Total # of Appraisers in Long Beach

I was curious as to the total number of appraiser there are in the city of Long Beach

 I went to the OREA website looked them up. Then, I decided to see how many are independent fee appraisers and how many are not. Any appraiser listed as working for a bank or a government agency I assume are not independent fee appraisers.

So, we have a Total of 149 Appraisers in Long Beach, of which, 140 are Independent Fee Appraisers. Look at the number of Trainees, only 14. Do you think we are going to have a problem in the future as some Appraisers retire or leave the industry? That is a different topic all together.

 Next I was curious to see how many closed sales of Condos and SFR’s there were in Long Beach for the past 4 months. I also wanted to see how this would average out to work for those Appraisers. I did not include Certified General Appraisers since they focus mainly on Commercial work. I also did not include Trainees since they can not really do work on there own. That left only Certified Residential and Licensed Residential Appraisers, a total of 84.

 I then took the total number of closed sales and divided that by the number of Fee Appraisers, as you can see that was between 2.7-3.0 Appraisals per Appraiser in Long beach, not including January. I guessed at a conservative post HVCC/AMC fee for an appraisal of $300. Basically each Appraiser would be making $775 -$866 per month.

 

Wow!

This does not include the fact that appraisers from other areas come to Long Beach.

 Basically, there is not enough work for the Appraiser that remain to make a decent living on, couple that with the low fees being paid and the fact that we lost most of our clients when the HVCC went into effect, it is no wonder the ranks are thinning.

To me this looks like a good argument to band together and demand a higher fee.

 What do you think?

Did you like this? Share it:

January 21, 2011   No Comments

A Look at the most Recent Data for Long Beach

 

This is a look at the current Real Estate Market for Long Beach. If you would like some custom information or to get a copy of one of are reports, send me an Email or Call Wallace Real Estate Services – Appraisals at  562-673-1138

Did you like this? Share it:

January 20, 2011   No Comments

“Comp Checks & Value Checks” the legal way.

Comp Checks, Value Check, etc….

 There was a moment in the “Boom Time” that appraiser would often get calls from Mortgage Brokers for “Comp Checks” or Value Checks”.  Most of the time, this was a LO simply shopping for an appraiser that could “hit the number”.  The problem was that a Comp/Value check was an appraisal and we could be liable for it.

 Well a few years back I read an article about a guy that actually created a USPAP Compliant Value Check. What a great thing I thought. I got a hold of the guy, and he sent me all the information on how to do them legally.

 The other day I stopped in and talked to a Branch Manager at a Mortgage Office to offer my Pre-FHA Appraisal Inspection Service, and he asked me about Value Checks.

 Yes, WRES offers value checks.

 Why might you need one? In this current Real Estate Market, it is hard to know the value of something. A Value Check can provide a quick value to see if a refinance can work. Maybe you want to make an offer on a property, are concerned about the value.

 A USPAP Compliant Value check is a simply way to check a range of value. In no way will it replace what a Full Appraisal can provide.

 If you need a Value/Comp Check, please call Wallace Real Estate Services– Appraisals at 562-673-1138 or email us.

Did you like this? Share it:

January 19, 2011   No Comments

What effect does location have on Value?

 

I was doing an appraisal today in Long Beach, and came across this area.  The wall you see in the video is the sound wall for the 405 Freeway, you can here the noise from the freeway over the wall. The road is a one way street from the neighborhood, but is also and exit from the freeway feeding to anther main road.

Do you think these external factors will have an effect onthe value of the home on the corner. do you think a home in the middle of the neighborhood might sell for more?

Let me know what you think.

Did you like this? Share it:

January 14, 2011   No Comments

Desk Top Appraisals for RE Agents and Loan Officers – A fast solution to obtain a value.

By Craig Wallace, Long Beach Appraiser

What is a desk top appraisal and how can it help you?

A desk top appraisal, is an Appraisal done without actually going to the subject property. All information is gathered from online sources such as; MLS, Realist and Public Record. I also get information from  Real Estate Agents if they have first hand knowledge of the property.I then proceed just like a normal appraisal. I look for comparables within the subject market area. In our current crazy market, I try and only go back 90 days.  Once my comparables have been selected and depending on what form I use, I can apply adjustments for upgrades, condition, square footage. One form I can use is strictly for a quick analysis based solely on the sale price without adjustments. 

Desktop appraisal provide a quick effective way for a buyer to see if the property they are interested in is worth the asking price. A Real Estate agent might need this for there seller to help determine the market value.  A Loan officer might need this for a Refinance to determine the loan to Value Ratio. 

If you have any questions or a need for a Desk Top Appraisal in the Long Beachor Surrounding Areas, give me a call at 562-673-1138, send me an email or find me on Facebook and Twitter.

Did you like this? Share it:

January 12, 2011   No Comments

Appraising Real Estate in Long Beach

Appraising Real Estate in Long Beach

By Craig Wallace, Long Beach Appraiser

Long Beach can be a difficult city to appraise in for a non-local appraiser there are many factors that contribute to the complexity that an appraiser must consider to perform and accurate appraisal. Long Beach is the 38th largest city in the United States, and the sixth largest in California, with a land area of approximately 50 square miles. That’s Big!
Zoning – Long Beach has a large mix of zoning that changes rapidly in residential areas. Some home have “granny flats” or additional units that were legal when built, but now the zoning has changed.

Location – Values can change by crossing a street. This can change the school district. Then there is the proximity to the beach for some locations. This can change in an area like Belmont Shore. Is the property located on the beach side of 2nd street or the other side?
In other parts of the city you must consider the flight path and airport noise, or location to freeways. Is the property located across from a park, is this a high use park and are there parking issues. Is the property located in or near the Port or a commercial center?

There are area that are less complex, those are usually areas made up of “post war 1940’s to 1950’s tract Homes.

Neighborhood – Long Beach has 52 Neighborhoods, each are unique and require the appraiser to have an understanding of each of them and how they can effect comparable selection. Here is the list of the 52:
• 4th Street Corridor
• Alamitos Beach
• Alamitos Heights
• Arlington
• Artcraft Manor
• Belmont Heights
• Belmont Park
• Belmont Shore
• Bixby Knolls
• Bixby Village
• Bluff Heights
• Bluff Park
• Broadway Corridor
• California Heights
• Carroll Park
• Central Area
• Craftsman Village
• Downtown Long Beach
• Drake Park
• East Village
• Eastside
• El Dorado Park
• El Dorado Park Estates
• El Dorado South
• Hellman
• Imperial Estates
• Lakewood Village
• Cambodia Town (Little Phnom Penh)
• Long Beach Marina
• Los Altos
• Los Cerritos – Virginia Country Club
• Memorial Height
• Naples
• North Long Beach
• Park Estates,[13]
• Peninsula
• Ranchos
• Rose Park
• Shoreline Village
• South of Conant
• Stearns Park
• Saint Mary’s
• Sunrise
• Terminal Island
• Traffic Circle
• University Park Estates
• Poly High
• West Long Beach
• Willmore City
• Wrigley North and South
• Wrigley Heights
• Zaferia

Historic Preservation Zones – Long Beach has 17 designated zones.
Perhaps a future post will include photos, video and history of each of the neighborhoods and Historic Zones.

When you need a local appraiser that knows Long Beach, call Craig at Wallace Real Estate Services.

Did you like this? Share it:

December 8, 2010   No Comments

Pre-FHA Appraisal Inspections

[Read more →]

Did you like this? Share it:

December 2, 2010   No Comments