The week beginning Aug. 23 reversed last week’s uptick with a slight decline, signaling perhaps a lag after the increase.
Appraisals dropped 0.94% for the week, after rising 1.12% last week and 2.34% the week before, says Kevin Golden, director of analytics for a la mode inc.
“These are raw numbers, not adjusted for seasonal effects. August is normally a slower month. With seasonal softness, flat interest rates and higher home prices across the country, appraisal volumes have remained stagnant,” Golden said.
HousingWire is partnering with a la mode, inc., an appraisal forms software company which has tracked the appraisal volume throughout the country since 2006, to provide a weekly read on appraisal volume.
Appraisal volume is an indicator of market strength and has a few advantages over mortgage applications, especially since fallout is less for appraisals since they are ordered later in the mortgage process after credit worthiness has been approved.
Here’s the latest:
(Source: a la mode inc.)
Which schools are best for future appraisers? David Bunton, president of The Appraisal Foundation, explains the Real Estate Degree Review Program, a program created by the Appraiser Qualifications Board of the Foundation to assess graduate and undergraduate degrees in real estate.
Through the Program, offered at no cost to the school, the AQB evaluates a university’s real estate degree program to determine how the completed course work applies to the education core curriculum required by the Real Property Appraiser Qualification Criteria. The assessment for each university is published for state appraiser regulatory agencies to review when vetting applicants to become real property appraisers. This enables those with degrees from schools in the Program to know exactly which educational requirements have been satisfied and which may still need to be completed.
To date, the AQB has approved several schools that meet the AQB’s qualifying education course requirements for real property appraisers, including such schools as the University of Florida, Texas A&M University, and Lehigh University.
There has been much discussion in the profession about how we can continue to grow the ranks of appraisers and attract young, qualified candidates. We hope that the Real Estate Degree Review Program will make it easier for young people with an interest to enter the profession. To learn more about the Program and see the schools that have already been approved, you can go to our website.
In other news, the 2016-17 edition of the Uniform Standards of Professional Appraisal Practice will be available at the USPAP page soon. The Foundation also just launched a new website with tools for appraisers.
Lincoln Appraisal & Settlement Services recently announced the addition of an AMC license approval in the Commonwealth of Virginia. This adds to the company's continuously growing list, with Lincoln Appraisal now licensed to provide Appraisal Management Services in 36 states across the country.
“Lincoln Appraisal is pleased to be licensed within the Commonwealth, offering quality appraisal management services and real estate valuations throughout Virginia,” said George Demopulos, president and chief valuations officer of Lincoln Appraisal. “As a company, we are committed to operating in accordance with all federal and state laws and plan to continue adding state licenses throughout the country.”
Collateral Analytics has developed a new automated ranking system to objectively define the market condition of individual real estate markets ranging from specific neighborhoods to cities, states or the overall United States.
This new system is completely data-driven and is based on the same market indicators which are used by appraisers in the Market Condition Addendum of the standard 1004 Appraisal Report.
The CA Market Condition Ranking system is based on the magnitude and trends of the individual market indicators which are then combined to create the qualitative market ranking which include ratings such as “Normal,” “Distressed” or “Hot.”
This ranking system can be completely automated and used to define not only current but also historical market conditions for any geographical area, property type, property characteristics or price range.
“It seems that everyone has an opinion regarding the state of the real estate market,” says Michael Sklarz, president and CEO of Collateral Analytics, a provider of comprehensive automated valuation solutions and real estate analytic products for large lenders and the financial services industry. “Most of these opinions are anecdotal and subjective, which is unfortunate given the importance of the real estate market to the larger economy. The Collateral Analytics Market Ranking System provides a straightforward and systematic way to do this.”
Ever get frustrated with the client? Like Randal said in Clerks, this job would be great if it weren’t for the customers.
Well, realtor.com has your back. They’ve come up with a list of five things appraisers wish homeowners knew.
How you get this in the hot little hands of customers is your mission. But it’s a good one.