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Happy Holiday Season

2009 has been a long year, and it is nice to see that it is nearing an end.  Appraisers have generally struggled this past year with the ups and downs of the HVCC, the seriously bad market conditions that make almost no one happy and the drum beat of government regulators and court suits from unhappy home owners as we all worked our way through a market in recession / depression.

What will 2010 bring?  It's easy to say another bad year, but no one really knows that for sure.  I would like to remain one optomist in a world full of those spreading gloom and doom.  Maybe 2010 will be the year that AMC's fail, the national economy does a 180 degree turn around and banks release the Trillions of dollars they have been hoarding.  Well maybe that wouldn't solve all of our problems, and maybe it would create more, but it sure would stimulate the appraisal business.

Keep thinking positive thoughts and have a happy holiday season.

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If you're selling a home, or you're in the market to buy one, you're going to cross paths with a home appraiser People also hire appraisers if they need to estimate taxes on an inherited home, or if they need to set a fair value on property that they intend to lease
What can you do if you disagree with a real estate appraisal The first thing you need to remember is that the appraiser's role is to provide impartial opinions based on his experience and knowledge
What is HVCC The Home Valuation Code of Conduct was brought to life by New York State Attorney General, Andrew Cuomo

Real estate appraisers in 2009 have been struggling with trying to analyze real estate markets that are basically one sided, they simply lack any sort of demand.  Like the failure of Economists to explain the reason for the financial collapse, appraisers generally fail when attempting to express "market value" opinions, because as a matter of fact, real estate "markets" do not really exists for some property types in some areas.


If you have an interest, and you have been watching the reports and articles on the vacant land market in Las Vegas you likely have come away confused.  Here are some interesting facts that you, as an appraiser, buyer or seller may want to consider:
May 5, 2009, Written by: Michael C Zari If you have not already heard, as of Friday May 1st 2009, as one industry expert put it, "the complete lending landscape just changed

After the Savings and Loan crash in the late 1980's, appraiser licensing was put into place in 1991 by the federal government in an attempt to avert another banking disaster.  Here we are, however, in 2009 with a much larger banking disaster to deal with.  So clearly the original plan for appraiser licensing has ended in failure.
Today marks a major change in the lending landscape and the way loans are sold to Fannie Mae & Freddie Mac

As it becomes more and more difficult to find comparable vacant land sales in the Las Vegas market, due to decreasing sales volumes, some appraisers have turned to past sales.  The selection of past vacant land sales is, however, frought with a number of potential problems.

Most appraisal assignments direct the appraiser to form an opinion of the market value of a specific property. If you are familiar with appraisal definitions you know that most market value definitions indicate that market value is the “most probable price” that a market participant will pay for a property. So in most instances appraisers have to consider value as an anticipation of future benefits.
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