Quick Takeaways on Property Appraisals- reprint NAR

https://www.nar.realtor/appraisal-valuation

Quick Takeaways on Property Appraisals

• The National Association of REALTORS® encourages independent, credible valuations, recognizing them as an essential component of the real estate industry.
• Over the past few years, there has been a rise in allegations of discriminatory appraisals, which led to the release of the PAVE (Property Appraisal and Valuation Equity) Action Plan. 
• Another critical issue impacting appraisals is appraiser shortages, which may result from stringent educational requirements and over-regulation. NAR supports exploring ways to bring more appraisal professionals to the field. 

NAR Policy on Appraisals

What is a Property Appraisal? 

Appraisal and valuation are extremely important steps in any home buying and/or selling transaction.  A professional appraiser will use the home inspection and current housing market to provide an appraised value, which is very important to the home loan process. There are different methods to valuing a home, and the value of the home is often not the same as the price or cost.

Property Appraisal and Evaluation Action Plan 

In the past few years, much light has been shed on discriminatory appraisals. Unfortunately, there have been numerous appraisals in which a Black homeowner gets a much lower appraisal than when the appraiser thinks the home is owned by a white homeowner. The Biden Administration recently released the PAVE (Property Appraisal and Valuation Equity(link is external)) Action Plan in order to target this deep-rooted discrimination.

Property Appraisal Resources for REALTORS® 

Quick Takeaways on Property Appraisals

• The National Association of REALTORS® encourages independent, credible valuations, recognizing them as an essential component of the real estate industry.
• Over the past few years, there has been a rise in allegations of discriminatory appraisals, which led to the release of the PAVE (Property Appraisal and Valuation Equity) Action Plan by the Biden Administration. 
• Another critical issue impacting appraisals is appraiser shortages, which may result from stringent educational requirements and over-regulation. NAR supports exploring ways to bring more appraisal professionals to the field. 

NAR Policy on Appraisals

What is a Property Appraisal? 

Appraisal and valuation are extremely important steps in any home buying and/or selling transaction.  A professional appraiser will use the home inspection and current housing market to provide an appraised value, which is very important to the home loan process. There are different methods to valuing a home, and the value of the home is often not the same as the price or cost.

Property Appraisal Resources for REALTORS® 

NAR Provides members with a great deal of appraisal resources. REALTORS® can access a variety of appraisal education as well as receive two appraisal related designations, General Accredited Appraiser (GAA) and Residential Accredited Appraiser (RAA). We also highly recommend the use of RPR, The REALTORS® Property Resource®.

The National Association of REALTORS® also supports appraiser independence. Please read our Appraiser Independence Page and our Responsible Valuation Property Policy for our complete stance.

The agent/appraiser relationship is an important one, and NAR has multiple resources for REALTORS® to improve communication between the two. You can watch our Window to the Law: Working with Appraisers video or read the Residential Appraisal Process: FAQs for Agents to educate yourself on the process.

Appraisal Management Companies (AMCs) are an option for lenders and appraisers to consolidate the process of obtaining a home appraisal. NAR supports the regulation of AMCs through FIRREA, the Financial Institutions Reform and Recovery and Enforcement Act.The National Association of REALTORS® also supports appraiser independence. Please read our Appraiser Independence Page and our Responsible Valuation Property Policy for our complete stance.

The agent/appraiser relationship is an important one, and NAR has multiple resources for REALTORS® to improve communication between the two. You can watch our Window to the Law: Working with Appraisers video or read the Residential Appraisal Process: FAQs for Agents to educate yourself on the process.

Appraisal Management Companies (AMCs) are an option for lenders and appraisers to consolidate the process of obtaining a home appraisal. NAR supports the regulation of AMCs through FIRREA, the Financial Institutions Reform and Recovery and Enforcement Act.

Reviews Leigh Garnett Realty Executives of Kansas City

 

FAIR HOUSING MONTH IN APRIL!

 Commemorate Fair Housing Month in April!

Real estate professionals and consumers depend on strong fair housing laws and practices for our communities and economy to thrive. Discrimination distorts the housing market and closes the door on the American dream of homeownership for qualified buyers. At NAR, we advance our commitment to fair housing through policy advocacy, innovative programming, and legal guidance.

Report Housing Discrimination

If you believe your rights may have been violated, we encourage you to report housing discrimination(link is external) to the Office of Fair Housing and Equal Opportunity (FHEO) at the Department of Housing and Urban Development (HUD).

Policy Advocacy

NAR promotes public policy to advance broader homeownership availability, accessibility, and affordability in all communities. We prioritize efforts to narrow homeownership gaps among demographic groups and promote strong enforcement of anti-discrimination laws in the housing market. 

Programs

NAR's Fair Housing Action Plan, abbreviated ACT!, emphasizes Accountability, Culture Change, and Training, to advance fair housing in the industry. We raise awareness, deepen understanding, and hold ourselves accountable.

Compliance

NAR provides guidance and support to ensure our members comply with fair housing laws and the REALTOR® Code of Ethics. We work closely with state and local associations to establish best practices on evolving legal issues in real estate.

April 2020 Real Estate Market Reports Kansas City

TOP MISSED HOME TAX DEDUCTIONS

If you were a client of ours and are looking for a copy of your closing documents - Give us a call!  We have a copy on file. 

Top  missed home tax deductions.  You've got your W-2 forms, and it’s time to go through your finances to file taxes. This usually isn't a fun task, but there’s good news if you bought a home, moved for a job or paid a mortgage or property taxes last year! 

Check out the list below for the top  commonly overlooked deductions for homeowners: 

Moving expenses. To qualify to deduct moving expenses, you must meet a three-part test: closely related to the start of work, distance and time. First, you must have spent money on a move within one year of starting work in a new location. Next, your new work location must be at least 50 miles farther away from your old home than your old job was. And finally, you must work full-time for at least 39 weeks during your first year in that new job.

 Mortgage interest. Like most homeowners, a good chunk of your mortgage payment likely goes toward interest on your loan. The good news is all of this interest is deductible in a lot of cases! There are limits on this rule if you refinanced, have a loan for more than $1 million or own multiple properties.

 Property taxes. You can include all property taxes you paid, according to your 1098. If you bought your home in 2015, you can also count taxes you reimbursed the seller for—that amount will be on your settlement sheet. •Home office. If you work from home, you may be able to claim a deduction for your home office. In general, this deduction is based on how much you use a room in your home for business, like an extra bedroom or garage. There are some limitations based on how often you use that room, and how much of your business is conducted there.

 Home improvements for medical care. For people with disabilities, home improvements that are required by a doctor may be deductible. In a rented house (where other costs were not reduced by a landlord), these costs may be listed as medical expenses.   As always, your individual situation is just that- different from everyone else’s, and may not meet each requirement.

You should always check with an accountant or the IRS directly to be sure you qualify for these deductions.   

Give Leigh or Paul Garnett a call if you are making a move. 816-985-7285 or 816-985-7653. 
We are licensed in Both Kansas and Missouri with Realty Executives of Kansas City.  Five Offices Metro Wide to better serve the Metropolitan Area and Suburbs. 
If you were a client of ours and are looking for a copy of your closing documents - give us a call! We have a copy on file!

Smithville Lake Eagle Days 2016

Mark Your Calendar:

Eagle Days will be hosted on January 9-10, 2016 at the Paradise Pointe Golf Course Complex in Little Platte Park, Smithville, Missouri. Show times on Saturday are 9:30, 11:00, 12:30, and 2:00. Sunday show times are 11:00, 12:30, and 2:00. The viewing station location will be determined the day before the event.

Traditional Dining Room by Minneapolis Interior Designers & Decorators Twist Interior Design

A Classic Design - but some think it is old fashioned and dated. I still love it ! What are your thoughts?