As we all know, the residential real estate market has been in decline for the last five years.

However, it varies from micro market to micro market.  I see in some areas the market appears to have been quite flat in recent months and in others it is still declining.

Also, we appraisers will look to see what affect the sale status has on the sale price of a house.  That is, if it is a normal sale versus a Bank Owned sale (REO) versus a Short Sale.  As in the research for market trends, the results of the analysis differ from one area of the county to another.

One area I have seen be very consistent in recent months is the relationship of REO sales to normal sales in Washougal, WA.

I did a study that included 87 sales in Washougal over the last six months.  The parameters I used were:  price range $100,000 to $300,000; detached housing.

The results were that in Washougal over the last six months the discount for REO sales was 22.87%.  That is a very large number.  It would appear that an investor could buy a bank owned sale, clean it up and resell it and make a profit.

Of course there are purchase costs, holding costs, sales costs and rehab costs to consider.  But that spread looks appealing.

If you need analysis of current value or future value, after rehab, call and we can conduct an MVMREPORT appraisal for you at a very low cost.

In an uncontested divorce or a divorce that is a big battle, the real estate has to be appraised to establish its value.  The real estate appraisal will be used to divide the property.

There are several appraisal products that will serve the needs of a divorce proceeding.  Some are  very expensive.  However, the MVMREPORT, provided by Pacific West Appraisal Services, Inc. is a very inexpensive appraisal.  The MVMREPORT is a fully uniform standards of professional appraisal practice (USPAP) compliant, accurate residential appraisal conducted by a Certified Appraiser.  That makes it acceptable to any court.

If you have need of an appraisal for a divorce, call or e-mail to us.  We will be glad to help.

If you have inherited a house, you will need to find out what its market value is. And, more specifically, you will need to know what the value was on the date of death of the owner from whom you inherited the house.

The MVMREPORT is an excellent appraisal report for the purpose of establishing market value for residential property.

If you have inherited a house, and need an appraisal, call or e-mail to Pacific West Appraisal Services, Inc. We can provide an excellent appraisal at a very affordable price. And, the appraisal will be Uniform Standards of Professional Appraisal Services compliant. And, the appraisal will be done by a State Certified Appraiser.

Sometimes that is not the result. Markets change. Assessor’s office staff make mistakes from time to time. Market trending models used by the Assessor’s office can be off the mark. These problems can lead to the assessed value of your property being too high compared to current market value. And, that means you would be paying too much property tax.  A basic understanding or residential tax appeals could save you money in property taxes.

There are windows of opportunity to apply to the county for a tax appeal. You must first find out when those opportunities are. (Many counties do not accept tax appeals all year around.) After you find out when you can appeal, and you feel that your assessed value is too high compared to market value, you can apply to the county to submit a tax appeal.

You will need a basis to make your argument that your assessed value is too high such a current property appraisal. An appraisal you take to the county for an appeal of the assessed value on your property, must be done appropriately and be acceptable to the assessor’s office.

This is where the MVMREPORT becomes very useful with residential tax appeals. The MVMREPORT is a very accurate certified appraisal at a very affordable price that answers the question, “What’s the property worth?”

These reports are low cost accurate appraisals that are useful for buying decisions, selling decisions, investment decisions, tax decisions and are acceptable in court.

You can see a description of the MVMREPORT on our website at pwas.net

Pacific West Appraisal Services, Inc. announces its new MVMREPORT.  MVM stands for Managed Valuation Model.

The MVMREPORT is a short form residential real estate appraisal that includes all the essential analytical elements to develop an accurate market value estimate for residential single family properties.

If you need a report you can use in legal matters, for the IRS, for tax appeals, or investment decision making purposes, the MVMREPORT is worth looking at. It is quick, inexpensive and produced by a State Certified General Appraiser in Clark County Washington.

May – 212

June – 202

July – 218

August – 179

September – 110

October – 92

That is an average of 169 per month.  I 2o10 the average per month was 320.  In 2009 the average per month was 193.  In 2008 the average was 257.  In 2007 the average was 130 per month.

So, you can see, these recent statistics are encouraging.  Back in 2005 and 2006 the average number of NTS was in the range of 70 to 75 per month.  It will take another year or so of monitoring to draw any solid conclusions, but these recent statistics are looking better than most of the last four years.

I’ll graph all this and give more details after Thanksgiving.

Happy Thanksgiving

Ralph Olsen, IFA

pwas.net

But it is time.  I have lots of things to talk about.  I have been the President of the Rose City Chapter of NAIFA, moderator of he Vancouver Chapter of the NWREIA, creating a new appraisal product, participating in ACOW board of directors meetings, new member of BNI, and trying to keep the grass mowed and weeds down.

I just spoke with the Clark County Auditor’s office.  I will have some statistics to report about foreclosures soon.  The statistics appear to be encouraging, but some analysis is in order before getting excited about them.

Our industry is changing a lot and rapidly.  There is news about things that are surprising and not so surprising.  Some stuff has been predictable and some not so.  We’ll talk about it all, or at least lots of it.

Thanks

Ralph Olsen, IFA

pwas.net

Ralph K. Olsen
pwas.net