Luxury Appraisal

What New Appraisal Specialty Do You Wish to Break Into?

Developing an appraisal specialty is a great way to grow your business and stay competitive in the industry. Last month we asked our appraisal community, “What new appraisal specialty or niche would you like to break into?” Below, we share the results regarding which specialty areas appraisers are most interested in pursuing. The top three answers were review appraisal, commercial …

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Functional Obsolescence Examples: How to Account for a Superadequacy

An overbuilt improvement or superadequacy (a type of functional obsolescence) is more probable in a luxury home than a standard home. As a luxury home becomes more unique, the costs will typically increase, which in turn shrinks the pool of available buyers and increases the likelihood of a superadequacy. Below, we break down some important information for luxury real estate …

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4 Common Pitfalls in Appraising Proposed New Luxury Homes

Luxury home appraisal is a niche that’s both exciting and challenging. If you’re thinking about specializing in this area of real estate appraisal, you may want to educate yourself on the specific challenges you’ll face so that you can avoid making common errors. In particular, you may run into some difficulties when appraising proposed new luxury homes. Here are some …

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These Fictional Luxury Homes Would Be Really Fun to Appraise

If you’re a real estate appraiser looking for an exciting new challenge, luxury home appraisal is a desirable niche to consider breaking into. Just for fun, we recently asked our appraisal community, “Which fictional luxury home would you want to appraise?” Answer choices ranged from Tony Stark’s ultra-modern Malibu mansion from the Iron Man movies to the English Jacobean manor …

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The Many Benefits of Appraising Luxury Homes

Tired of competing with hybrid valuation products and dealing with low fees and unrealistic turn times? One solution may be to specialize in luxury real estate appraisal. We asked Jo Traut, appraisal curriculum and content specialist at McKissock Learning, to tell us all about the benefits of appraising luxury homes. Click the video below to get Traut’s insights into this …

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First Recipient of the Certified Luxury Home Appraiser Accreditation Announced

Ever since the residential appraisal threshold increase passed in November 2019, luxury homes are becoming a safe haven for appraisers. Not only are these homes typically above the new threshold ($400,000), but they are more complex to appraise, making automation difficult, if not nearly impossible. As a result of this increased need for expertise that only humans can provide, McKissock …

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4 Key Luxury Home Trends to Watch in 2020

The luxury segment of real estate is often described as being a minor part of the whole industry, but is readily recognized as being a major influencer in creating real estate trends and providing a barometer to changes for the industry. According to the North American Luxury Market Report by the Institute for Luxury Home Marketing, here are some of …

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The Pros and Cons of Specializing in Luxury Home Appraisal

Developing niche expertise can be a great way to stand out from other appraisers, bring in new business, and earn more income. Luxury appraisal is one niche specialty worth considering. If you’re interested in appraising luxury real estate, you probably want to know: What are the benefits and challenges of specializing in luxury home appraisal? We sat down with Jo …

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