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Workload in a nutshell. Yes, the more difficult = the more it cost. This affects turn-around time and is why Fannie Mae, as of March, 2022 will allow Desktop Appraisals for one-unit principal residences with loan-to-value ratios of no more than 90% to be eligible for lending transactions. The option is not available for 2nd homes, investment properties, cash-out refinances, construction loans, multi-unit properties, renovation loans, condo's, co-ops or manufactured homes. After all, this type of an appraisal relies on property tax records and past sales without physical inspections. Less cost but more risk!

Call Abatelli Appraisal Svc. for your appraisal needs. We cover the east end and NYC. 

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Posted by Richard Wayne Abatelli on January 21st, 2022 3:51 PMLeave a Comment

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January 10th, 2022 12:31 PM
Appraisal fee's are mostly contingent on factors that contribute to the time of research involved. The subject property's market location shows the appraiser the area's most common types of homes - style/design/size/amenities - which will assist adjustments for comparable sales data. Sales data which is easy to select and adjust for differences quickly and accurately, represents the appraisers basic cost.  Researching uncommon homes can contribute to additional time and cost. 

We will discuss this further in our next Blog as well as a 2022 trend regarding lending institutions that are looking to reduce appraisal turn-around time.

If you would like an accurate appraisal of your property for estates, trusts, divorce settlements, pre-listings, etc., please call/text 631-513-0442 or visit  Abatelli Real Estate Appraisals at 25425 Main Road / Route 25, Cutchogue, New York 11935.

Posted by Richard Wayne Abatelli on January 10th, 2022 12:31 PMLeave a Comment

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December 13th, 2021 6:50 PM
In the past two years, the single family home increased like never before, at least in our lifetime. Yes, we know the reasons, they have been documented across the online and print media and continue to do so. What isn't certain is will 2022 continue this surge in real estate prices and what affect will it have on you, the buyer, the seller, the lender and how it will affect the APPRAISER.
Regarding prices, all of the experts have agreed on one thing, they don't know. Real estate prices will go up a few percentage points (or)  move up similar to the years preceding, say 4-6% (or) perhaps slightly less than 1 1/2%-2% a month (or) decline. 
Yes, there is no crystal ball.
Our next BLOG will discuss the changes that are affecting the appraisal industry as we enter 2022.
Wishing all a safe and Happy Holiday.....a Merry Christmas....and a Happy New Year!
                       

Posted by Richard Wayne Abatelli on December 13th, 2021 6:50 PMLeave a Comment

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November 29th, 2021 10:53 AM
Rising single family home prices and fierce competition for relatively few affordable homes for sale are stretching the limits of affordability for many buyers. This trend is good news for landlords. Nationwide, rents for single family homes jumped more than ten(10%) percent in the 3rd quarter, 2021 compared to the same period in 2020 according to trusted sources including CoreLogic, which provide insight on the trends that shape the real estate economy. Our small sampling of properties on the East End support their findings.

Posted by Richard Wayne Abatelli on November 29th, 2021 10:53 AMLeave a Comment

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November 22nd, 2021 3:45 PM
As many are travelling to be with their loved ones, we can pause a few days and be grateful for the healthy economy we enjoy after a horrific 10+ months of enduring the pandemic. We can be cautiously optimistic for both as we move forward into 2022.


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Posted by Richard Wayne Abatelli on November 22nd, 2021 3:45 PMLeave a Comment

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November 1st, 2021 11:25 AM
This year, we have had the fastest growth and hottest inflation data in recent memory. Nationwide and locally on the east end, single family homes have been rising 1.25% to 2%+ monthly since the 2nd Quarter, 2020 and now through the 3rd Quarter, 2021. So, not surprising, many are forecasting higher mortgage rates. However, mortgage rates and bond rates typically go in the same direction, especially the 10 year yield. Most of those whom I read (research) regularly have stated that the 10- year yield will not surpass 1.94% in the near future, regardless of how bullish most are in our economy.  Presently, the yield is 1.48% which means unless the yield rises considerably, rates will remain low and may even drop. 

Posted by Richard Wayne Abatelli on November 1st, 2021 11:25 AMLeave a Comment

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October 23rd, 2021 11:17 AM
Ask anyone who is claiming home sales are going to crash for their existing homes forecast. You see it in print, online, radio or TV from time to time. But nationwide, existing home sales are under $4 Million. In addition, today and for the next 4 years, we have a lot of 1st Time home buying age that need shelter. But housing needs won't just be from Millennials, Gen Z coming into home buying age. Here, on the North Fork, Riverhead and Shelter Island, will also have our move-up, move-down, cash and investor buyers adding to the demand.

Economists at Fannie Mae expect increases in mortgage rates and home prices in 2022 due to higher inflation, tightening of monetary policy and low home inventory. In its October, 2021 forecast, the 30 year fixed rate mortgage should average 3.3% and home prices will increase in 2022 around 7.4%.
 
 

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Posted by Richard Wayne Abatelli on October 23rd, 2021 11:17 AMLeave a Comment

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October 19th, 2021 7:24 AM
The Federal Housing Finance Agency(FHFA) has indicated that both Fannie Mae and Freddie Mac will allow appraisals to be conducted remotely, using public records (listings and tax appraisals) for purchase loans starting early in 2022. Typically appraisers spend much of their/our day driving from property to property which slows down the mortgage process in rural areas and some suburban areas such as the 
East End. To keep up with the high demand for real estate properties amid the ongoing pandemic, appraisers need a remote solution that keeps them in full control and minimizes "turn around time".

Posted by Richard Wayne Abatelli on October 19th, 2021 7:24 AMLeave a Comment

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September 20th, 2021 10:42 AM
With real estate sales down 9% nationwide according to REDFIN as of the 1st week in September compared to the high point set in May, 2021, where are we headed? The decrease in pending sales is but one indicator of the softening in the competitiveness  of the housing market. Quick deals (# of homes with an accepted offer within 2 weeks) " on the market" also fell 9% from its peak in March, 2021 and finally the share of homes sold above asking price, dropped to 50.1% from 55% in early July, 2021.
However, when the data is in on the North Fork, Riverhead and Shelter Island, demand as I see it from the comparable sales used in my appraisals, should remain strong throughout the fall.

Posted by Richard Wayne Abatelli on September 20th, 2021 10:42 AMLeave a Comment

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August 13th, 2021 9:32 AM
Demand for apartment and single-family rentals are surging and out pace supply on the North Fork, Riverhead, Shelter Island and nationwide. Usually reserved for home "buyers", but bidding wars are becoming more common in the rental home market. Nationwide, in July rents rose 7% year over year for one(1) bedroom apartments and 8.7% for two(2) bedroom apartments. Single-family rentals in some locations even greater.
Rental demand for apartments and single-family homes will support increases with
some landlords seeing more than a dozen applicants for good properties with renters offering above asking rent.  


Posted by Richard Wayne Abatelli on August 13th, 2021 9:32 AMLeave a Comment

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