Pointer Appraisal Northeast Ohio Property Economics & Appraisal Blog

CNBC posted an interesting interview with Robert Schiller comments on the underlying force in the markets: Animal Spirits (How Human Psychology Drives the Economy) and the importance of recognizing this in the Governments   plans for the recovery and regulation.

I find it interesting that this is being brought up again and applicable to the real estate market, where in many instances, the underlying psychology of participants and their emotions play into purchasing and selling decisions based on factors, which statistical models and computer systems have yet to accurately measure.

For Immediate Release:

Pointer Appraisal Services is proud to announce that Victoria L. Chionchio has achieved Registered Real Estate Appraiser Assistant licensure in Ohio. This important step in becoming State Certified in Appraisal comes after Ms. Chionhio's coursework at the Appraisal Institute and shows her commitment to the appraisal profession.

This announcement follows Ms. Chionchio’s promotion to Registered Real Estate Appraiser Assistant. 

The summer season has fared well for many residential markets in Northeast Ohio. In many areas we are seeing stabilization of average and median sales prices of recently closed properties, an improvement from prior periods of decline.  We have generally attributed this increase to the wave of buyers taking advantage of the First Time Homeowner Tax Credit and seeking properties in move in condition. 

The trend of future sales prices will depend on a magnitude of factors: whether the Tax Credit is Extended, if the recent increase in foreclosure filings will place many REO properties on the market at the same time, if the reluctancy to short sales by lenders will eventually lead to more foreclosures, and if the local economy will stabilize and eventually grow, adding jobs and wages to the local economy.

 Russell Kitzberger, Appraiser, Pointer Appraisal Services, Serving Northeast Ohio, Cleveland and Akron.

In a special report CNNMoney.com reports that a record number of foreclosure filings took place in April inching upward from March, and 32% over April 2008. Ohio ranked 10th in the highest rate of foreclosure filings per household.

Our interviews with local Northeast Ohio Real Estate Agents indicate a growing number of short sales in residential markets as well as what many see as a wave of upcoming REO listing in the next few months. 

The CNNMoney.com article is available online here.

Pointer Appraisal Services is pleased to announce we have received coverage for Errors and Omissions (E&O) Insurance from The Hartford for 1 million dollars. 

Due to the changing market conditions in both residential and Commercial Real Estate marketplaces, we are pleased that The Hartford has made this positive determination. We look forward to this increased coverage bringing peace of mind to our clients in these difficult and turbulent times. 

Existing and Prospective Clients may contact our offices for a copy of our policy certificates.

Pointer Appraisal provides appraisal related services throughout Northeast Ohio by State Certified Appraisers and carries General Liabliity, E&O, and Workman's Compensation Insurance.

In order to better serve our customers we have added a new toll free fax number.  You may utilize the old or the new number for sending faxes to our office.

New Toll Free Fax: 866-509-8728

HUD mortgagee letter dated 3/23/09 sets out changes for FHA appraisal requirements. Including use of dated comparables, verification sources, and requiring use of the 1004mc form for appraisals dated on or after April 1, 2009.

A copy of the mortgagee letter is located at the HUD website at:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-09ml.doc

Our office is assessing the impact of these items on the appraisal process and will be keeping them in mind when we bid and engage assignments.

Additionally, for FNMA conventional appraisals the 1004mc form is required for appraisals dated on or after April 1, 2009.

Please let us know if you have any questions regarding the changes. As valuation professionals, we look forward to providing clients with analysis and reports which meet the requirements of the secondary market and insurers.

In addition to providing more information to the client, the inclusion of the above forms and data in the scope of work and analysis will provide the client additional insight into the valuation and trends in the marketplace.  We look forward to providing this elevated level of analysis to our clients.

Pointer Appraisal Services, seeks a Real Estate Appraisal Assistant.  This is a paid position which, with acceptable performance, will provide experience hours necessary to attain Certification as a Certified Residential Real Estate Appraiser in Ohio. 

Details and application can be found at:

http://www.pointerappraisal.com/CareersandInternships

Effective March 6, 2009 the new corporate mailing address is:

Pointer Appraisal Services LLC
3867 W MARKET ST
Unit #224
AKRON OH  44333-2449

All telephone numbers will remain the same.