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.

The recent increase in deed theft schemes highlights deeply concerning gaps within current real estate title protocols that allow fraud to occur.

When appraising a property, it's crucial to compare its actual value versus predicted value. This process helps appraisers make accurate valuations amid a shifting real estate market.

New home sales slowed in many markets as affordability eroded, though incentives are partly offsetting declines.

With mortgage rates stuck above 7.5%, home prices at record highs, and purchase applications plunging, it's clear drastic action is needed to aid struggling homebuyers.

A recent analysis of appraisal data by the American Enterprise Institute provides compelling evidence that differences in home valuations are not primarily attributable to racial bias by appraisers.

Subjective language raises concerns about fairness and transparency in the home valuation process.