Appraiser Income

The Appraisal Institute has joined a coalition of more than 20 real estate industry organizations opposed to TriStar Bank’s request for a temporary waiver from appraiser certification requirements.

In a Feb. 13 letter to the Appraisal Subcommittee, the coalition urged that the request be rejected for not satisfying the requirements established under ASC regulations, pointing out that, contrary to TriStar’s initial letter, there is a healthy supply of commercial appraisers throughout Tennessee, including in the four counties cited in the bank’s letter.

Separately, the coalition in a Feb. 8 letter urged the ASC to provide greater transparency in this matter by publishing the TriStar Bank response letter that elaborates on its initial request.

The Appraisal Subcommittee board is scheduled to be briefed on the request at its Feb. 14 meeting. No action is expected at this meeting; however, the ASC board could elect to hold a special meeting before its next scheduled board meeting to consider whether to send out the bank’s request for a 30-day public comment period. Should the ASC choose to do so, it would have 15 days to take any action — including the option to take no action.

When Blackstone Group LP wanted to borrow hundreds of millions of dollars to buy foreclosed homes after the housing crash, it needed a quick, inexpensive way to value thousands of houses the investment firm already owned and was offering as collateral.

This graph put out by the California Bureau of Real Estate Appraisers shows a significant problem with the appraisal industry.

From January 1 – June 30, 2017 there were no Trainee License examinations.  Wow!

The newest edition of the Bureau’s The California Appraiser newsletter is available on our website www.brea.ca.gov under Forms and Publications, BREA Newsletters.

IRVINE, Calif. – Feb. 1, 2018 — ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Year-End and Q4 2017 U.S. Home Sales Report, which shows that home sellers in Q4 2017 realized an average home price gain since purchase of $54,000, up from $53,732 in the previous quarter and up from $47,133 in Q4 2016 to the highest since Q3 2007 — a more than 10-year high.

That $54,000 average home seller profit represented an average 29.7 percent return on investment compared to the original purchase price, up from 28.8 percent in the previous quarter and up from 26.8 percent in Q4 2016 to the highest average home seller ROI since Q3 2007.

“It’s the most profitable time to sell a home in more than 10 years yet homeowners are staying put longer than we’ve ever seen,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “While home sellers on the West Coast are realizing the biggest profits, rapid home price appreciation in red state markets is rivaling that of the high-flying coastal markets and producing sizable profits for home sellers in those middle-American markets as well.” …continue reading the rest of this post: Average Home Seller Profits at 10-Year High

I can’t believe it, I was going through notes on articles to write for 2017 and I totally missed the 2017 Appraisal Fee Survey from WorkingRE.com.

So I thought I would post information about it today.  You can find links to each state and get individual city information from there.  This is a very detailed report.  Thanks again Isaac and David!

2017 Fee Survey: Analyzing the Data

By Isaac Peck and David Brauner, Working RE Magaizne

For the last few years the appraisal industry has been abuzz with talk of rising appraisal fees and longer turn times. AMCs complain of a shortage of appraisers and “price gouging” in certain markets (Colorado and Oregon, for instance); appraisers report modest success at raising their fees after years of frustration (See Fees Rising). …continue reading the rest of this post: Fee Survey Revisited