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”?

FHA Appraisal Inspection and Honesty in a R.E. Transaction

Honesty in a Real Estate Transaction            

I recently did a FHA Appraisal in Long Beach. I found a few things wrong. When I looked under the house, I saw jacks support the floor. This would defiantly affect the livability and Structural Soundness of the house.

The most interesting part was that the seller was hoping I would not see this. Also the MLS listing made no mention of the home needing repairs. 

This makes question the honesty of the seller and the agent. What about disclosure? Had this sold and the agent never mentions this, then the new owner found out, the agent could be sued. The most important part was if the Agent and Seller had hired me to a do a PRE-FHA Appraisal Inspection, I would have told them everything that needed to be addressed before the appraiser comes out. This would have saved a transaction. The seller would be happy and the agent would be happy.

If you would like to know more about a Pre-FHA Appraisal Inspection, please call me at 562-673-1138

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October 10, 2012   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

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

How zoning can Ruin a Neighborhood.

How can Zoning Ruin a Neighborhood?

 This is what I was think as I was driving around Long Beach doing an Appraisal. As I was driving the street it was painfully easy to see how improper zoning had destroyed what was once a nice neighborhood.

 Let me catch some of you up. Back in the late 1980’s to early 1990’s there was a boom of 4,6 and 8 unit apartments being built on lots, that previously had older single family homes or duplexes. These new apartments were typically one level of garages with two levels of apartments on top. These sprouted up all over Long Beach, but are most prevalent between Anaheim Street and PCH.

 Neighborhood density immediately grew as new tenants filled the apartments. The streets became over crowed with cars due to the lack of parking in the new apartments. Crime also increased during this time.

 Had the city had some foresight and not been so shortsighted and seeing short term revenue, they could have changed the zoning to only allow duplexes. The area could have been saved and perhaps the values would different then they are now. The city recently converted one of these into a condo in hopes that it will promote more pride and responsibility for the area.

 So, know your zoning!

If you have any appraisal related needs in the Long Beach or Southern California Area, please call me at 562-673-1138

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July 6, 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

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