Temecula Archives - Temecula Valley Real Estate Appraiser

Interview with Tim Andersen, The Appraiser Advocate

Brad Bassi, SRA — Sat, 11 Jul 2020 22:23:37 +0000

Was fortunate and lucky enough to have Tim Andersen contact me and ask if I would consider an interview. Of course, it took me about 5 nanoseconds to say yes, to a really nice man and a very knowledgeable appraiser out of Florida. Tim is a USPAP instructor and assists in the defense of appraisers who may be in front of a State Board of Review. Our 35 minute interview (https://youtu.be/rZn9-v-tc7I) covered my background prior to appraising, my appraisal career and why in the world did I go and get my SRA designation at the ripe old age of 65. It was a fun time and he made me think about some of my past careers and how they lead and benefited me today. Many thanks to Tim for considering me for that interview. He called me a mover and shaker in the appraisal industry, but that is a little uncomfortable title when I compare myself with some of the others he has interviewed. If you have some time and really want to find out what makes an appraiser do the things they took, take a listen. I think you will have some fun.

Tim Andersen, thank you so very much for taking your time to conduct the interview, I was both honored and humbled by your request.

With all this Covid-19, economic issues and social issues, please be safe out there and stay healthy. And remember “Sometimes the turns we don’t expect to take, will lead us to where we want to be”

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Oh No Not Covid-19 topic, Nope Real Estate discussion

Brad Bassi, SRA — Sat, 04 Apr 2020 16:15:26 +0000

Hello and howdy to y’all. I know the last three weeks have been more than entertaining. But hang in there,

Wanted to make a quick post, no not about on-line shopping, missing toilet paper, homeschooling or social distancing. About Real Estate and how it is moving but albeit in a new way. Virtual tours, no open house showings, sellers not wanting strangers wandering through their homes and other fun things. The key right now in Real Estate as at most times is “CLARITY”. It is important to understand what your personal, business and family needs are with regards to RE. Then survey / interview through telephone, Skype, Zoom, or FaceTime the agents out there in your area and find the one that will best fit your needs.

Several suggestions, please don’t hire your cousin’s brother’s, finance, because she is a nice person or it is someone you think will give you a cut discount rate on commission. And no I don’t mean the agent that tells you what you want to hear regarding the price on your home. Just because you have a number in mind doesn’t mean that is the reality of what the market / buyer is willing to pay. If the agent asks you first what you think your house is worth, then I would run for hills. You need, want and deserve an agent/broker that is going to give you the facts and not a big sales pitch. They should also be able to discuss the issues that face us right now, changes in interest rates, shocking unemployment numbers, fiscal stimulus and all the other ingredients that make up this crazy world we have lived since essentially March 15, 2020, when the Federal Reserve cut the Fed Funds rate to “0”. The other thing that should not come out of their mouths is how great the market was, is and will be. They have no idea, none of us do as we don’t know the future if we did, I would have the pick 6 Mega Millions number, would retire with my $200,000,000 winnings and wouldn’t be writing this blog.

So here are a couple of thoughts. First off right now very few appraisers are doing interior walk thru’s for obvious reasons. So it is incumbent that you get an agent that can write a great MLS description of your home and then is willing to get a bundle full of very detailed photos of the interior and exterior of your home. This is always important in my opinion but right now it is key as that will be how the appraisers look and review your property either for sale or future refi. The more of you that have good agents doing their job, the better the appraiser can value you and others homes. I still see MLS data sheets with 1, 3 or 10 photos, and no description of the property, REALLY. WHY, is the film they are developing expensive or does it cost them $500 to import into MLS, oh no the great sold before listing phrase. Always great but what does that do for the next person looking for market data in their particular neighborhood. You are probably hearing the sarcasm and you would be right. Get the agents to upload as many photos as possible the more detailed the better. Make sure they show the front, side and rear views of the home including landscaping, pool/spa and views, interiors with all rooms, flooring, counter tops in kitchen and bathrooms, appliances, and cabinets. Highlight any updating or remodeling that was completed. Oh yea if you have solar panels have the agents comment on if they are owned, leased or under a power purchase agreement. All key items.

Lastly RE is complicated enough without the Covid-19 running loose. So once you decide to get involved in selling or buying, find a good agent who will tell you what you need to know, not what they think you want to hear. Be clear on what your needs are, don’t confuse them with a big dream list, be flexible, willing to negotiate and for goodness sake remember to breath (okay use a mask if near folks) and remain relaxed. This may be your single largest investment of your life. Treat it that way, but be realistic and optimistic and work a professional RE agent and/or appraiser to assist in the process.

Here is to hugging again, hanging with family and friends and heading out the Wine Country and getting a glass of wine and maybe something to eat. Give me a call if you interested in discussing your particular situation as I my mission to guide individuals through quite possibly there single largest investment. My mobile in (909) 262-3434. Take good care and be safe out there. Brad

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Receiving my SRA from the Appraisal Institute

Brad Bassi, SRA — Mon, 21 Jan 2019 05:07:30 +0000

I know that typically a blog is to be about something of interest to those in the Real Estate field. In this particular blog I am going to pat myself on the back after spending the last 12 months taking classes, tests and prepping for the final 10 days of two classes. After that was all completed I then had to set up my last eight months of files in order to present enough hours and reports for the Appraisal Institute Screener to review. In December 2018, I was notified that I had completed all the tasks for the SRA and I am now a designated member. To those not familiar, getting the designation is like going into a graduate program in your specific field. The SRA hasn’t made me any taller or better looking, but I have learned some valuable tools that will assist my clients and increase in the quality of my work. Now you might think, hey wait a minute does that mean the quality of my work previously was not good. Nope, just means that I have learned some valuable tools to improve the work that I have been completing all along. A lot of money spent and time away from the office, but I feel like it was worth it. Hopefully, my clients will think so as well. Quick thanks to Carrie Vann at the Appraisal Institute for all her help in moving me through the program. I had to take the classes, past the tests and overall make sure my body was in the seat in class, but Carrie, helped the journey go a little smoother as she helped me navigate through the world of AI.

Here is to a great 2019, for all of you and as I always like to say in the classes that I teach, watch the 10 Year Treasury Note as its yield will tell you, which way the mortgage rate is heading and eventually how the real estate market will react to the changes.

Take good care and remember that Time is precious, it should be handled with care and opened with love. All my best to you and your families during 2019.

Brad Bassi, SRA

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Temecula and Murrieta Home Pricing

Mon, 09 Jul 2018 06:27:20 +0000

Hello, Hope everyone has had a great 4th of July Holiday. Thought I would pass on some insight into current pricing. I was recently working on a Family Law matter and a property across the street was listed for sale. This home was the same floor plan as the subject and was priced at about the last sale in the small tract development. Now granted the last sale was a model home in Early 2018, but nonetheless this sale because of its proximity was a good barometer I felt. I was especially interested in what was going on as this property has been on the market over 90 days. What I got from the listing agent made me stop and go look at MLS. What I heard from the agent that in over 90 days they have not had one showing. Many thoughts come to mind but they I called four other agents and they all commented on how slow the over $500,000 market is right now, especially for tract homes. Now does mean the end is near, well not the end of the world surely, but this could be an indicator that we have moved to far and with interest rates having moved up, down and then back up again over the last 5 months is an indicator that there may be a change afoot in this market. My suggestion, Sellers, please don’t think you castle is the best of the best and then price it for perfection. Based on what I am seeing, this may not end well. Listen to your agent. If you hired them, then there must have been a reason. So trust that reason and start listening instead of talking, yelling or not being willing to have flexibility in your pricing. The only person that really gets hurt in this situation is the Seller and their family, if they have other plans that requires them to move. So my thought, is stop reading the headlines and start talking seriously with your RE agent. I think now more than ever it is possible this market is starting to consider it might be ready for a change and not upward. Thanks for taking the time and if you have any comments feel free to give me a call at (909) 262-3434 or email me at bradbassi@yahoo.com. Enjoy the dog days of summer.

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