Order Volume

[Cob]

Still busy in West TX

In the West Texas region of the state, or in West, TX the actual city????

 

[LarryJewell]

In the West Texas region of the state, or in West, TX the actual city????

San Angelo

 

[Alsie35]

San Angelo

God Blessed Texas.

 

[PGM92]

I'm in Southern CA.

2020: 320
2021: 417
2022: 174
2023: 70

Very discouraging, but you can only control so much. During this down time I upgraded my license to AR and got a day job with an estate planning firm (non-appraisal position). I'm starting to get referrals from these attorneys for date of death and other private work. Not enough to replace lender stuff (clearly) but it's a start.

I'm not cold calling, sending out mailers, or making visits to attorney offices to try and get business. It's honestly kind of devestating to see appraisers with 30 years of experince come into the law office with "50% off first appraisal" coupons in a gift basket that goes straight into the trash. Attorneys bill by the hour and aren't going to take solicitations from strangers. There are probably appraisers who are great salesman and can get business this way, but I'm not one of them. I won't beg for work. I'm putting myslef in proximity to intended users and being patient.

As a 30 year-old, my goal is to transition into another profession (hopefully something that allows me to work remotely, as that's what I love about appraising) and do 150-200 appraisals per year in the afternoons/weekends for quality clients.

Won't happen overnight.

 

[NC Appraising]

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 13, 2023.

www.mba.org

WASHINGTON, D.C. (October 18, 2023) — Mortgage applications decreased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 13, 2023.

The Market Composite Index, a measure of mortgage loan application volume, decreased 6.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7 percent compared with the previous week. The Refinance Index decreased 10 percent from the previous week and was 12 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6 percent from one week earlier. The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 21 percent lower than the same week one year ago.

“Applications decreased to their lowest level since 1995, as the 30-year fixed mortgage rate increased for the sixth consecutive week to 7.70 percent – the highest level since November 2000,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Both purchase and refinance applications declined, driven by larger drops for conventional applications. Purchase applications were 21 percent lower than the same week last year, as homebuying activity continues to pull back given reduced purchasing power from higher rates and the ongoing lack of available inventory. The ARM share was 9.3 percent, the highest share in 11 months, as some borrowers look for alternative ways to lower their monthly payments. Refinance activity was at its lowest level since early 2023. There is very limited refinance incentive with mortgage rates at multi-decade highs.”

The refinance share of mortgage activity decreased to 30.5 percent of total applications from 31.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 9.3 percent of total applications.

 

[Non Sequitur]

"In March of 2021 the mortgage industry was running at a $4.4 trillion annualized pace. The industry is down about 75% from that level, at an annual pace of between $1.2 trillion and $1.4 trillion in 2023."

DataDigest: There are too many real estate agents and LOs. It's a problem

You know what loan officers and real estate agents love almost as much as cashing a commission check? Complaining about other LOs and agents. And they have good reason.

www.housingwire.com

 

[djd09]

appraisers fail to understand how the new world works...there must be suffering

 

[MckinneyGuy2023]

I'm looking to get out. This feels more and more like a dead profession.

 

[Alsie35]

I'm looking to get out. This feels more and more like a dead profession.

#1 - Don't drink too deeply from the brew being served on this forum (which is dominated, and has been dominated for years, by the "sky-is-falling" types);

#2 - Did you get out in 2009? A: No. You waited til the market improved

#3 - Get another job if you need it to pay the bills, but don't give up on appraising til you see what happens after % rates come down. Until that happens all the "doom and gloom" is just meaningless bloviation. When rates come down we will see where the business is going. Not before.

 

[Joe Flacco]

Im thinking we will see lower mortgage rates in 12 months or so. Down to around 6%. That probably won't move the needle much as far as mortgage applications go.