Total # of appraisers is decreasing and Age increasing

I just got back from a Continuing Education class today. These are a good place to meet and talk to my peers. The instructor shared a few Stats with us.

The overall total number of appraisers in California is down to 11,713. This is the lowest Since October 30, 2000. ( See Below) What I find most interesting is the age breakdown. 70% of appraisers are between 50 and 70.   Yes, 70% are over 50. There are no new appraisers entering the profession.  Take a look at the requirements, a 4 year degree, 150 hours of appraisal classes, then 2,000 hours of experience just to become an AL( Licensed Appraiser. Add to this the introduction of Appraisal Management Companies, and the reduction in fees, it is no wonder we are losing appraisers.Total number of appraisers in California

 

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October 10, 2014   Comments Off on Total # of appraisers is decreasing and Age increasing

Is there a “Home Buying Season”?

So when is the best time to sell? That depends on you and your needs. But, some times of the year are better then others.

Typically the most sales happen from spring through summer. This is considered the “Home Buying Season”, the weather is nice, spring flowers begin to bloom, and the trees are starting to get leaves. Buyers might have been thinking about moving in the winter and are now actively looking.

Historically, most of the sales in Alamitos Heights happen during this time. Look at the graph below. This shows that most sales happen during this time period, except for December of 2010 and 2011 which was not typical.

So what does this mean to the seller? These dates used on the graph are the date the sale closed.  Keep in mind, it can take 30, 60, 90 days or more to get an offer, then it can take up to 30 days to close.

sales per month

 

If you want to know the Value of your home, or are interested in selling, give me a call. 562-673-1138

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November 22, 2013   Comments Off on Is there a “Home Buying Season”?

Speaking to Real Estate Agents at Keller Williams Pacific Estates – Long Beach

Speaking to RE agents in long Beach

I recently had the pleaseure to speak to agents at Keller Williams Pacific Estates office in Long Beach.

I brought them up to speed on the what lenders are requiring appraisers to do. How to pick comparables, what a FHA inspection is comprised of, and most important, “that they can talk to appraisers.

We then did Q&A for about a half hour.

If you would like me to come talk to your office, please call me 562-673-1138

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July 2, 2013   No Comments

Bail Bond Appraisals

Wallace Real Estate Services understands the needs of a family requiring a Bail Bond. Having a relative or family member waiting for bond can be a stressful and traumatic event. We know the time is everything, and the faster the better.

 We can perform an appraisal for Bond in 6 to24 hours. Please understand,  these require us to drop everything we are working on to meet your needs, this can result in a higher then normal fee. We can work with you to meet your needs.

 Call or text 24/7 

Craig Wallace

Wallace Real Estate Services

562-673-1138

craig@wallaceres.com

 www.wallaceres.com

www.longbeachapprasialblog.com

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July 24, 2012   No Comments

How to Prepare for an Appraisal?

I have talked to so many homeowners over the years that do not understand what an appraisal is for and how to be ready for it. Today I will focus on how to prepare for it.

 Here is a simple list in no particular order:

 Return the appraiser’s phone call as quick as possible. We are under a deadline and you want to close your loan. The faster we set the appointment the quicker you report will be completed.

  1. Have a list of all recent improvements ready for us when we arrive. This will help when we do a walkthrough.
  2. Have all rooms unlocked and ready for me to inspect.(this includes bedrooms with sleeping teenagers, they should be up by noon)
  3. When I ask in the phone interview if you have an unpermitted addition, tell me the size. This way I can pull two sets of comps to make sure I have the proper square footage covered and I don’t have to drive back.
  4. Try and remove the clutter. Clutter will not count impact your value unless it has caused damage, however, it will make the pictures better.
  5. If you have a dog, make sure it is under your control before I come in.
  6. If this is a condo, have the following; HOA name, HOA contact #, HOA dues amount, number of units in HOA.
  7. I need to look in the garage; I need to make sure no one is living in there.
  8. Please don’t ask us what we think the value is, we can’t discuss this with you.
  9. Please don’t tell us what the loan amount needs to be, this might be considered “trying to influence the appraiser”
  10. If you home falls under any of the following, please tell us. Historic Property, Mills Act, Historic Neighborhood, National Registry of Historic Homes, etc…This is critical and has a impact on value and comps we choose.
  11. Remember, the appraisal is for the “lender”, not for you.

 If you have any questions regarding Appraisals or need an Appraisal in Long Beach, Los Angeles or Orange County, please call Craig at Wallace Real Estate Services  562-673-1138.

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September 16, 2011   No Comments

The cost of a Busy Street

Greenbrier vs Clark Avenue

I was recently doing an appraisal of a house on Greenbrier Road in zip code 90815. This street runs paralell to Clark Avenue. Clark is a busy north/south 4 lane road, and Greenbrier is just to the east.

I went back to 2000 and pulled all the sales between Atheron and Stearns and plotted them on a chart. What is shows is a linear difference of about $60,000 from Clark to Greenbrier. Doing an appraisal, I would have to make a location adjustment for any comparable on Clark Avenue vs an interior location.

If you find this interesting and need any charts or have any Appraisal need in Long Beach, please call 562-673-1138.

So, you

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September 8, 2011   No Comments

What have 1 Bedroom Homes done in Long Beach since 2000?

I recently did an appraisal of a 1 bedroom in Long Beach. During the course of my research, I wanted to see what 1 bedrooms have been doing since 1/1/2000.  I created this chart for all of  Long Beach. The higher values on the chart are from the Eastside and the Peninsula. What is most interesting to see,  is that during the peak around 2006, there are no sales under $200,000.  Think about that, these are typically first time buyer homes that are between 550 s.f. to 875 s.f. on small lots. To me, when I did a few appraisals of these back then, I would often think that this is just wrong, someone is willing to pay over $200k for a 1 bedroom, really?  But the comps actually supported those values.

Here is a link toa pdf of the chart.

1 Bedroom since 2000

If you have any Appraisal needs in Long Beach or the surrounding area, please call 562-673-1138.

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July 18, 2011   No Comments

Foreclosure and Market Trends in Long Beach

I was curious about Foreclosure activity in Long Beach.  I did some research, only to find out that Long Beach rated as one of the top Foreclosure Cities in Los Angeles County by Foreclosur Radar, and in that, the top zipcode with the most Foreclosure Activity was 90805.

Look at the Foreclosure chart for Inventories, and look at October, then look at the Median Price vs Inventory chart. Inventory of homes on the market went up as the the foreclosure inventory creeped up.

But, the bigger point to make is that values are still dropping, which could increase more foreclosures.

 

Activity for Zip Code 90805

Real Estate Market Chart by Altos Research www.altosresearch.com

Real Estate Market Chart by Altos Research www.altosresearch.com

If you  need have and real estate appraisal needs in the greater Los Angeles and Long Beach Area, contact me at 562-673-1138, www.wallaceres.com

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April 8, 2011   No Comments

Appraisal Pictures

 

They say a picture is worth a 1000 words. This is true for appraisals also. I had a conversation with a client the other day. She was telling me about an appraisal she received and how bad the pictures were in the report.

My first thought to myself was, “the appraiser inspected the property, he saw everything, does it matter how good the pictures are?” After a second, I said “yes”. An appraisal is a report, and someone, in some other location who has never been to that house and does not know the neighborhood, is going to rely on your report. They are going to look at the pictures in your report, so why not take the best pictures you can? I am not talking about learning to be a professional Architectural Photographer, just know how to take a good picture that accurately represents the home, room or condition.

 Here are a few tips:

  1.  Know the direction of light. Try not to shoot into the light.
  2. Use a wide angle or fisheye lens. How hard is it to get those interior photos, a wide angle lens can capture an entire room.
  3. Depth, try and get as much of the yard, house and pool as possible. Step back, but be careful of those “yard bombs”.
  4. Try and center what you are taking a picture of.

 Let me know what you think?

 If you have any appraisal needs or referrals, please call me at 562-673-1138

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March 30, 2011   No Comments

What if Long Beach had a Real Ocean Front?

What would a Real Beach do for Long Beach?

 Have ever thought what impact a real Beach might have on Long Beach?

Seriously, do you think have a natural; un-obstructed ocean would be good for us?

 I do!

 I was just up in the Marina Del Rey / Venice Beach Area doing an appraisal of an Oceanfront Condo. As I stood there and looked out the window, I thought how great the view was. No Breakwater, the real sound of waves crashing on the beach.  Then, when I was outside, there were people all over, walking, jogging, surfing. I walked down to the Venice Pier and looked around at all the activity. I thought of Belmont Pier and what a waste of a good thing it is.

 Just think if we had that kind of activity here. If Long Beach actually became a destination location for its beach. Wow! Crazy!

 What do you think this would do to real estate values?

 I would love to have your comments.

Here are a few shots I took of Long Beach this past December, 2010

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February 22, 2011   No Comments