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Slow Down?

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I think there is a huge shortage of professional appraisers. Can't wait for them to resurface in the time of need. :leeann:

yep, liability has a way of changing things.
 
my Dec '18 was 12.5% less total sales than Dec '17. 2018 total sales were 3.5% higher than 2017. it pays to put in the effort to get non-lending clients but not everyone is willing to put forth said effort. some are content to just sit and wait for AMCs and lenders to send them work when they feel like it. i'm 50-60% private work and it's the best thing i have ever done for my business.
 
Tom Woolford said:
Everyone else can go on vacation. I'll stay home and get their work. :)
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The primary reason it is slow (December, vacations etc come ever year) is due to interest rates. Anyone who bought in the last 2 years does not want to refinance or get an equity line at 1% more than they have now. People wanting to buy, who could qualify at 3.5% might not qualify at 4%. Some people wanting to buy are waiting for prices to drop. In addition, Trump fails to instill much
confidence in this erratic economy.
 
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USPAP Compliant said:
In addition, Trump fails to instill much
confidence in this erratic economy.
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I was thinking it had more to do with Obama's 8 years of QE and the resulting artificially low interest rates that has left us with bubbles in every financial market. I must have missed the hourly CNN episode on Trump that you're referencing?
 
So how can you combat some of this slow period and other slow times that seem to plaque this industry. Maybe its time to get out ahead of the game and start using bifur/hybrid appraisals all by yourself.

So the stream lining of the appraisal process does make sense as long as Appraisers understand they still have to comply with USPAP Standard one and any Lender Requirements. Also, don't forget that Standard two is in play, but that's the easy part.

That's really where the Rub is on the Bifur/Hybrid. Lets be Honest here. All this does is really limit the size of the report(standard 2) and cuts out your drive time.

So how do you as an appraiser benefit: Cost of producing an appraisal is the savings; in time, wear n tear on your automobile, savings in daily meals(less fast food). It also eliminates any delays due to weather. Weather will cause delays for Harry and Sally the inspectors. That's an unknown. Another Unknown is how efficient will Harry and Sally actually be!

OK, who is not or rarely using appraisers now. 2nd Mtg lenders,finance companies. They rely heavily on AVM's and BPO's. - That is common and this will not effect appraisers much. You have to figure out a way to Horn in on the Realtor BPO's and take advantage of the AVM's that are not very reliable except in a broad sense(range of value). I do know that many of these locale strip mall lenders lose loans because of the unreliable AVM's.

Another way to take advantage of this trend is to Cut out AMC's. Eliminate their skim(cost and time savings). If its true that lenders(all types) are looking for faster and cheaper Valuation products, seems like to me that many of these lenders really don't need or are not required to use AMC. Who are these Lenders? They live, work and play in your local area of operation. Farm them with this product. Many times loans are not approved because the AVM results are inadequate. Capitalize on the weakness of the AVM and BPO.

Do you really have any increased Risk. No, I thnk there is less risk, but you are receiving less money to mitigate the risk.

Is there a lot of business out there to grab, take away from somebody else? I think so, and it just takes initiative of the appraiser to go find it.

Don't know how current link is below.

http://www.appraisalinstitute.org/assets/1/7/BPO_State_Laws_06062013.pdf

https://www.thebalancesmb.com/all-about-the-BPO-or-broker-price-opinion-2866428
 
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Joe Flacco said:
It is not the typical slowdown of the last decade but everybody is on vacation right now. Loan officers, real estate agents, borrowers, buyers, sellers are all on vacation.
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I agree, this slow down feels different than previous ones. I spoke with a loan officer yesterday for a branch that I do a lot of work for, she told me that the entire branch had zero originations for all of December which was highly unusual for a branch that was averaging 40 closings a month at the beginning of the year. And this is with about 5 loan officers so they were quite busy and then it all just suddenly went quiet. Not sure what to make of it, there might be another recession around the corner.
 
Real Estate is State Specific and some States will experience strong prices because of the outflow from California- Just follow the moving van data because most are heading to Arizona-Texas and Parts of the South. Hell we spent the last 65 years creating bureaucracies from hell and now we want to come to your low cost States so we can implement Mandatory Solar, low flow toilets on resales , carbon monoxide detectors, paint your streets white so they put out less heat in the summer and finally place a big carbon tax on you because after all we love you and want to protect your health & safety : LMAO:)
 
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