What happened to all the work? No orders, no refi, no foreclosures, no purchases,

[Mark K]

Majority of high end residential purchases are all cash here. After the close, many apply for a loan, presumably to put the cash to a better use.

Same here to some extent but that also includes farm land. Lot of cash buyers at auctions, etc.

Its the low end where the real smoke/mirrors and 'creative' financing occurs.

 

[Surf Cat]

@Surf Cat

Are you suggesting that I renew my license for another cycle....

I don't know....depends on your situation, how old you are, and if you still enjoy appraising. I'd fault no one for cutting bait and bailing.

Another thing.....2 year or 4 year renewal? I completed my 4 year cycle not too long ago....that was it for me on completing 56 hours of continuing education. Not worth the return on investment imo.

"If" appraising as we know it continues to decline towards the AI trend....non-appraiser pdc's, non-inspection services, and the continuation of AMC dominance, I'm not sure I'll even renew in a couple years with a USPAP and bias class.

All I was eluding to was that the DNC is going to pull strings for votes.... and for a little while, it might get busy again.

 

[ucbruin]

I'm too old to want to work in dribs and drabs....
I haven't worked since July 2022....
I receive the occasional inquiry about an assignment and have also received assignments but I don't accept them....
1 or 2 assignments every other month just not exciting enough at this point....
But a consistent 8-10 per month every month for 6 or more months would be enticing....

2 year cycle....

 

[Surf Cat]

I'm too old to want to work in dribs and drabs....
I haven't worked since July 2022....
I receive the occasional inquiry about an assignment and have also received assignments but I don't accept them....
1 or 2 assignments every other month just not exciting enough at this point....
But a consistent 8-10 per month every month for 6 or more months would be enticing....

2 year cycle....

Well....if you don't want to work for dribs and drabs as you say and you're at you two year... go ahead and renew. Even though this is the longest down cycle I've ever been in, I believe it won't stay this way for very much longer. Especially with the election coming up.

By time I get to my next 4-year, I'll be retired. I fully expected to be doing reviews or appraisals here and there into my 70's. But with the onslaught of changes to the industry, and the race to the bottom with low fees, it doesn't look plausible.

 

[Terrel L. Shields]

Majority of high end residential purchases are all cash here. After the close, many apply for a loan, presumably to put the cash to a better use.

I am seeing a lot of cash purchases, and they have to be people from out of state who sold there high and buy here much cheaper. I've seen a couple of million-dollar properties sell for cash. Rich people do not usually buy cash even when they can. So, I suspect that these are people with a one-time payout from a sale in a high value area and putting it all into the property they are buying.

 

[Fernando]

The renewal fee in CA is $1,030. Expensive.
I couldn't figure out the 56 unit CE thing so I took additonal units so I could keep my valuable appraisal license. Can't wait til the next refi boom.
To make matters worse, BREA won't allow online renewal using Chrome or Edge. Ugh.
I had to learn how to use an Apple computer. It's not as intuitive but I got by.

 

[Fernando]

As I remembered when I tried to renew my license on BREA website, it was one of worse experienced online.
It was so painful and almost made it cried but I persisted. Fernando doesn't give up even though he would spend hours and hours and hold his bladder (enough with the details).
I could have just sent the hard copied but it would have taken at least 3 months as indicated.
The problem is mail snail is slow and the info sent would have to be manually painstakingly inputted by bureaucrat into their computer system.
For me, one digit off or misspelling would start my online to the beginning.
It was awful and excruciating painful to apply online to renew. Worse than DMV experience. Can't say enough how terrible it was besides paying over $1,000 to renew for two years. Ugh.

 

[andrew81]

Emails I've received this week that I didn't respond:

Please advise if you are able to cover this appraisal order for the client the USDA Rural Development (RD) in case it is in your coverage area, and advise regarding the turn time and the fee on it.

A customer from our xxxxx market that is purchasing xxxxx. Would this be something you would be able to complete?

Are you available for this Conventional refinance in xxxxx? We know this may require a higher fee and longer turn time, please give us a quote. Thank you!

File # 1710193093-6870 (Stephen Robison)
You have a new appraisal request. Please use the following link to accept or decline this assignment.
Click here to View Appraisal Request. - *** No Login Required ***
Appraisal Type(s): Single Family 1004
Loan Type: Conventional
Loan Purpose: Refinance
Occupancy Status: Primary Residence
Property Address: xxxxx
AMC Links
3051 Maple Loop Drive, Suite 300
Lehi, Utah 84043
phone: (866) 439-9546 (Toll Free)
fax: (801) 768-4749

 

[Zoe]

I am seeing a lot of cash purchases, and they have to be people from out of state who sold there high and buy here much cheaper. I've seen a couple of million-dollar properties sell for cash. Rich people do not usually buy cash even when they can. So, I suspect that these are people with a one-time payout from a sale in a high value area and putting it all into the property they are buying.

I heard from common folk this week that some entity owns like 70,000 houses in the USA. It was not China, but I have a feeling China surpasses that number. I heard during the great recession that people were on a bus locally and some were Chinese.

They didn't even look at the interior of the house and stayed on bus and said I want that one.

Catch me?

Cash? No doubt.

Look at current exchange rates on US currency.

https://www.bloomberg.com/quote/EURUSD:CUR

 

[Zoe]

Here is exchange rate on US currency also.

international exchange rates us currency - Bing

Intelligent search from Bing makes it easier to quickly find what you’re looking for and rewards you.

www.bing.com

You can go back 5-10 years on US currency exchange rates on the US dollar. Probably more. Look at it.