Scott C. Murray Real Estate Appraisals

The real estate market in Bucks County is experiencing an unprecedented boom in recent months due to a perfect storm of plummeting interest rates and low inventory

In January, there were more real-estate agents than homes for sale in the U.S.

Wishing everyone a Merry Christmas!

In Flanders fields the poppies blow Between the crosses, row on row, That mark our place; and in the sky The larks, still bravely singing, fly Scarce heard amid the guns below.... We are the Dead. Short days ago We lived, felt dawn, saw sunset glow, Loved and were loved, and now we lie In Flanders fields. Take up our quarrel with the foe: To you from failing hands we throw The torch; be yours to hold it high. If ye break faith with us who die We shall not sleep, though poppies grow In Flanders fields.

For cities, as well as their tax bases, empty commercial real estate presents a crisis still looming. The pandemic hit the ground floor first, knocking out smaller shops and restaurants. Trouble may not creep upstairs to the office floors until six to nine months later, according to Victor Calanog, head of commercial real estate analytics at Moody's Analytics REIS.

Are appraisers still inspecting properties? I've been getting this question quite a bit. Here's some things to consider. 1) We don't know yet if appraisers are ...deemed "essential" businesses during this lockdown, but I just got an email from the Appraisal Institute's Northern CA chapter stating, "Appraisers are grouped with the exempted Financial Services Sector and we can continue to work." So I'm leaning toward a YES. Otherwise there are many ideas floating around and lots of opinions. Keep in mind rules can differ by state. 2) Many appraisers are out there doing full interior inspections and they are really busy. Appraisers in the field are tending to wear masks, gloves, use hand sanitizer, interview occupants prior to going inside, etc... 3) Some colleagues have stopped doing interior inspections and won't go inside homes. This is what I am doing for now unless a home is vacant. 4) A few banks have begun to focus on desktop appraisals, exterior-only appraisals, and asking appraisers to coordinate with the occupant about someone else taking photos or video of the inside. So we are beginning to see the scope of work change for appraisers in lieu of the pandemic. 5) I suspect Fannie Mae, Freddie Mac, HUD, and VA are going to give some direction on appraisals soon. 6) Most AMCs are telling appraisers they are deemed "essential", but that's not really a surprise. 7) Talk with your loan officer so you can stay informed with how various banks or appraiser panels are handling inspections right now and what plans they might have for the immediate future. Any thoughts?

As appraisers we constantly get emails from lenders asking our fee & turn time. Like everything in life you get what you pay for.

I refer to it as ‘downsizing,’ but a better word for it might be ‘right-sizing.’ For most of history, houses were more modestly proportioned, and we lived quite comfortably in those smaller homes. Over time houses got too big. Now the trend is heading toward smaller again.

Wishing everyone a happy, healthy & prosperous new year!!