Leave a comment
Tags: , , , ,

What is a pool worth? It depends.

By Ryan Lundquist June 26, 2024

Excerpts: With and Without Pools (Big Difference)

There’s a huge difference in the stats when we compare homes with and without pools. The properties with pools are larger in square footage and lot size, higher in price, and they’ve taken slightly less time to sell too.

In short, the higher the price, the greater chance there is a pool. This likely has to do with the cost of building a pool, cost of maintaining a pool, and even larger parcels at higher ranges – not to mention buyers at higher price points expecting a pool more often.

The rhythm of pool sales basically follows the pattern we see in the entire market. More sales as the year unfolds, and they typically peak around June. Some smaller areas could be slightly different.

Seriously though, What is a pool worth?

It depends. Different price points and locations come with different expectations. There isn’t a one-size-fits-all answer for the value of a pool. In other words, we can’t just apply one figure to a property because that number isn’t going to make sense everywhere. This is where we have to study the comps. With that said, my observation is pool adjustments have generally gone up since the pandemic as buyers are more in tune with the importance of a backyard. Have you seen that also?

To read more, Click Here

My comments: Check out Ryan’s tables to see his data analysis, which is not difficult to set up.

When I first started appraising in suburban Bay Area cities in the mid-1980s, homes with pools sold for more in some neighborhoods with higher-priced homes. MLS always said a pool was there, which is a good way to check it out. At that time, MLS data analysis was much more limited than it is today. I saw this in a particular neighborhood with very hot summers. This is still the same now.

In contrast, where I live, about 15 miles west, on an island on San Francisco Bay, pools have never been a plus or a minus. Weather is “Mediterranean” weather without hot summers. Often sellers said they would remove the pool, but the buyers never requested it.

———————————————————————————-

Appraisal Business Tips 

Humor for Appraisers

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

NOTE: Please scroll down to read the other topics in this long blog post on HOA Horror Stories, Zillow and Redfin lawsuits Videos and Privacy, Residential to commercial transition, real estate market, unusual homes, mortgage origination stats, etc

Read more!! →

Back to Top

Remove all bathtubs from home?

By on March 8, 2024   /   adjustments, appraisal business, BATHROOMS, Economic analysis, forecast, modernization, real estate market   /   Leave a comment
Tags: , , , , ,

Is it a problem to remove all bathtubs in a house?

By Ryan Lundquist

Excerpts: I’ve been asked this question twice this week. Is it a problem to remove the tubs from each bathroom? People planning a remodel asked if it was a big deal or not to only have a walk-in shower in each bathroom. Here are my thoughts, and I really want to hear from you too. Anything to add?

It’s not a black and white answer: There’s not one black-and-white answer that applies to every house, price range, location, or market. Bottom line. But backing up, part of the fun of working in real estate is figuring out how to answer questions like this in a way that is balanced and hopefully reflective of the sentiment in the marketplace.

Other topics include:

  • It’s never just about resale value
  • 55+ communities
  • Splitting hairs to prove an adjustment

To read more, including Ryan’s many comments, fun images and graphics, his Twitter X and Instagram surveys, plus 50+ comments, Click Here

My comments: This is the only analysis I have ever seen about this appraisal topic and it is great! I started appraising in 1975 and this was an issue then, continuing today.

Appraisal Business Tips 

Humor for Appraisers

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

NOTE: Please scroll down to read the other topics in this long blog post on property data collectors, economic analysis, managing your email inbox,  unusual homes, mortgage origination stats, etc.

Read more!! →

Back to Top

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
Tags: , ,

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.

———————-

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

——————–

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

Appraisal Business Tips 

Humor for Appraisers

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

NOTE: Please click Read More 

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.

Read more!! →

Back to Top

New 2024 USPAP Q&As

By on January 26, 2024   /   appraisal, forecast, future, Mortgage applications, mortgage loan volume   /   Leave a comment
Tags: , , ,

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.

Appraisal Business Tips 

Humor for Appraisers

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

NOTE: Please scroll down to read the other topics in this long blog post on forecasts for mortgage rates, a look back at the 80s a very similar mortgage market, appraising in a changing market, unusual homes, mortgage origination stats, etc.

Read more!! →

Back to Top

Appraisal Time Adjustments Underutized

By on January 12, 2024   /   adjustments, Economic analysis, forecast, non-lender appraisals, real estate market   /   Leave a comment
Tags: , ,

FHFA Report: Underutilization of Appraisal Time Adjustments

Published: 1/8/2024

Excerpts: Fannie Mae, Freddie Mac, and Federal Housing Administration appraisal guidelines require such adjustments whenever market conditions have been changing. However, this blog shows that appraisers frequently do not make time adjustments, even when they are likely to impact the appraised value substantially. This analysis also finds that the adjustments appraisers do make are typically substantially smaller than house price indexes would suggest.

The main dataset used in this blog is a 5 percent sample of single-family housing in the Uniform Appraisal Dataset (UAD) that Fannie Mae and Freddie Mac (the Enterprises) collect.5 The time period covered, the third quarter of 2018 through the fourth quarter of 2021, includes all the UAD data available to FHFA when the analysis began.

…monthly house price indexes for ZIP codes are used to walk forward the comparable sales amounts. For each comparable in the data, the price indexes are used to calculate a predicted time adjustment corresponding to the age of the comparable and local price trends.

To read more, Click Here

My comments: Check out the very good graphs. Maybe the indexes were not as reliable as actual appraisal adjustments, but overall adjustments were lower by appraisers.

When I started my business in 1986, several very experienced local appraisers said don’t make time adjustments for lender appraisals. In a significant drop in prices, in the 1990s, some appraisers who made negative adjustments lost their businesses. I always made them and never had any complaints from my lender clients. I worked for an assessor’s office in the late 1970s where we were making 2% per month time adjustments upward. Since Fannie started focusing on UAD analysis around 2015, losing business because of negative market conditions has almost stopped. They are one of the easiest adjustments to make.

My market is very volatile. The only dollar adjustments on non-lender appraisals that I make on homes are market conditions unless it has a valuable feature, such as an excellent view, that needs an adjustment.

———————————————————————–

Online comments by a very experienced and savvy appraiser:

This (price indexing) is one thing that AVMs do quite well.

I’ve seen thousands of appraisals over the years where appraisers made no Positive or Negative Market Conditions adjustments, as though the market is always in balance and prices are always stable, even during periods of rapidly changing prices.

Ignoring market conditions adjustments makes us look incompetent to buyers, sellers, lenders, Realtors, and the general public. I purposely omitted AMCs from this group as they are order takers. It’s not good for Residential Fee Appraisers when FHFA tells the public how poorly we’re performing with regards to what most call “time adjustments”.

 

Appraisal Adjustments Yes, No, Maybe

Appraisal Business Tips 

Humor for Appraisers

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

NOTE: Please scroll down to read the other topics in this long blog post on 2024 forecasts for mortgage rates and originations, Private Money lending,  unusual homes, mortgage origination stats, etc.

Read more!! →

Back to Top