So here we are, the day after the presidential election, and still waiting for the results. In ordinary times, this would be a feature event of the year with debate and discussion ensuing for weeks. But this is no ordinary year with lockdowns, closing and openings, testing, testing and more testing and now further lockdowns. It is enough to give anyone a migraine with no immediate relief in sight.
Are appraisers essential? They must be; just about every appraiser I know is flat-out busy. When the pandemic started, many, many people stopped working altogether, were told to work from home, were furloughed or laid off. Not so for appraisers. With declining mortgage interest rates and increasing property values, the loan-to-value ratios are also declining.
The Massachusetts and Rhode Island Chapter of the Appraisal Institute is hoping all of our friends and clients are continuing to stay safe during the COVID-19 pandemic.The Appraisal Institute continues to offer timely education for all members. The national organization offers a weekly podcast, AI Answers, which showcases experts from across the country presenting valuable information for your appraisal practice.
The advent of COVID-19 brought about stay-at-home orders, self-quarantine, and social distancing which altered how and where appraisers do their work. A home office is not a new concept for many appraisers, but those working in a corporate environment now found themselves carving out a niche in their home to work; and while working from home can be great – no daily commute, wearing casual clothes, and TV breaks – it also has its downside.
Surveillance and diligence have prevailed in commercial real estate during rent ups, adaptive reuse and new construction. Contagion in schools and small and large gatherings have spiked virus data broadly as predicted. Prevention of local trends in behavior and contagion from spreading to built environment is the challenge for commercial real estate.
We have had a lot going in our favor over the last several years in the real estate business. The economy has been growing; unemployment has been at an all-time low; interest rates are at historic lows. On top of that, government has been typically pro-growth, with city mayors enticing new business to their cities. Things couldn’t be better, as seen by the historic boom in real estate development.
A little more than six months into…the new normal. So far, so good. A lot of counterintuitive results to be considered.
The hybrid appraisal, also called a bifurcated appraisal, is a product that has grown in popularity in the past few years. In this type of report someone other than the appraiser, supposedly another appraiser or a real estate agent, inspects the exterior and or the interior of a property. The information
Prior to March of 2020 and the COVID-19 pandemic, the only time you heard Zoom-Zoom was at the end of a Mazda commercial. Since that time period, business meetings, social events, television shows and all types of educational institutions have been utilizing video conferencing websites such as Zoom, Go ToMeeting, and Microsoft Teams to replace in-person meetings. The NH/VT chapter of the Appraisal Institute will be utilizing Zoom in order to deliver three two-hour fall seminars. The NH/VT chapter typically offers five in-person seminars each year to its membership and to appraisers from the region at a function room located in Concord, N.H. The New Hampshire Board of Real Estate Appraisers requires that
The Massachusetts and Rhode Island Chapter of the Appraisal Institute is hoping all of our friends and clients are continuing to stay safe during the COVID-19 pandemic. We are hoping everyone will continue to stay well as restrictions ease and we can go out and enjoy the upcoming fall weather!