Austin Appraisal Slowdown

[Cooper8]

Moved to Austin in June and was immediately swamped with work and able to charge twice as much as I was charging per appraisal in the state of PA (my hometown). Things stayed steady through December but orders coming in have drastically dropped and the fees I am able to charge have plummeted.

Local Central Texas Appraisers: Is the drastic change in orders/fees over the winter months normal for the Austin market? PA slowed during the winter but nothing like I am seeing here.

Would appreciate any feedback!

 

[Charles West]

Moved to Austin in June and was immediately swamped with work and able to charge twice as much as I was charging per appraisal in the state of PA (my hometown). Things stayed steady through December but orders coming in have drastically dropped and the fees I am able to charge have plummeted.

Local Central Texas Appraisers: Is the drastic change in orders/fees over the winter months normal for the Austin market? PA slowed during the winter but nothing like I am seeing here.

Would appreciate any feedback!

Post on the regular forum, nobody sees it at the bottom of the page.

 

[Alsie35]

Still getting order solicitations for Austin (and other Hill Country locations) every morning from Corelogic ... and I am in San Antonio (maybe they think that Bexar County stretches that far North? ). Still inundated with solicitations down here. Maybe a bit less than 2 months ago, but the normal selling season is coming...and the rest of the country is moving down our way ... my advice would be to get as many clients as you can ... and some help in wading through the order solicitations ... and you'll be fine.

 

[Mejappz]

Not in Texas, obviously, but January and February are usually tepid. Many homeowners wait until March and April to decide if they will sell. This year, it will be interesting because of the meager inventory.

 

[Tim Hicks (Texas)]

It's slightly slower, but refi's are on the upswing and much harder to schedule. Are you reliant on AMCs?

 

[jalacart]

Has slowed a little in SA area but not much. Have noticed resistance on fees I was getting easily though. Wish appraisers would know their worth. 550-600 is a fair price for a 1004 appraisal.

 

[J Grant]

Moved to Austin in June and was immediately swamped with work and able to charge twice as much as I was charging per appraisal in the state of PA (my hometown). Things stayed steady through December but orders coming in have drastically dropped and the fees I am able to charge have plummeted.

Local Central Texas Appraisers: Is the drastic change in orders/fees over the winter months normal for the Austin market? PA slowed during the winter but nothing like I am seeing here.

Would appreciate any feedback!

I can not comment on local market but as rates go up, refinances will dry up for everyone

Idk your prior fees in PA, or what you are able to charge as twice as much, or who your clients are - but as the new kid in town, they used you when things were busy, if you were fee gouging (not saying you were ), if you were charging max fees due to conditions and now things are slower, these same clients remember who charged what - lowering your fees now if they Plummeted sounds like AMC up and down pressure- if with lowered fees if you suddenly so dead slow could be another reason - though most clients will never reveal the real reason they stop sending work.

 

[glenn walker]

I can not comment on local market but as rates go up, refinances will dry up for everyone

Idk your prior fees in PA, or what you are able to charge as twice as much, or who your clients are - but as the new kid in town, they used you when things were busy, if you were fee gouging (not saying you were ), if you were charging max fees due to conditions and now things are slower, these same clients remember who charged what - lowering your fees now if they Plummeted sounds like AMC up and down pressure- if with lowered fees if you suddenly so dead slow could be another reason -

Lots of buzz in real estate and finance community that although prices in Austin sales volume are dropping and prices have not yet broke as listing volume is extremely low. BUT think in terms of how many realtors and butyers are chasing a small amount of inventory and thats whats happening in my area a picture that looks similar to Austin except we have no winters in SO CA to speak of yet sales and refinance picture is dropping fast. Prices so far holding because no inventory but now many Realtors are finally dropping out as we had three times too many and same with loan officers who lived off the last three year refinance boom. As for apprasiers I notice them getting less and less good properties and assignments and now their extending their service areas and working on a lot of weird properties. BUT I would think Spring is only a few months away and if its still slow then its not a Winter or seasonal problem. Buckle Up as Hot Markets Like California and Austin can go cold as fast as they got hot and now everyone has blown their wad and market psychology is buyers are emotionally exhausted chasing a few listings and getting into bidding wars and as rates rise it will certainly look different than what we experienced over the last 36 months.

though most clients will never reveal the real reason they stop sending work

 

[alebrewer]

I don't expect the Austin market to slow down significantly for the foreseeable future. They are still experiencing a strong influx of migrants, and Samsung just announced a $30B new facility. That should keep the wheels greased for a while. That said, I do expect most of the continued growth to be in the more rural areas - Bastrop, Taylor, Elgin, Lockhart, etc., as home affordability in the 'central' sector (Austin/Round Rock) is just not sustainable.

 

[glenn walker]

I don't expect the Austin market to slow down significantly for the foreseeable future. They are still experiencing a strong influx of migrants, and Samsung just announced a $30B new facility. That should keep the wheels greased for a while. That said, I do expect most of the continued growth to be in the more rural areas - Bastrop, Taylor, Elgin, Lockhart, etc., as home affordability in the 'central' sector (Austin/Round Rock) is just not sustainable.

I don't expect the Austin market to slow down significantly for the foreseeable future. They are still experiencing a strong influx of migrants, and Samsung just announced a $30B new facility. That should keep the wheels greased for a while. That said, I do expect most of the continued growth to be in the more rural areas - Bastrop, Taylor, Elgin, Lockhart, etc., as home affordability in the 'central' sector (Austin/Round Rock) is just not sustainable.

Bigger Cities never slow down as there is always real estate transaction s being done but unless something materially changes within 12 to 24 months the great ride we enjoyed in the biggest refinance boom to over hit our shores and lots of sales volume is slowing up and many areas. So apparsiers like Realtors and loan officers share of the pie gets smaller and smaller and fees get more and more competitive. As long as that apprasier has not ben living large he will be just fine but if he needs big volume that may not be available later this year. We just never know but we do know dynamics are shifting in many areas of the country.