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What’s Up with the Housing Inventory?




We are honored to have Chip Wagner, an icon in the appraisal industry and our good friend, as a guest blogger today. Chip recently addressed the housing inventory challenges in the Chicago region. We believe that his observations can be applied to the majority of markets in the U.S. – The KCM Crew

Chip WagnerIt’s All About Supply and Demand

Definitions of Supply and Demand:

Dictionary.com

In classical economic theory, the relation between these two factors determines the price of a commodity. This relationship is thought to be the driving force in a free market. As demand for an item increases, prices rise. When manufacturers respond to the price increase by producing a larger supply of that item, this increases competition and drives the price down.

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Distressed Property: The Impact on House Values




We are honored to have Chip Wagner, an icon in the appraisal industry and our good friend, as a guest blogger yesterday and today. Yesterday, Chip defined the role of the appraiser in today’s real estate market. – The KCM Crew

Today, Chip will discuss the impact distressed properties have on housing values.

Contrary to the alarming nature being used in reporting that appraisers are killing deals, I would bet that most of my peer appraisers are not seeking the lowest possible sales to use in their appraisals. They are searching the data available in the real estate market for the best comparables out there. But the reality is that good comparables are hard to find.

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The Appraiser’s Role in Today’s Real Estate Transaction




We are honored to have Chip Wagner, an icon in the appraisal industry and our good friend, as a guest blogger today and tomorrow. Tomorrow, Chip will discuss the impact distressed properties have on housing values. Today, Chip defines the role of the appraiser in today’s real estate transaction. – The KCM Crew

I have been saying for a couple of years while real estate values were in decline, my bigger concern was going to be when this market stabilizes and tries to improve. In my February 2011 eNewsletter, I stated:

“My concern has been that once the real estate market hits bottom, it will be a difficult transition into an improving (appreciating) market after 4-5 years of decline. This seems to be happening right now, with much of the difficulty being the distressed market activity competing with the arm’s length transactions.

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