As I head into my 37
th year as a Real Estate Appraiser, it is evident to me that this real estate market continues to be the hottest I’ve ever experienced. I continue to encourage my colleagues to keep up with the market.
Together with highest and best use, market analysis is a critical part of the appraisal development process. The Dictionary of Real Estate Appraisal defines market analysis as: “The study of the supply and demand in a specific area for a specific type of property.”
Unless you’ve been living under a rock, benefiting from a trust fund, or are simply oblivious to day to day life…it seems that almost everything is more expensive in the post COVID-19 world.
Well another summer went by too fast, but thanks to dedicated staff and volunteers at both the national and local chapter level the Appraisal Institute is off and running into the fall season. AI National set the stage when the board of directors adopted a strategic plan at their August meeting.
Building costs have been rising since June of 2020, it was almost as if a gun went off at the starting line of a race! Only that the participants in this case included a number of characters and elements, inclusive of new home buyers entering the market that had been sitting on the sidelines
You’ve probably heard or used some of the new financial apps or companies that let you buy that computer or TV or car, or maybe even house, without money now but a requirement to pay later. They are called buy now, pay later or BNPL apps.
September brings a lot of newness and freshness to us all. It marks the end of summer, the start of fall and leaf peeping, the beginning of the schoolyear. Add in quite a few other areas of life, things are changing, evolving, and just getting harder.
Being from New England, when one thinks of a historic home the image often conjured up is that of a 1700s center chimney cape, a Federal style from the early 1800s, a Second Empire Victorian or even a brownstone. All have become part of the architectural landscape that helps define New England.
Racial bias is front and center of the news. Accusations involve all sections of the real estate industry, appraisers, brokers, and lenders. Appraisers have been accused of using inappropriate comparable sales that indicate values below the true market value of a property that is owned by a person of color.
Three Approaches. Appraisal Theory gives real estate appraisers and users of appraiser services three approaches with which to arrive at value opinions. Let’s review the approaches.
