Real Estate Appraisal Process | Price Per Square Foot Valuations?

What role do price-per-square-foot valuations play in the real estate and appraisal processes? Real estate agents often provide price-per-square-foot valuations when showing properties to homebuyers. But if their valuations differ from that of the appraiser, homebuyers can become confused and frustrated. So are price-per-square-foot valuations really accurate measures of market value? It turns out that Read More

Home Appraisal and Mortgage Industry Innovation | The March Toward the Digital Mortgage

The digital mortgage will simplify the homebuying process, accelerate the mortgage cycle and change the appraisal and mortgage industries. But even if much of the technology is already there, key legislators can be slow to act. For example, until recently, states haven’t needed to update notarial laws, which serve three purposes: To ensure that the Read More

Housing Industry Update | Construction Spending Increased and Prices Rose

The US Census Bureau announced that construction spending in July 2018 was estimated at a seasonally adjusted annual rate of $1.32 trillion, 0.1% above the revised June estimate and 5.8% above the July 2017 estimate. Both public and private residential construction contributed to the increase. Public sector residential spending was 0.7% more than in June. Read More

Changes to Appraisal Valuation | Fannie Mae No Longer Requires 1004MC

On July 31st at the Appraisal Institute Annual Conference, Fannie Mae announced that it would no longer require the 1004MC form for home appraisal valuation. On August 7th, Fannie Mae’s Selling Guide indicated the form was unnecessary, effective immediately. Introduced in 2009 following the housing crisis, the form standardized appraisal reporting and market conditions analysis Read More

The Home Inspection and Appraisal | Educating Mortgage Applicants

There’s often a lot of confusion from the homeowner’s perspective about the difference between home inspections and appraisals. The responsibility falls on lenders’ shoulders to educate mortgage applicants, so homebuyers can navigate the process as smoothly as possible. Below are the most important points your homebuyers need to hear: A real estate appraisal is the Read More

Trump Shakes Up the Mortgage Industry | Upcoming Changes in the Appraisal Process

The Trump administration has called for substantial changes in the country’s financial and mortgage systems that would affect industry technology, the current regulatory environment and mortgage lending and appraisal processes. The Department of the Treasury released the broad-ranging report last Tuesday, which addresses non-bank financial institutions and industry innovation. Of particular note, the Treasury recommends Read More

Housing Market Trends | Housing Price Gains Increase and National Rent Reaches New High

Home prices and national rent increases accelerated through May and June to two to three times the rate of inflation, according to the S&P Dow Jones Indices. House prices rose an average 6.4 percent across the nation, with the West Coast experiencing the highest gains, reaching double digits in certain regions. Although Seattle, Las Vegas Read More

Low Supply and High Demand for Residential Real Estate | Why Housing Starts are Decreasing

Simple laws of supply and demand predict that housing starts, the number of housing construction projects beginning, will increase as housing demand and prices rise, but that’s not what’s happening. The US Census Bureau reported that privately owned housing starts in June decreased 12.3 percent from May and 4.2 percent from the annual rate in Read More

Improving the Home Appraisal Process | Advice to Give Home Buyers and Sellers

Home buyers and sellers can close faster with a little preparation. Here is some advice to help them understand how they benefit from an appraisal and the steps they can take to expedite the process. Inform home sellers to: Be flexible and make the appraiser’s schedule a priority. Appraisers often schedule on a first come Read More

Portents for the Housing Market | Baby Boomer Exodus Looms

The baby boomer generation includes 40 percent of US homeowners who occupy 32 million homes, according to a report by Fannie Mae. But that number is changing. Between 2009 and 2015, there was a 28 percent increase of homeowners ages 55 and older who are leaving the housing market to rent instead. The report notes Read More

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