The conversation surrounding appraisal bias is often clouded by accusations rather than substantiated evidence. While some claim that bias is prevalent in property valuations, it is crucial to recognize that systemic proof remains elusive. Most complaints stem from appraisers hired by appraisal management companies (AMCs), which frequently opt for the cheapest options, potentially leading to inconsistencies and incompetence. Rather than relying on automated valuation models (AVMs) as a solution, we must hold the appraisal profession to higher standards and address the real issues at play.

Are you tired of opening your property tax bill only to find it higher than you expected? You’re not alone! Many homeowners face inflated tax assessments due to outdated information or errors in property records. The good news is that you can take action with a real estate appraisal specifically for tax appeal purposes. By obtaining a professional appraisal, you gain the insights needed to challenge inaccuracies, save money, and understand your property’s true value. Whether your home has been incorrectly assessed or you want to ensure you’re not overpaying, an appraisal can be a valuable tool in your tax appeal journey.

Moody’s recent projections for the American Housing and Economic Mobility Act of 2024 suggest that $500 billion in spending will lower rents and boost affordable housing production. However, historical evidence indicates that similar subsidy-based approaches often fall short. Critics argue that the Act might not effectively address the core issues of housing unaffordability. Instead, focusing on market-driven solutions and reducing regulatory barriers could offer a more sustainable path to affordable housing.

As we move through mid-July, the U.S. housing market is transitioning to a softer period after a peak season, with national home prices expected to finish 2024 with positive growth. Looking ahead to 2025, forecasts suggest a modest increase in home prices, with Goldman Sachs predicting a 4.4% rise and Moody’s anticipating only 0.3%. Additionally, properties bought for Airbnb or vacation rentals in areas like Florida may contribute to rising inventory levels, potentially impacting local markets.

The Cape Coral-Fort Myers metropolitan area in Florida has the highest share of vacant rental homes in the entire country, with an average of 15.3% of rental homes sitting empty in 2023, up from 8% the previous year. The median monthly rent in the area also increased to $1,967, while the percentage of cost-burdened renters rose to 59.3%. Other Florida metro areas like Jacksonville, Tampa, and Miami also ranked among the top for high rental vacancy rates. The report attributes the higher vacancy rates to an increasing supply of rental units, while demand remains high in other parts of the country.

The housing market shifts as delistings soar, signaling a pricing imbalance. Expert analysis reveals sellers' high expectations clash with buyer reality, hinting at an impending price correction. Learn how this trend could impact your home buying or selling plans.

Understand the complex pricing and cost structure for residential real estate appraisals. Learn about key factors that impact appraisal fees, including property complexity, location, appraiser expertise, and turnaround time. Get guidance on selecting the right appraiser and identifying reasonable fee ranges based on the VA appraisal panel.

Looking for insights into the latest mortgage market trends? The Mortgage Bankers Association (MBA) data reveals a slight uptick in mortgage application volume, driven by a notable increase in refinance activity. However, purchase mortgage applications are on the decline, signaling challenges for homebuyers amidst rising rates. With the average 30-year fixed mortgage rate surpassing 7%, prospective buyers are reevaluating their options. Despite these challenges, there's still movement in the market, with some homeowners opting for FHA and VA loans while others consider locking in rates before further increases. Stay informed as the landscape evolves.

Homebuilders are aggressively undercutting stubborn home sellers with drastic price cuts and incentives. Despite 7% mortgage rates, new home sales are down only 4.8% from 2019 while existing sales have plunged 19%. Builders cannot afford to "outwait" the market like delusional sellers and are slashing prices and offering mortgage buydowns to maintain sales momentum.

In the realm of residential real estate appraisals, Google Earth's satellite imagery has emerged as a valuable tool for tracking properties' conditions, identifying pre-existing damage, and substantiating other findings. However, recent court decisions have cast doubt on the admissibility of these images as evidence, citing concerns over the authenticity and accuracy of automatically generated timestamps, labels, and markers.

One veteran Denver appraiser couldn't be happier about the sharp drop in appraisal waivers being granted by Fannie Mae and Freddie Mac highlighted in new data from the American Enterprise Institute's Housing Center. "Waivers may have been efficient for lenders, but they were undercutting the integrity of the home valuation process," the appraiser said.

In the realm of real estate valuations, Comparative Market Analyses (CMAs) are frequently utilized by Agents to estimate property values. Some real estate professionals heavily rely on standardized “CMA Adjustment Guides” for predetermined dollar adjustments between properties. Home values depend on nuanced characteristics related to the property, location, and broader market conditions

In 2024, real estate appraisers can no longer claim to have “personally inspected” a property unless they perform an in-person observation within the agreed-upon scope of work. This significant shift ensures greater accuracy and compliance, emphasizing separate on-site inspections for each new engagement

Discover why home appraisals often fall short of contract prices, causing headaches for buyers and sellers. Explore the underutilized practice of time adjustments, which aim to capture value changes in a rapidly evolving housing market. Learn how appraisers can improve their valuation methods to accurately reflect current market conditions and benefit all parties involved.

When a bank orders an appraisal for a mortgage, they are the client and legal owner of the report, although homeowners have a right to receive a copy. For private appraisals ordered directly by homeowners, the homeowner is the client and sole owner of the report.

The long-held belief that purchasing a home enables greater wealth building is called into question, as analysis shows that for most of the past 50 years, renting while investing the excess capital has led to higher accumulated wealth compared to home ownership. Freeing up money by renting instead of buying allows those funds to be invested in assets with potentially higher returns.

Confirming details of comparable sales with a party to the transaction is critical, yet it is an often overlooked part of the appraisal process. While MLS and public records provide useful baseline data, the full context surrounding a sale requires additional investigation

Proper handling of seller concessions is key to sound real estate appraisals. Data reveals appraisers often fail to make needed adjustments for concessions, undermining objectivity and inflating property valuations.

Fort Myers City Council faced a difficult balancing act in proposed changes to the municipal Affordable Housing Trust Fund. Increasing qualifying incomes would serve more burdened residents but risks perceptions of unfairness and benefit diversion from the poorest groups. Meanwhile, prioritizing city employees aims to bolster workforce retention amid shortages, yet criteria based on local employment status sparked accusations of exclusionary policymaking. With split votes, policymakers recognized public spending demands equitable administration, however imperfect. As cities everywhere grapple with expanding support amid entrenched housing crises, nuanced decisions require weighing targeted aid needs among those facing the most distress.

Housing tea leaves today point conflicting directions - appreciating home values collide with plunging purchase volumes hinting at wavering demand.