Austin TX real estate listings and homes for sale, home buying, home selling information – Academy Appraisal, LLC

An appraiser perspective on real estate market trends, happenings, and events

Truth in square footage

July 8th, 2010 3:57 PM

For Realtors and homeowners alike, understanding the true square footage of a property is of vital importance. Appraisers can often provide accurate measurements of a property for a reduced fee. It is valuable to have an accurate estimate for listing your property and contesting your home's assessed value.

Posted by James Lee Adams on July 8th, 2010 3:57 PMPost a Comment (0)

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Tips on Contesting your Property Taxes

May 26th, 2010 1:12 PM

If you are a home-owner, chances are you have given some thought to your assessed home value and estimated property taxes. If you are planning on contested your assessment, I would offer the following advice.

First, when it comes time to present evidence for the condition of your house at the hearing try to bring in some third party evidence to buttress your case. Good evidence would be a recent contractor bids for repair or replacement of major components or systems (ie siding, foundation leveling, air-conditioning system).

Secondly, keep it simple. There are a crush of tax protest cases being heard so don't bring a box of files and photos to the hearing. Instead, focus on a short succinct list of major items that support the condition of your home.

When it come to providing recent sales around your neighborhood be extra cautious. Don't bring comps that sold a year ago if there are more recent sales available. Ideally, the comps would have sold in the last three months. Typically, you don't want to stray beyond six months. I've seen people, bring appraisals from when they purchased the property five years ago. Given the tectonic changes in property values, comps must be recent. Also, make sure the comps you select are truly comparable in characteristics. As a rule of thumb, you want to stay within a 10% range on each item. Accordingly, a 1000 square foot house would have comps in the 900-1100 square foot range. Don't use bank-owned foreclosure sales or short sales as comps. In our appraiser jargon these are known as "distressed sales" that are likely to have sold fair below market value. It is very important to ensure that the comp is most similar to your properties overall condition. So, if your property is cooled by central air, don't bring in comps that are cooled with window units. If your house has a good foundation, don't bring in comps that have cracked foundations. All said, be judicious in your comp selection.

Lastly, don't run out and spend your hard-earned money on a full appraisal of your property unless it is needed. A full appraisal can be overkill depending on the circumstances. What is most useful is a person with access to sold MLS data and expertise in the selection process. This might be done by a Realtor, appraiser, etc for much less. As well, appraisers can provide a one-page "opinion of value" that is much cheaper. The only reason you have a full appraisal done is if it is a complex neighborhood or you suspect there is some discrepancy in the square footage the county is showing that weighs in your favor.

Best of luck!

Posted by James Lee Adams on May 26th, 2010 1:12 PMPost a Comment (0)

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Obama might ban foreclosures without review

March 4th, 2010 12:36 PM

From the Appraisal Newscast.

A proposal from the Obama administration could prevent lenders from initiating foreclosure on any loan until they have determined that it does not qualify for the Home Affordable Modification Program or efforts to contact delinquent borrowers no less than four times by phone and twice by mail during a month's time have failed. Lenders also would not be allowed to continue foreclosure proceedings when borrowers have been granted a trial modification.

Posted by James Lee Adams on March 4th, 2010 12:36 PMPost a Comment (0)

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Appraiser License Renewals Plummet 2.2% in January 2010

February 3rd, 2010 9:54 AM

A sign of the times. If you complete the math on appraiser attrition, you end up with a 2.2% drop in license renewals during the one month span. Add to this the fact that the average aged appraiser is likely receiving a copy of AARP magazine in their mailbox.

Calling it Quits: New Stats Show High Attrition for Appraisers

Not unexpectedly, the Appraisal Subcommittee is beginning to release statistics from the end of 2009 which show a large number of appraisers not renewing their licenses. On January 30th, the ASC released the names of 2,138 appraisers in 22 states whose licenses expired on December 31st.
The Appraisal Subcommittee reported a grand total of 114,422 on its website (www.asc.gov) as of February 1st. Approximately 33% are Certified General Appraisers, 49% are Certified Residential Appraisers and 18% are Licensed/Transitional Appraisers. This is down from the 117,083 reported on the site as of December 7th, 2009. Individual state totals along with breakdown by license type can be viewed by clicking on the following link: Appraisal Subcommittee

Posted by James Lee Adams on February 3rd, 2010 9:54 AMPost a Comment (0)

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Great start to finish podcast on the origins of the suprime crisis courtesy of "This American Life"

May 28th, 2008 11:53 AM

This is perhaps the most informative and encapsulating and, at times, humorous perspective of the subprime / credit crisis from origins to aftermath. It's a little lengthy but definitely worth the listening time devoted.

This American Life: The Giant Pool of Money Date aired May 15th, 2008

Posted by James Lee Adams on May 28th, 2008 11:53 AMPost a Comment (0)

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