Category: Spotlight Content

Ever since AVMs first appeared on the valuation landscape some 30 years ago, appraisers have lamented that computer-generated values would replace them. Yet for the last 30 years, appraisal volumes have largely risen and the worry that AVMs would take appraisal work away from appraisers seemed misplaced – until now. 

>The 2020 New England Appraisers Expo’s Commercial Program held on December 10th featured representatives from the Massachusetts Convention Center Authority, the soon-to-open Omni Boston Hotel at the Seaport, COJE Management Group Corp. restaurant organization, and Newmark Boston’s restaurant leasing platform.

The pandemic has led to a variety of unforeseen trends in consumer behavior, such as a spike in demand for random items like pressure treated wood and real Christmas trees. Reading through the October 2020 Housing Market Report published by New Hampshire Housing Finance Authority (NHHFA)

Vaccines are expected to be delivered in Massachusetts shortly before the holiday season. Centers for Disease Control and Prevention (CDC) has prioritized healthcare workers and nursing home residents for initial vaccination, the most essential and the most vulnerable.

The total US national debt has just risen to almost $27 trillion, up from $23 million trillion just six months ago, and $11 trillion a few years ago. The annual budget deficit is projected to reach $3.3 trillion in 2020, largely brought on by government spending on the pandemic.

As professional real estate appraisers, we proudly point to the accomplishments that the profession has made over the past half century. We look to the ongoing development of  high performance standards for our various practice areas, in part through the continued evolution of USPAP. We continue to enhance appraisal education for practicitioners and those seeking to enter the field. 

Many years ago, before the advent of sophisticated computerized data bases, there was concern about what was called multiple versions of the truth. Computer systems of old were not updated simultaneously, so for example, the billing address and the shipping address were not cleanly organized.

Year In-Review: 2020 has certainly been a dynamically challenging year, if not the most challenging year since the beginning of the “mortgage meltdown” time and likely even more than that! The year began with a continuation of declining interest rate from 2019.

>This article is directed at all appraisers including real estate appraisers, business appraisers, art, antique, machinery, equipment, sports memorabilia, jewelry, coin, or collectibles. An appraiser is a person who provides a defined economic exchange value opinion of the rights inherent in the ownership of some tangible or intangible property.

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.  As this is my last president’s letter I would like to thank everyone for their continued support of the Appraisal Institute and the local MA and RI Chapter.

The housing market in 2020 saw its share of ups and downs due to the onset of the COVID-19 pandemic. Changes in the real estate market were affected by the federal government’s response to counterbalance the damage done to the economy by the coronavirus and the subsequent response to policy and monetary changes by the public.

The Providence multifamily sector remains strong amidst the pandemic. In a time of “doom & gloom” the Providence market is continuing to stay afloat, even outperforming its peers in larger, more dense, urban markets. With no loss in velocity or demand, the Providence market is confident and remains on solid ground.