Housing competition edged up slightly in September, with bidding wars heating up across the nation. Rumors are circulating about a possible end to GSE appraisal waivers. The new USPAP publication for 2020-21 is now available, and it has some cool new features. Plus, have you considered specializing in luxury appraisals? Read on for the latest in appraisal news.
Read: Bidding wars increased slightly in September
This Redfin article reports that, nationally, just 11% of offers written by Redfin agents faced a bidding war in September, down from 41 percent a year earlier, but up slightly from the 8-year low of 10% set in August. The uptick is unusual for this time of year, when bidding wars tend to be less common. According to Redfin, low mortgage rates are what caused the modest spike in housing competition.
Listen: Fannie and Freddie to stop appraisal waivers?
In Monday’s Voice of Appraisal podcast episode, Phil Crawford discusses how the recent drop in interest rates has triggered a massive refinance frenzy—and it’s also triggered some problems for Fannie Mae and Freddie Mac. Rumor has it that Fannie and Freddie are to stop all pilot programs, including the bifurcated mortgage program and property inspection waivers, a.k.a. appraisal waivers. The rumors are not confirmed as of yet.
Watch: The new USPAP includes user-friendly features
The new 2020-2021 USPAP publication by The Appraisal Foundation came out last week. It’s now available in both print and electronic formats. “eUSPAP” (the electronic version) comes with new interactive features that make the publication easy to navigate. Check out this YouTube video from The Appraisal Foundation, which gives a quick tutorial on how to use the new features.
Want a USPAP cheat sheet? Review (and print) our Summary of 2020-2021 USPAP Changes so you can get up-to-speed quickly.
Act: Specialize in luxury appraisals
Developing a niche specialty is an excellent way to grow your appraisal business. Are you interested in luxury appraisals? Sign up here to learn about McKissock’s new Certified Luxury Home Appraiser Program, coming soon. In the meantime, subscribe to the Institute for Luxury Home Marketing’s North American Luxury Market Report for monthly updates on luxury real estate trends.
The post Bidding Wars, Appraisal Waivers, and Other Appraisal News appeared first on McKissock Learning.