This week we explore spring housing market trends, an exciting event for appraisers, and an interesting report on value opinions. 2018 home prices continue to rise, in part due to low inventory. Home value opinions from appraisers and homeowners are moving closer and closer together. The agenda for AppraiserFest 2018 has been announced. Plus, what happens when you’re asked to appraise a home with space heaters as a substitute heat source? Read on for the latest in appraisal news.
2018 home prices go up, up and away
Looks like high home prices are here to stay. Prices have continued to swell each year since bottoming out in 2012, with no sign of stopping in 2018. Low inventory, low vacancy, and high demand are a recipe for a hot sellers’ market this spring—especially in super hot housing markets like Seattle, San Francisco, and Las Vegas. Will surging home prices lead to affordability issues in housing? Learn more here.
Owner and appraiser opinions of value inch closer to equilibrium
Quicken Loans’ National Home Price Perception Index (HPPI) report provides a “never-before-seen” look at how homeowners perceive the current housing market. According to the HPPI, appraised values were just 0.53% lower than homeowners estimated in the month of February. For the fifth month in a row, the gap between owner and appraiser opinions of value has remained less than 1%. Read more about this developing trend.
AppraiserFest 2018 agenda announced
The official agenda for this year’s AppraiserFest is now available. Highlights include a hard-hitting presentation on mortgage fraud, a talk on appraiser antitrust issues, a modern appraiser road show, and much more. Speakers include Jonathan Miller, Dr. William K. Black, and Phil Crawford. All of this is happening in San Antonio on November 1-3. View the full agenda.
Will space heaters fly when it comes to getting a loan?
What happens when a homeowner wants to sell, but their home’s central heating system doesn’t work? Ryan Lundquist explores what appraisers should be looking for as far as a heat source. He outlines insights from Fannie Mae, HUD, local code, and different lenders. Learn about what those different sources have to say in this article.
Looking to upgrade your appraisal license? Learn more with our free upgrade guide.