Why More Homeowners Are Choosing to Sell Their House By Owner

Jennifer Mandich — Mon, 21 Oct 2024 09:52:00 -0400

Why Are More Homeowners Choosing to Sell Their Home By Owner?

The real estate market has evolved, and more homeowners are realizing the benefits of taking the FSBO (For Sale By Owner) route. It’s not just about saving on commissions; it’s about having control over the entire process and being able to sell your own home. Homeowners today are equipped with the tools and knowledge to handle this task themselves, allowing them to navigate the sale without relying on an agent. In this short article I’ll show why it’s easier than ever to sell by owner and why so many homeowners are choosing it.

But before I go on – I need you to know if you a home in the Metro Atlanta area that you want to sell – have you considered selling to us?

Choose Our Home Buying Company!

For homeowners who prefer not to go through the long and sometimes frustrating FSBO process, selling directly to a trusted house buying company offers a fast and stress-free alternative. Here’s why it’s becoming a popular option.

<< Click here to jump to Why More Homeowners Are Choosing FSBO >>

The Appeal of a Direct Sale to Our Company

Selling directly to Mandich Property Group offers an unmatched level of convenience. There’s no need to wait for buyers, stage the house, or even handle extensive marketing. Homeowners get a fast solution with minimal effort, making it ideal for those looking for a quick, no-fuss sale. Whether you’re facing a financial challenge or just want a quick sale, we take on the complexity so you don’t have to.

In many cases, life circumstances such as relocation, divorce, or inherited property drive the need for a fast sale. Our company provides a lifeline by offering a guaranteed cash offer without delays or financing contingencies, letting homeowners move forward without the emotional and financial burden of an extended sale process.

Our Streamlined Process

Unlike the traditional home selling process, which often requires weeks or even months of waiting for buyer interest, we move quickly. Our process begins with a free, no-obligation consultation, where we evaluate the home and offer a fair, market-based all cash offer. If accepted, the closing is quick and efficient, often taking place in as little as seven days.

Once the offer is accepted, you don’t have to worry about last-minute inspections, buyer loans falling through, or the uncertainty that comes with traditional deals. We handle the paperwork, coordinate with title companies, and ensure a smooth transaction from start to finish.

Key Benefits of Choosing Us

Selling to us has numerous advantages that go beyond just speed. First, homeowners don’t need to invest time or money into home repairs. We buy houses in any condition, saving sellers the hassle of fixing up a home before it hits the market. There are also no real estate agent fees, which means you keep more of your hard-earned money.

Additionally, there’s no risk of the deal falling through due to financing issues, which is common in traditional sales. When you work with us, we guarantee the cash offer, and we can close on your schedule, whether you need to sell immediately or wait a few weeks. It’s a no-hassle, no-stress option.

Get A Cash Offer On Your House Today At

(770) 756-8680

Or Fill Out The Form And We Will Contact You Soon

Why More Homeowners Are Choosing To Sell FSBO:

1 - Avoiding Traditional Real Estate Complications

How Companies That Buy Houses Are Changing Real Estate

Jennifer Mandich — Sun, 20 Oct 2024 10:22:20 -0400

How Companies That Buy Houses Are Changing Real Estate: What Sellers Need to Know

The world of real estate is constantly shifting, and more homeowners are looking for faster, easier ways to sell their properties. The best companies that buy houses for cash are stepping in to fill that need, offering a streamlined solution that’s much different from the traditional home-selling process. But how are they changing the real estate landscape, and what do sellers really need to know before jumping in? Let’s explore how these companies are reshaping the way homes are bought and sold.

<< Click here to jump to “How Companies That Buy Homes Are Changing Real Estate” >>

Before we jump in, and if you’re looking for a company in Metro Atlanta to buy your house – have considered selling to…

Our Company That Buys Houses For Cash!

At Mandich Property Group, we understand that selling a home can be a daunting process, and that’s why we’re here to make it easier for you. As a trusted company that buys houses in the Metro Atlanta area, we offer homeowners a quick, hassle-free way to sell their properties for cash—no repairs, no commissions, and no waiting.

Whether you’re facing a tight timeline or just want to avoid the traditional real estate headaches, we’d very much like the opportunity to provide you with a fair cash offer and help you move forward with confidence. Reach out to us today and see how simple selling your home can be!

Get A Cash Offer On Your House Today At

(770) 756-8680

Or Fill Out The Form And We Will Contact You Soon

How Companies That Buy Houses Are Changing Real Estate: What Sellers Need to Know

The Evolution of Real Estate Transactions

The days of only selling your home by listing with a real estate agent and waiting for months are fading away. Traditionally, selling a home involved several steps: hiring an agent, prepping the property, staging it for open houses, dealing with repairs, and then hoping the right buyer came along. Even when you found a buyer, the transaction could take months as financing and inspections were handled.

But times are changing. With companies that buy houses, often referred to as “cash home buyers,” sellers can avoid many of these traditional steps. These companies are designed to make the process fast, efficient, and free of many of the usual headaches. Rather than waiting for the right buyer, they come to you with an offer in hand, providing a solution for those who need to move on quickly.

What Companies That Buy Houses Offer Homeowners

These companies have turned home-selling into a simplified process that appeals to homeowners for several reasons:

Quick Transactions

Unlike the traditional market, where selling a home can take weeks or even months, companies that buy houses offer a much faster process. Sellers often receive an offer within 24-48 hours of contacting these companies, and once the offer is accepted, the closing process can be as short as a week. This speed is perfect for people who are relocating, facing financial challenges, or simply want to move on from a property without delay.

How Can You Sell Your House Quickly, Even If It Needs Repairs?

Selling a house that’s old and outdated, or needs repairs can feel challenging, but it’s entirely possible to get it sold quick, even if your home isn’t in perfect condition. With the right approach, you can still attract buyers and close the deal quickly – without sinking time or money into expensive and costly renovations. This guide will show you how to sell your house fast for cash, even if repairs are needed, while maximizing its potential.

But before we get to the article – have you thought about…

Selling Your Home As Is Fast to Our Company

If you’re worried that you can’t sell your house quickly because of the repairs it needs, selling directly to our house buying company is a great option. We buy houses in any condition, which means you won’t need to spend time or money fixing anything before the sale.

<< click here to jump to Selling Your Home Fast – Even If It Needs Repairs >>

Why Selling to Us is Ideal for Homes That Need Repairs

Selling to us is the easiest way to avoid the hassle of making repairs. We specialize in buying homes that aren’t in perfect condition, so you don’t have to worry about spending money on renovations. Whether your house needs minor touch-ups or major repairs, we’ll give you a fair cash offer and close the deal fast.

Our Fast, Stress-Free Process

The process of selling your house to us is simple and quick. You contact us for a free evaluation, we assess the property in its current condition, and then we provide you with an all cash offer. If you accept, we handle all the paperwork and can close the deal in just a few days. It’s a fast, hassle-free way to sell your home quick, even if it needs work.

Don’t hesitate – get in touch with us – we’d love to make you an offer!

Get A Cash Offer On Your House Today At

(770) 756-8680

Or Fill Out The Form And We Will Contact You Soon

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How to Sell Your House Fast Even If It Needs Repairs

First –

Selling As-Is: Understanding the Market

If you decide not to invest in repairs before selling, you’ll need to understand how to market your home as-is. Many buyers are looking for fixer-uppers or investment properties, and pricing your home correctly can help attract these buyers.

Targeting Investors and Fixer-Upper Buyers

Homes that need repairs often attract investors and buyers looking for a project. These buyers are typically more willing to take on a home that needs work because they see potential value in renovating it. When marketing your home, focus on targeting these types of buyers by highlighting its investment potential or its app

Selling Your House Without a Realtor Could Save You Thousands

Jennifer Mandich — Fri, 18 Oct 2024 08:26:21 -0400

Why Selling Your House Without a Real Estate Agent Could Save You Thousands

Selling a house is one of the most significant financial transactions many people will ever make in their lifetime. With so much at stake, homeowners often turn to real estate agents for help. However, many don’t realize that the costs of using a realtor can add up quickly, eating into their profits. By choosing to sell your house by owner, also known as FSBO (For Sale By Owner), you can avoid hefty realtor commissions and keep more money in your pocket. With some careful planning and effective marketing, YOU can sell your house without a realtor! In this quick article, we’re going to dive into how to sell your house without a realtor, and how it can save you thousands compared to the traditional approach.

But before we get to the article and you have a house in the Metro Atlanta area, have you explored the idea of…

Selling to Our House Buying Company

If the idea of going through the entire selling process on your own seems daunting, or if you’re looking for an even faster way to sell without the costs, Mandich Property Group offers an easy alternative. We take care of everything, providing a straightforward way to sell your house quickly.

<< Click Here To Jump To How Not Using A Realtor Could Save You Thousands >>

Why Selling to Us is the Smart Choice

By choosing to sell your home directly to us, you bypass the typical costs associated with both realtor and FSBO sales. You won’t need to worry about commissions, repairs, or marketing expenses. We make fair cash offers, meaning you get to avoid the lengthy process of listing and negotiating. Plus, there’s no need for staging or fixing up your home before selling—it can be sold as-is.
Our company takes care of all the details, from the initial consultation to the final paperwork, making it a hassle-free experience for sellers. Many homeowners are surprised by how much time and money they can save by selling to us instead of listing with an agent or FSBO.

The Quick and Easy Process

When you sell to us, the process is simple: you reach out, we evaluate your property, and then we make a cash offer. If you accept, we handle the rest—no need to worry about buyer financing falling through or unexpected contingencies. Since we’re cash buyers, the closing process is fast, typically taking just a few weeks or even days in some cases. That means you avoid all the potential delays and pitfalls that can occur in traditional sales or FSBO transactions.

Give us a call for a absolutely free, no obligation offer!

Get A Cash Offer On Your House Today At

(770) 756-8680

Or Fill Out The Form And We Will Contact You Soon

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On with…

How Choosing NOT To Use A Realtor Could Save You Thousands

Hiring a real estate agent can make the home-selling process easier in some ways, but it comes with a steep price tag. Realtor commissions are one of the most significant costs associated with selling a home, and they can take a big bite out of your final proceeds.

Understanding Realtor Fees

How Can You Sell Your House Quickly Without Sacrificing Its Value?

Selling your house quickly doesn’t have to mean giving up a fair price. With the right approach, you can sell fast while still maintaining your home’s value. This quick write up will show you how to strike that perfect balance between speed and value, ensuring you don’t leave money on the table when you need to sell your house quickly and sell in record time.

But first things first – if you have a home in the Metro Atlanta area that you want to sell, have you thought about…

Selling Your House Fast To Mandich Property Group

If you’re looking to sell your house fast without sacrificing value, selling directly to our home buying company is a great option. We offer a fair cash price based on your home’s current market value, ensuring a quick sale without compromising on what your home is worth.

<< click here to jump to Selling Your House Fast Without Sacrificing Value >>

Fast Sales Without Losing Value

We understand that selling quickly doesn’t mean you want to take a lowball offer. That’s why we offer fair cash prices that reflect your home’s value based on its current condition and the local market. You don’t have to deal with price cuts or lengthy negotiations that reduce your home’s worth. We handle the process quickly and fairly.

Our Easy Process

Selling to us is simple and fast. You contact us for a free evaluation, and we’ll make you an offer. If you accept, we handle all the paperwork and can close in just a few days. You won’t need to make repairs or stage your home, saving you time and money while still getting a fair price for your house.

Call or contact us for a free – no obligation offer!

Get A Cash Offer On Your House Today At

(770) 756-8680

Or Fill Out The Form And We Will Contact You Soon

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Now back to Selling Without Sacrificing Value…

Pricing Strategies to Sell Fast and Retain Value

Setting the right price is crucial when selling your house fast. It’s all about finding that sweet spot—pricing competitively without undervaluing your home.

Price It Right from the Start

One of the most effective ways to sell quickly without losing value is to price your home correctly from the very beginning. Research the local market and check comparable home sales in your area to determine a price that reflects your home’s value. A competitive price (slightly below market value) can create urgency among buyers and may even lead to multiple offers, helping you sell quickly without having to drop the price later.

Selling Your Home By Owner: Is It the Right Move for You?

Jennifer Mandich — Wed, 16 Oct 2024 10:09:00 -0400

Is Selling Your House By Owner The Right Move For You?

Selling a home is a significant financial decision, and for many homeowners, the idea of selling their property without a real estate agent can be appealing. The FSBO (For Sale By Owner) method offers more control and savings, but requires careful consideration. In this guide, we’ll explore whether selling FSBO is the right choice for you, as well as give you some tips on how to sell a house by owner (FSBO). We’ll also weigh the benefits, challenges, and taking your personal circumstances into consideration that can help lead you in making a decision.

But before we begin, if you have a house in Metro Atlanta that you want to sell – have you looked into…

Choosing Our Home Buying Company

If handling everything on your own sounds daunting, selling to a house buying company like Mandich Property Group offers a simpler, more direct option. This alternative can save you from the complexities and hassles of both listing with an agent and FSBO!

<< Click Here To Jump To Find Out If Selling By Owner Is Right For You >>

Why Consider Selling to Us?

Mandich Property Group provides homeowners with a streamlined selling option. You don’t need to worry about marketing, repairs, or showing your property. We offer a straightforward cash offer, allowing you to bypass the usual steps involved in both traditional and FSBO sales. It’s an excellent solution for those looking for a quick, hassle-free transaction.

The Simple Process

We make the selling process quick and easy. After a free evaluation, we provide a cash offer with no obligations. If accepted, we handle the paperwork and closing, usually within a matter of days. This process is ideal for homeowners who need to sell fast without going through the lengthy process of listing or handling the sale themselves.

Get in touch for a free, no obligation offer!

Get A Cash Offer On Your House Today At

(770) 756-8680

Or Fill Out The Form And We Will Contact You Soon

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On with the show…

We Buy Houses: What You Need to Know Before Selling

What Do You Need To Know About Selling To A We Buy Houses Company?

If you’ve been considering selling your house to a We Buy Houses company, you probably have questions about how it works and whether it’s the right option for you. Many of them offer a fast and easy way to sell your home without the hassle of traditional real estate transactions. These we buy houses for cash companies can save you both time and money. But before making your decision, here’s what you need to know about selling to an I Buy Houses company, including how the process works, what to expect, and key things to consider to ensure a smooth sale.

But first, have you considered…

Selling to Mandich Property Group - We Buy Houses!

Selling your home to a reputable company like ours can save you time and effort. We offer an easy way for homeowners to sell quickly without the usual roadblocks associated with traditional real estate sales, such as repairs, commissions, and long waits for buyer financing. But what makes our company stand out is the personal attention that you’ll receive, not to mention how simple we make the process from start to finish.

<< Click Here To Jump To What You Need To Know We Buy Houses Companies >>

Why Choose Us?

When you sell your home to us, you’re working with experienced real estate professionals who make the process simple and hassle-free. We buy homes in any condition, whether they’re in great shape or need serious repairs. We offer fair cash prices and handle all the paperwork to ensure the transaction goes smoothly and quickly.
If you’re looking for a straightforward sale, without the complications of traditional home sales, our company is the perfect solution. We eliminate the need for agent commissions, repairs, and showings, helping you move forward faster.

Our Quick and Easy Process

We designed our process to be as simple as possible. After contacting us, we’ll assess your home and provide a cash offer. If you accept the offer, we move forward at your pace, often closing in just a few days. There’s no need to make repairs or prep your house for buyers. We handle all the details, making the sale process smooth and stress-free.

Get A Cash Offer On Your House Today At

(770) 756-8680

Or Fill Out The Form And We Will Contact You Soon

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On with the article…

We Buy Houses Companies - What You Need To Know

If you’re unfamiliar with how these home buying companies operate, it’s helpful to know what to expect. These companies make it easier for homeowners to sell quickly by offering a direct purchase, bypassing the traditional market altogether. Here’s a closer look at how these companies streamline the process.

Simple Cash Offers

One of the biggest perks of selling to a We Buy Houses company is the quick cash offer. These companies specialize in making fast offers, often within 24 to 48 hours of evaluating your home. Because the offer is cash-based, there’s no need to worry about financing delays, which can hold up a traditional sale.
The offer is typically based on your home’s condition, location, and the current market value. This straightforward approach can save you from the hassle of negotiating with buyers who might back out or need additional time for financing approval.

As-Is Purchases

Another significant advantage of working with a company that buys ho

Marketing Tips For Selling Your House Without A Real Estate Agent

Jennifer Mandich — Mon, 14 Oct 2024 08:04:36 -0400

How Can You Effectively Market Your House Without a Realtor?

Selling your house on your own might seem a bit challenging, but with the right marketing strategies, it can go fairly smooth and give you a sense of accomplishment when done. When you’re in charge of marketing your own home, you get to control how it’s presented and you’ll have to reach home buyers in more creative ways. and sometimes even more cost-effective ways. This quick write up will give you some effective marketing tips and some cost-effective ways to help you successfully sell your house without a Realtor or real estate agent.

But before we dive in, have you thought about…

Selling Your Home to Home Buying Experts Like Mandich Property Group

If you’re looking for an option where you don’t need to worry about marketing at all, our house buying company is here to make things easy. We provide a quick, direct way to sell your house without the hassle of marketing, staging, or hosting open houses.

<< Click Here To Jump To The Marketing Tips >>

No Need to Market With Us

When you sell to us, there’s no need to go through the stress of marketing. You don’t need to create listings or worry about how to attract buyers. We make the entire process simple by offering you a cash offer for your home as-is, no matter it’s condition. No photos, no repairs, and no staging required.

Fast, Simple Sale

Our process is designed to be fast and hassle-free. Once you reach out, we assess your home and provide a cash offer. If you accept, we handle everything from there. You can close in a matter of days, skipping the traditional marketing efforts entirely. It’s the easiest way to sell your house without an agent, and without any delays or complications.

Give us a call for a free, no obligation offer!

Get A Cash Offer On Your House Today At

(770) 756-8680

Or Fill Out The Form And We Will Contact You Soon

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On with the article…

How To Market Your House Effectively Without A Realtor

First - Creating an Effective Online Presence for Your FSBO Listing

When you’re selling your home without an agent, your online presence is one of the most important tools in your marketing toolkit. With buyers searching online more than ever, you need a listing that stands out.

Using Real Estate Platforms

How We Buy Houses Services Can Save You Time And Money

Jennifer Mandich — Sun, 13 Oct 2024 12:05:28 -0400

How We Buy Houses Services Can Save You Time and Money

Can 'We Buy Houses' Services Really Save You Time and Money?

When it comes to selling your home, time and money are often two of the biggest concerns. The traditional home-selling process can be extremely slow and costly, with repairs, agent fees, and other expenses adding up. Companies that buy homes for cash, or We Buy Houses Companies – can offer a much faster and in some cases, a more affordable alternative. In turn this helps homeowners sell quickly, while avoiding many of the costs associated with traditional sales. Here’s how these services just might be able to save you both time and money.

But before you read more about how other companies can help you save time & money, how about considering…

Selling to Our Home Buying Company - Mandich Property Group

When you sell to Mandich Property Group, you get a straightforward solution that eliminates the hassles of a traditional home sale. We make the process faster, simpler, and more cost-effective.

<< Click Here To Jump To How We Buy Houses Companies Can Save to Time & Money >>

Why Our Service Saves You Time

Selling your home to our company allows you to avoid the lengthy delays that often come with the traditional selling process. There’s no waiting for buyers to make an offer, no home inspections, and no need for repairs. We buy homes for cash, meaning we can close the sale in just a few days or weeks, and get it done on your timeline.

How We Save You Money

When you sell to us, you don’t need to worry about the usual costs that come with selling a home. You won’t have to pay for repairs, commissions, or closing fees. The cash offer we make is what you’ll receive(less any outstanding balances on loans or liens)—no hidden charges or surprise costs. This can save you thousands compared to a traditional sale.

Just reach out to us for a completely free, no obligation offer!

Get A Cash Offer On Your House Today At

(770) 756-8680

Or Fill Out The Form And We Will Contact You Soon

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Now back to our article – how these companies can save you big bucks & valuable time…

How "We Buy Houses" Companies Save You Time

The traditional home-selling process can take months to complete, but companies that provide “We Buy Houses” services are designed to move much faster. Here’s how they can save you valuable time.

Skip the Repairs and Updates

One of the biggest time-savers when selling to a “We Buy Houses” company is that you don’t need to spend time making repairs or updates to your home. These companies buy homes as-is, meaning you can sell your home in its current condition without worrying about fixing anything.
This is especially beneficial for homeowners with properties that need significant work. Rather than spending weeks or months repairing your home and possibly a crap load of money, you can sell it quickly and let the buyer handle any necessary updates after the sale.

Avoid Showings and Open Houses

In a traditional sale, homeowners often have to go through multiple showings and open houses, which can take weeks or even months

How to Find Reputable Companies That Buy Houses

Jennifer Mandich — Sun, 13 Oct 2024 08:07:15 -0400

How to Find Reputable Companies That Buy Houses

What Is the Best Way to Find Reputable Companies That Buy Houses?

If you’re considering selling your home to an IBuyer, or company, it’s important to find and work with reputable companies that buy homes to ensure a smooth and fair transaction. While many legitimate companies offer quick and easy sales, there are some that don’t operate ethically. In this quick write up, we’ll walk you through how to find the best companies that buy houses for cash, and how to avoid potential pitfalls.

But first – can we recommend…

Selling to Our House Buying Company - Mandich Property Group

At our company, we make the process of selling your home simple and transparent. We offer fair cash prices, buy homes in any condition, and handle all the paperwork so that you can sell your home stress-free.
<< Click here to jump to how to find reputable home buying companies >>

Why You Can Trust Us

We’ve built a reputation for providing local Metro Atlanta homeowners with a smooth, hassle-free selling experience. With years of experience in the industry, we understand the importance of transparency and honesty. When you work with us, you can trust that you’re getting a fair deal with no hidden fees or surprises.

What We Offer

We give competitive cash offers for homes, close on your timeline and without the need for repairs or renovations. Our goal is to make selling your home as easy and straightforward as possible, so you can move forward quickly and with confidence.

Reach out to us for an absolutely free, no obligation offer!

Get A Cash Offer On Your House Today At

(770) 756-8680

Or Fill Out The Form And We Will Contact You Soon

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Now on with finding reputable companies to buy your home…

Why Reputation Matters When Selling Your Home

Finding a reputable company is crucial when selling your home. Working with a trustworthy buyer ensures that the process is smooth and that you receive a fair price for your property. Here’s why reputation matters.

Avoiding Scams and Lowball Offers

Unfortunately, not all companies that buy houses operate with integrity. Some may offer lowball prices or pressure you into accepting unfair terms. Reputable companies, on the other hand, will provide fair offers based on your home’s current value and will never pressure you into making a quick decision. By doing your research and choosing a company with a solid reputation, you can avoid scams and ensure you’re getting the best possible deal for your home.

Ensuring a Smooth Transaction

Reputable companies make the home-selling process seamless, from the initial offer to closing. They handle all the paperwork, provide clear timelines, and ensure you know exactly what to expect at every stage. This eliminates unexpected delays or surprises, making for a mo

Sweat The Details Podcast by Nest Realty – 9/10/2024 Jonathan Miller

Jonathan Miller — Thu, 12 Sep 2024 09:17:29 -0400

This week I joined Jim Duncan and his colleagues at Nest Realty in Virginia. I’ve known Jim for years through our mutual online writings. His Jim’s Note has always been a must read for me.

“This week, we were joined by Jonathan Miller, President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm based in NYC. We covered a lot of ground – transparency in light of the NAR settlement, how long it might take to find the needed market equilibrium, the magic interest rate number that will open up the market and the offset effect cash buyers, the coming homeowners insurance market crisis, unemployment, and the lack of a “national” market.”

The post Sweat The Details Podcast by Nest Realty – 9/10/2024 Jonathan Miller first appeared on Miller Samuel Real Estate Appraisers & Consultants.

August Digital Media Interview Wrap-up On Rate Cuts

Jonathan Miller — Thu, 15 Aug 2024 10:53:03 -0400

With the recent financial market drama in Japan over the Yen carry trade, I was tapped to do interviews on the impact on the residential housing market and the change in thinking towards Fed rate cuts in the fall.

Business of Home Podcast – Rate Cuts In Sight

Bloomberg Radio – Fed Rate Cuts Could Trigger Housing Demand, Rent Drop

The post August Digital Media Interview Wrap-up On Rate Cuts first appeared on Miller Samuel Real Estate Appraisers & Consultants.

Bloomberg Surveillance – Home Prices to Stay Elevated

Jonathan Miller — Fri, 21 Jun 2024 09:29:31 -0400

Now that two and a half years have passed since the early 2022 Fed pivot resulting in the steepest ascent of interest rates in fifty years, pent-up demand has been building. Homebuyers have been waiting for rates to come down – a sign of better things to come. At the same time, the rate cut conversation keeps pushing the first cut expectation backwards. First it was April, then June, September and December have all been common predictions for the 2024 moment. And each time a ~70% consensus by economists seems to have been reached. This is why I think that whenever the first rate cut occurs, the demand reaction will be oversized. Yesterday’s lively conversation on Bloomberg Surveillance with Lisa Abramowicz, Dani Burger and Annmarie Hordern covered that. I really appreciate the invite despite getting up at 4am to make to the studio on time. Ha.

The post Bloomberg Surveillance – Home Prices to Stay Elevated first appeared on Miller Samuel Real Estate Appraisers & Consultants.

[WSJ Digital] The Total Renovations Behind This Home’s $1.8M Listing Price

Jonathan Miller — Thu, 06 Jun 2024 11:57:44 -0400

I walked a few blocks from our Manhattan office to the Wall Street Journal to be interviewed for their digital piece on how to think about renovations in a home and their contribution to value. The home was located in Coeur d’Alene, Idaho.

I get to provide sage advice from an appraiser’s perspective.

The post [WSJ Digital] The Total Renovations Behind This Home’s $1.8M Listing Price first appeared on Miller Samuel Real Estate Appraisers & Consultants.

[27 Speaks Podcast] Jonathan Miller Provides A 2024 Hamptons Outlook

Jonathan Miller — Thu, 22 Feb 2024 11:07:34 -0500

I joined the folks at 27East again for a discussion on the housing market outlook for 2024 in the Hamptons. They always foster a great conversation and I enjoyed this one as I always do.

27east.com · Real Estate Analyst Gives 2024 Hamptons Outlook
The post [27 Speaks Podcast] Jonathan Miller Provides A 2024 Hamptons Outlook first appeared on Miller Samuel Real Estate Appraisers & Consultants.

Central Bank Central Video Podcast: Miller Samuels’ Chief Sees Stubbornly High Mortgage Rates, Low Inventories

Jonathan Miller — Tue, 23 Jan 2024 15:08:42 -0500

A long time friend and journalist Kathleen Hays invited me to speak with her about the impact of the recent Fed pivot on the U.S. housing market. She has extensive experience interviewing experts about the economy from time at Bloomberg Television.

She’s started up a very cool Substack: Central Bank Central that features conversations around Fed policy. I very much enjoyed the conversation and I hope you do too!

Kathleen Hays Presents: Central Bank Central: Miller Samuels’ Chief Sees Stubbornly High Mortgage Rates, Low Inventories
The post Central Bank Central Video Podcast: Miller Samuels’ Chief Sees Stubbornly High Mortgage Rates, Low Inventories first appeared on Miller Samuel Real Estate Appraisers & Consultants.

Bloomberg’s At The Money Podcast (ATM): The Best Way To Sell A House

Jonathan Miller — Wed, 27 Dec 2023 11:11:42 -0500

I joined my friend Barry Ritholtz for the second time on his new podcast, At The Money (or cleverly, ATM). Masters in Business is still going strong, but he had a new idea – create a really good personal finance-focused show. ATM is still in the MIB feed but will have its own podcast feed in the new year.

Talking Head's Burning Down The House‘ as the intro music!

My previous visit on ATM:
At the Money Podcast: The Best Way to Buy a House
The post Bloomberg’s At The Money Podcast (ATM): The Best Way To Sell A House first appeared on Miller Samuel Real Estate Appraisers & Consultants.

Bloomberg’s At The Money Podcast (ATM): The Best Way To Buy A House

Jonathan Miller — Fri, 17 Nov 2023 21:30:27 -0500

I joined my friend Barry Ritholtz on his new podcast, At The Money (or cleverly, ATM). Masters in Business is still going strong, but he had a new idea – create a really good personal finance-focused show. We recorded this on Tuesday – it’s currently located in the Master in Business podcast feed but will be available in its own feed everywhere on January 1.

Crosby Stills Nash & Young’s ‘Our House‘ as the intro music!

At the Money Podcast: The Best Way to Buy a House
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Bloomberg TV – Yes. We Are In A Housing Crisis

Jonathan Miller — Fri, 17 Nov 2023 21:17:51 -0500

I got to join the gang at Bloomberg Surveillance on Tuesday morning. Always fun and smart. The focus seems to be figuring out what the exit of this era of tight housing inventory looks like and when rents will come down since inflation is tangibly falling.

My journey to the city for the Bloomberg interview: catching the 5:49 am train – waiting in the green room – and working my way up the guest list to go on.

Lisa Abramowicz pens a recap of her show’s morning guests covering inflation (which guides fed policy), which is really worth a read: Surveillance: Wall Street Exults ‘We’re Going to Win This Thing’

Wait for my complaint/joke at the end with Tom. Fun.
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Urban Digs Webinar: Valuing Outdoor Space

Jonathan Miller — Tue, 03 Oct 2023 17:53:06 -0400

This webinar was held during the previous week with several hundred people in attendance - I didn't get the recording soon enough to post last Friday.

Noah and John at Urban Digs invited me to talk about my approach to valuing outdoor space in NYC. I documented my approach to its valuation back on May 5, 2010 on my Matrix blog, after years of getting calls from real estate agents asking how to value them, this post was born: [Terra Logic] Understanding The Value of Manhattan Apartment Outdoor Space. For other "How to" valuation discussions, please go here: "How to Value" and Other Favorite Posts

The outdoor space amenity goes for quite a premium, and its relationship has changed over the years, but my methodology remains sound. Urban Digs approaches it differently, but it comes out the same in the wash. I love these guys.

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Bloomberg’s Masters in Business: Jonathan Miller on High Mortgage Rates

Jonathan Miller — Tue, 05 Sep 2023 10:05:36 -0400

I joined my friend Barry Ritholtz of RWM and of The Big Picture on his Bloomberg Radio MIB podcast for the sixth time since 2014. Here’s the transcript, my book recommendations, as well as the full podcast version below:

Here are the previous interviews from 2014, 2016, 2020, 2021 and 2022. They are always fun, and Barry keeps the conversation interesting. My wife Cheryl was in the producer’s booth, keeping me honest (and taking pictures).

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Bloomberg Surveillance 8-1-23: The Pandemic Wiped Out Housing Inventory: Miller

Jonathan Miller — Tue, 01 Aug 2023 16:34:04 -0400

I always have great conversations with Lisa Abramowicz, an anchor on Bloomberg Television's Bloomberg Surveillance.

The TV clip captures about half the conversation. For the my full interview, check out the Bloomberg Surveillance Podcast.

Jonathan Miller, Miller Samuel President & CEO, says housing prices have leveled off.
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[Business of Home Podcast] A Real Estate Check-In With Jonathan Miller

Jonathan Miller — Tue, 18 Jul 2023 17:02:28 -0400

I joined Dennis Scully again on The Business of Home podcast: The Thursday Show: A real estate check-in with Jonathan Miller, why Gen Z loves dupes and more. A lot has happened since our previous conversation back in July 2022. Other than having quality issues with my microphone, I really enjoyed the conversation. It starts at the 25:22 mark.

[click on the image to play]
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WCBS Radio – State Of Commercial Office, City v. Suburbs

Jonathan Miller — Wed, 28 Jun 2023 16:17:42 -0400

I had a nice conversation with Joe Connolly and Neil A. Carousso on WCBS Newsradio 880 on the state of the NYC commercial office market. It was a macro-level conversation that I thought you might find helpful.

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Three Hours On C-SPAN Yields One Granddaughter

Jonathan Miller — Sun, 21 May 2023 10:09:08 -0400

On Friday morning, I was one of five expert witnesses (and the only as an appraiser) to testify on the topic of appraisal bias in front of the Appraisal Subcommittee (ASC). The witnesses waited together in the green room, plus additional TAF staff. We had a delightful conversation - everyone was very friendly and a pleasure to be with, given the adversarial nature of our looming testimony.

I've spoken many hundreds of times on national television but never on C-SPAN, so participating in this event was a bucket list check-off for me. The FHFA auditorium and facilities were impressive - the organization of the event was first class and ran very smoothly (way to go, Julie!).

During the first hour of testimony, our fourth grandchild was born. My wife was in the audience and stepped out of the hearing (the nerve!) to take the call from my oldest son on the news of our new granddaughter.

The Appraisal Subcommittee (ASC) held a second hearing on challenges facing the appraisal industry, including barriers to entering the profession and racial bias in home appraisals. The panel’s first hearing on such topics occurred in January. The ASC is an interagency committee under the Federal Financial Institutions Examination Council and oversees real estate appraisal regulations. The Federal Housing Finance Agency hosted the event at its headquarters in Washington, DC.

It's a three-hour hearing, but if you are connected to the appraisal industry in any way, I encourage you to listen. You can hear my opening statement at about the 26-minute mark. The text on the C-SPAN website was generated from unedited closed captions. Here was my formal statement, but since the timing was strictly limited to 5 minutes, I read this abbreviated version, which in hindsight, was better and more to the point.

Federal Housing Finance Agency (@FHFA) hearing on Appraisal Industry Issues – LIVE at 10am ET on C-SPAN https://t.co/uyAqNgs1tk
— CSPAN (@cspan) May 19, 2023

Afterwards...

Three regulators from the ASC came to me from the stage immediately afterward and said I was the best dressed in the room, and they loved my tie. I wasn't expecting that. Ha. All were very nice. My wife and I immediately shared pictures of our new granddaughter.

Thoughts...

Morgan Williams, General Counsel, National Fair Housing Alliance - He was an effective witness - he drove home that he wanted access to anonymized loan-level data to determine the potential valuation bias.

Angela G. Jemmott, Bureau Chief, California Bureau of Real Estate Appraisers, Member of the Association of Appraiser Regulatory Officials. She was a powerhouse of testimony, advocating practicum solutions in addition to PAREA.

Michelle Czekalski Bradley, Certified General Appraiser, Chair of the Appraisal Standards Board (ASB) of TAF, was earnest and towed the Dave Bunton narrative. When the CFPB head went after her for the conflict of interest of her position, she named me by name (an unforced error) and said there was no conflict. She may believe that with all her heart, but most of her peers in the industry think otherwise. Her husband is a senior official at McKissock, the largest provider of online appraisal courses and they have a financial arrangement with TAF on USPAP courses - and Michelle heads the board that makes changes to USPAP. This is another example of the stunning lack of oversight for this not-for-profit (TAF) that modifies USPAP that becomes embedded into laws in the 50 states and five territories. I'm sure she means well and, in her mind, is giving back to the industry, but she is remarkably oblivious to the optics of her position. I believe Dave Bunton hand-selected her for her ability to follow orders. TAF is a monarchy, nothing less.

Brad Swinney, Chief Appraiser, Farm Credit Bank of Texas, Chair of the Appraiser Qualifications Board (AQB), had a hard time presenting and defending PAREA. He, like Michelle, was hand selected by Dave Bunton after the prior AQB chair was removed immediately because he wanted to explore the stunning lack of diversity in the appraisal profession. (We're 98% white and dead last (400 of 400) as tracked by the BLS). So it follows that if the prior chair was removed immediately after trying to dig into the appraisal industry's lack of diversity, then it's just a hop, skip, and jump to assume that Brad was brought in to follow Dave Bunton's position of staying away from the topic. Brad mentioned several times that "someone" (me) was saying 1,500 hours of experience were required, yet he stated only 1,000 hours were required for residential certification experience. As the AQB chair, he was uninformed. I was referring to the New York State requirement for 1,500 hours as a New York City appraiser, as noted on the New York State website.

I'm glad we've cleared that up.

TAF's representatives (Michelle & Brad) were under siege by the ASC board and did not do well under fire. They found themselves wiggling to defend the indefensible even though they were hand-picked by Dave Bunton for their ability to toe the party line. Both tried hard to frame themselves in a silo - Michelle when it came to how board members were selected and Brad - how they had no responsibility for how much PAREA would cost appraisers. To be clear, TAF had always pushed back hard on PAREA until Dave realized that it could be used to divert attention from, and possibly have a positive influence, on our industry's stunning lack of diversity.

When I was highly critical of the two-year cycle in my testimony and how TAF goes back and forth on rules that confuse everyone, Michelle brought up the current four-year run of USPAP without changes and how on January 1st, there will not be an exploration date. The problem with framing it that way was that TAF claimed USPAP was frozen for four years because of COVID. Dave saw the pressure coming for change and used COVID as an excuse, yet the reality was that Zoom became ubiquitous, and there was no reason to stop the cycle other than to use COVID to save face. Dave recently realized that because states required USPAP 7-hour update courses every two years, they were still going to benefit from a revenue flow from the classes and could still avoid grant money from the ASC so they wouldn't have any "strings" attached to their actions. Dave can still fly all over the world on boondoggles to valuation conferences, dining on steak and fine wine without scrutiny. I brought up in my testimony that only about 15 minutes of each 7-hour update class contained new information.

To be clear, only one person of color has been on a technical board (ASB + AQB) in the 3+ decade history of The Appraisal Foundation, which has been led by the same person the entire time. And that one person, despite being highly qualified, was only accepted on the board because of significant outside press from myself and a handful of others. Proof of this is that no more persons of color will be invited to any of their boards in the ensuing three years.

For many TAF board members, this is just a resume builder. They won't do anything to forward progress in the industry because Dave Bunton and his sycophants will work hard to prevent it like they just did on the AQB.

This TAF byzantine and weird corporate bureaucracy is an unfair burden to everyday working appraisers and is destroying the public trust. I hope Friday's testimony helped confirm a few reasons why there is no diversity in the industry, and it will enable the ASC to push for accountability and change at TAF.
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Wall Street Bonuses Fall To Pre-Pandemic Levels

Jonathan Miller — Sat, 01 Apr 2023 12:26:50 -0400

The Office of the New York State Comptroller released its analysis of Wall Street Bonuses for 2022 last week.

The real estate industry used to go gaga over this report before the housing bubble. But now, with so many bonuses received as deferred compensation or in a non-cash format, the Manhattan housing market no longer sees an immediate surge in demand when bonuses are announced. However, securities industry jobs seemed relatively unphased by the pandemic and the economic surge in the aftermath of the lockdown.

Wall Street’s 2022 average bonus paid to securities employees dropped to $176,700, a 26% decline from the previous year’s $240,400, according to New York State Comptroller Thomas P. DiNapoli’s annual estimate. Rising interest rates and fear of a recession led to fewer profits on Wall Street after a record haul in 2021.

I update my yearly chart series that breaks out the annual bonus results. Most notable here is the slightly diminished reliance on the securities sector, as noted by the declining salary multiplier to the private sector since the peak in 2007 and the smaller share of securities industry employment to total employment. It's not in the chart, but the slightly lower contribution of the securities industry with its much higher-paying jobs has been partially offset by the influx of the tech sector, which pays higher wages than the overall private sector.

These chart colors are obnoxious, but their story is still easy to read.

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Elliman Magazine Column “Market Update” – New Inventory Is Falling

Jonathan Miller — Thu, 08 Dec 2022 14:12:59 -0500

I write a column for Elliman Magazine called “Market Update” that presents a chart and context around it. Its kind of like my nine-year column “Three Cents Worth” at the old Curbed but more grown-up and without the snark.

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My Interview on Crosstown with Pat Kiernan – What can we do about NYC’s housing crisis?

Jonathan Miller — Sun, 13 Nov 2022 20:53:56 -0500

I’m a big fan of Pat Kiernan, the star anchor for Spectrum News NY1. I especially like his “in the papers” spots and I’ve been on his morning show a few times. He interviewed me virtually to set the stage to describe NYC’s housing challenge.

Check it out!

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[Podcast] Slate Money: Felix Learns What A Condo Is – Jonathan Miller joins to talk all things real estate.

Jonathan Miller — Mon, 10 Oct 2022 14:55:39 -0400

I’m a regular listener to the Slate Money podcast so I was thrilled to be invited to participate.

This week, Felix Salmon, Emily Peck, and Elizabeth Spiers are joined by housing market analyst and real estate appraiser Jonathan Miller to answer all their burning real estate questions including what’s going on with mortgage rates, how do new luxury buildings affect prices, and why is rent so damn high?

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Elliman Magazine Column – A Symptom of Chronic Inventory Lows: Bidding Wars Are Everywhere

Jonathan Miller — Thu, 14 Apr 2022 16:35:23 -0400

For each issue of Elliman Magazine produced by Douglas Elliman, the same company that publishes most of our U.S. market research, I write a brief column and create a graphic to illustrate an important issue facing the luxury housing market. Of course, the graphic I create is then supercharged by their very talented graphics staff.

Listing inventory has essentially collapsed in most U.S. housing markets as unusually low rates against the backdrop of robust economic conditions have burned off supply to record lows. Evidence of this is seen in the proliferation of U.S. housings markets with a significant share of bidding wars. Since these are broad markets, various submarkets can see the market share at must higher levels. The proxy for market share is the share of transactions that close above the asking price at time of sale against total period sales.

In the current issue of Elliman Magazine: Spring/Summer 2022, my column “A Symptom of Chronic Inventory Lows: Bidding Wars Are Everywhere”

[click to expand]
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Listing Inventory Trends In The Time Of COVID

Jonathan Miller — Thu, 02 Dec 2021 14:49:18 -0500

The Winter 2022 issue of Elliman Magazine was published this week and it is quite a beautiful publication. I created a chart for the publication which compares month listing inventory trends across a number of the markets we cover for Douglas Elliman.

[click to expand image]
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Zillow Offers As A Proxy For ‘Big Data’ Shows The Lack Of Qualitative Analysis

Jonathan Miller — Sun, 07 Nov 2021 20:24:02 -0500

Yes, big data usually infers ‘quantitative’ analysis, as in “relying on numbers.” The Zestimate legacy of profound inaccuracy finally reached a devastating conclusion with the collapse of Zillow Offers this week and the loss of hundreds of millions in shareholder equity. Zillow never figured out the qualitative part that enables the actual precision in the pricing of a home sale.

There is a lot of talk right now about how other iBuyers are continuing to buy and sell properties so the space is still viable – business as usual. But step back for a moment and think about this:

– The iBuyer market is currently overcrowded, even with the loss of Zillow Offers.
– The iBuyer bold-faced name is OpenDoor who was the unicorn of Softbank who famously backed WeWork without any apparent due diligence.
– The iBuyer segment is characterized by its razor-thin margins and billions of investment required.
– It was created and run in a rising market, most of it a boom, and was recently turned off during the recent downturn.
– It is wholly dependent on housing markets with homogenous housing stock and will always need high volume just to survive.

I feel pretty confident there will be further fallout over time, but the iBuyer space will settle into a small segment of the overall transaction universe. It has been wildly overhyped (at real estate brokers and real estate appraiser’s expense) as investors, burdened with high volumes of capital, desperate for upside in housing in this fintech boom.
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This Just In: The ‘A’ in ‘Zillow’ Stands for ‘Accuracy’

Jonathan Miller — Sun, 07 Nov 2021 20:21:04 -0500

The news came quickly and brutally (especially if you were a ZG investor):

@mortgage_yack #zillow #PINKHolidayRemix #realestate #utahrealestate ♬ original sound – Jack

I jumped on the bandwagon with this:

This just in: The “A” in “Zillow” stands for “Accuracy.” https://t.co/j5ukW1zzA9

— Jonathan Miller (@jonathanmiller) November 3, 2021

And this was a perfect post:

so zillow let a robot buy up thousands of properties, outbidding real buyers and artificially inflating the market, and now will be laying off a full quarter of its workforce and selling off the properties to rental corps like BlackRock at vastly discounted prices. that right?

— Insert Clever Name (@BethLynch2020) November 2, 2021

Now let’s digest this in the context of price accuracy:

While Zillow’s CEO Rich Barton essentially said early on that he didn’t want their iBuying efforts (Zillow Offers) to be seen as gaming the Zestimate like that dumb viral Tik Tok video inferred a month ago.

@seangotcher

#housing

♬ San Tropez – Illect Recordings

Yet it would seem unlikely that Zillow Offers used something completely separate and conceptually very different from their ‘Zestimate’ because it would be quite expensive and extremely difficult to keep a radical new valuation concept a complete secret. All we know at this point is whatever valuation methodology they used was a complete fail. And to go a step further their Zestimate valuation methodology has long been a complete failure in the accuracy department. But it hasn’t been a complete failure in the consumer credibility department at all. In fact, it’s been quite successful – after all, Zillow weened control of the U.S. consumer away from the real estate brokerage industry who had enjoyed 100 years of gatekeeper status.

This is why the real estate brokerage industry pays Zillow substantial fees to be featured on a search page in their “Pro” offering, using the source data provided to Zillow by them. Its quite diabolical.

So if we consider the Zestimate to be a proxy for the Zillow Offers valuation tool that failed, it gets worse….

The national median accuracy rate of the Zestimate is 2%.

Because they are using “median” and that term is largely ignored by consumers in the phrase “median accuracy rate” that 2% sounds pretty darn accurate. Yet there is no fine print here. The phrase literally means that 50% of the time the Zestimate is within 2% of actual value and 50% of the time it’s not.

And it gets worse…

The median accuracy rate is only within about 2% if the property being Zestimated is currently listed for sale. But if the property is not currently listed for sale, the median accuracy weakens to 7%.

For the Zestimate to move from 7% to 2%, they are reliant on the broker expertise involved to price the property and get it on the market.

Said another way, in order to get the median accuracy rate from 7% to 2%, they need the brokerage community to price the property to get that touted accuracy rate.

To summarize this point:

The brokerage industry gives all their data to Zillow because Zillow marketed to and won the consumer.

The brokerage industry pays Zillow to market them on the Zillow platform because they gave Zillow all their data.

Zillow became a brokerage firm and therefore a direct competitor to the brokerage industry, something they promised early on would never happen.

Zillow uses the brokerage industry to inaccurately price properties, placing them in an adversarial position with the consumer who wants to sell their home.

Yeah, I get it.
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NYC Metro Conditions Much More Robust Than Two Years Ago

Jonathan Miller — Fri, 20 Aug 2021 12:56:56 -0400

One of the problems with my normally preferred year-over-year comparisons with metrics to diffuse seasonal impact is that the year-ago period happened to be the pandemic lockdown.

I went through the region using our market report series for Douglas Elliman, comparing the same period two years ago to capture the pre-COV ID market and prices. and sales are up with the exception of Manhattan and North Fork. Listing inventory is up slightly within the city boroughs and plunged in the suburbs.

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MORE AMORIN INFLUENCE (MAI): The AI National Nominating Committee Design Is Being Attacked By FOJs

Jonathan Miller — Mon, 19 Jul 2021 12:12:21 -0400

To all members of the Appraisal Institute:

Before I start, I wanted to share what the Appraisal Institute's MAI designation is referred to by many of its members. I learned these two from an MAI instructor years ago (pre-merger) who told our class (as if to motivate us?) that MAI stands for:

MORE ANNUAL INCOME
MADE AS INSTRUCTED

And now...

MORE AMORIN INFLUENCE

Over the last five years, I have frequently been writing about the corruption and self-dealing of the largest appraisal trade group in the U.S., whose membership has fallen by a third over the past decade. Since 1997, the leadership has been largely comprised of the same people moving in and out of leadership positions, enjoying lucrative teaching contracts, enjoying compensation as much as double the market rate, expense reimbursements not consistent with corporate and competing organizations, lots of first-class plane flights to Europe, Asia, and other locations with their spouses, all paid for by the hard-working membership who is not clear about what is happening in Chicago headquarters because they are not told.

There is currently another sham petition process underway to prevent Steven Stiloski, the thoroughly vetted choice of the NNC (the second year in a row this sham petition process was utilized), from becoming Vice President. Steven is representing the choice of the membership. Sandra Adomatis, who by entering the election, no matter what her intentions were, can not be blind to the political poison of this sham petition process and becomes an FOJ by default, no matter how qualified she or her backers say she is.

Remember that the sham petition process places the thoroughly vetted NNC candidate on EQUAL FOOTING with someone Jim Amorin puts into the sham petition process or even someone that self-nominates. Incredible.

Smartly, CEO Jim Amorin chose to limit the exposure to the membership by placing it at the end of the membership newsletter in June (I wrote about this several weeks ago in an earlier version of Appraiserville). And I've been told it also appeared in a membership email from the president on June 25th.

So I thought I'd explain one of the things that FOJs (Friends of Jim Amorin) are trying to dismantle because of their eagerness to serve at the pleasure of the current CEO, Jim Amorin.

Let me define what an FOJ (Friends of Jim Amorin) on the Board of Directors is in case the membership is not familiar with this term I coined:

FOJs are resume builders only, actively running the once-proud organization into the ground for their own personal enrichment.

The current FOJs on BOD have not filed a single motion - in other words, they do nothing but the bidding of the CEO Jim Amorin.

They don't represent diversity, especially the actions of all the women who signed the sham petition process to push for Sandy because it will result in less diversity - remember that the CEO scuttled the diversity committee run by Bob Stevens in 2015 because it was a threat to his hold on power.

FOJs don't bring any new ideas to the board or to leadership - they are only on the board to vote "no," so they will get their committees and puff up their resumes.

Remember that Jim Amorin makes over $500k, and using comps of CEOs at reasonably similar organizations, his salary is nearly double the market rate - and membership is forced to pay that. And consider his FOJ enablers like past president Jeff Sherman, who whined in a board meeting against suggestions that the organization begins to stop paying travel expenses of spouses (which is NOT done by corporate America, incidentally). Finally, remember that FOJs need the CEO to remain in power to get their perks and, basically, to hell with the membership.

Jody (Super-Duper) Bishop gets to select the incoming open positions (about 50) and invite the membership to look at those he selects. Because if Jim Amorin wins this sham petition process and Jody selects all FOJs, then the Appraisal Institute will have zero diversity in the future, and both Bishop's and Schley's legacies will be tarnished for the remainder of their professional careers.

Significant diversity initiatives are coming from the new presidential administration, and social mores are shifting too. Current president Rodman Schley has been driving the AI's presence in the discussion, which keeps AI relevant. All that is for nothing if the sham petition process succeeds in keeping the NNC vetted selection from being duly placed in leadership.

The NNC (National Nominating Committee) is comprised of one member from each of the ten regions. The chairman of the NNC is the immediate past president but has a non-voting role. If there is a tie, the executive committee gets to be the tiebreaker with three votes (Super-Duper Bishop, Craig Steinley, and selection after the sham election process is decided).

The NNC is one of the good governance things that happens in Chicago. This committee is Kryptonite to CEO Jim Amorin, and he has worked hard to weaken it but has failed so far. In the past, he has made the following attempts to weaken the NNC:

Narrow the number of leaders

Narrow the number of regions

Propose focus on other sources of future leaders

The beauty of the NNC structure is that members of the Board of Directors have to wait six years after they roll off the board before they can serve on the NNC. This has been problematic for Jim Amorin because he can't get his FOJs onto the NNC easily (it takes too much time) to do what they do now on BOD and live a dishonest professional life of quid pro quo. Of course, in turn, for doing Jim's bidding, they get lots of perks.

The practice of Jim doling out choice positions in return for an FOJ's ethical soul - they're not much different than a sociopath in my book - because FOJs have no moral compass and think that outsiders can't see what they are doing. By definition, FOJs do not care about membership or the direction of the institution. It's all about getting what they want because they are aligned with the person who does things to keep themselves in power at the membership's expense. The CEO is very skilled at that.

And to the handful of FOJs that have reached out privately and given me crap about calling out this malpractice of the organization, don't worry, I will always honor my agreement to keep your name out of this conversation as promised. I am a man of my word. But remember, every one of you is only doing it to preserve the benefits you get from keeping Jim Amorin in power. You have no moral ground beneath you in this debacle. FOJs have placed their self-interest above the membership and the future of the organization. And with that, many FOJs don't seem to understand how the sausage is made, so they are even more vulnerable to manipulation by the CEO.

And this toxic hypocrisy has seeped into RNC (regional nominating committee) process too. Take Region V, for example. There was a bitterly close election on July 9th. The region selected an FOJ back in April to be in line to be considered for the NNC eventually. And then Jean Gannon, a non-FOJ, threw her hat in to compete with the FOJ candidate, much like the sham petition process I talked about. But this time, the shoe is on the opposite foot for FOJs. Because the Non-FOJ candidate was a threat to the FOJ candidate, two of the "Hateful 8" FOJs, Region V Chair Claire M. Aufrance, and Region V Vice Chair Heather Placer Mull, fought against the regional petition process because they said they believed in (paraphrased) "the sanctity of regional integrity." LOL.

In other words, the leaders of Region V believed in the "integrity" of the regional nominating process but could care less about the national nominating process. Why? Because it was convenient (and essential) to their role as FOJs. Their hypocrisy should not be lost on you as it is clearly lost on them. They readily can push aside a non-FOJ candidate but then sign the sham petition process at the national level. These are two of the FOJs who play the game well - they do as they are told by the CEO and appear to be there purely as FOJs and not as leaders to move the organization forward.

The hypocrisy that Aufrance and Mull have shown begs the question: Is this the type of people that should be anywhere near a Board of Directors position or regional leadership?

Oh, and it gets worse.

Board of Directors member Trevor Hubbard has been working the room to get the Appraisal Institute to get rid of its residential members. No one I know has any idea why. I find his efforts consistent with the disrespect and lack of attention that residential membership has experienced since the Jim Amorin era began in 2007. After all, we're still waiting for any feedback from the sham residential appraiser committee that Jim Amorin formed to help diffuse the anger of their 2016 money-grab to take all chapter funds.

Ironically, I'm told Trevor pushed Sandy, a residential appraiser candidate (even if she self-nominated) to offset the NNC vetted commercial appraiser candidate because her credentials checked the boxes that might not get the same pushback as a male commercial appraiser candidate. The hypocrisy here is that this Uber FOJ was so desperate to prevent the NNC vetted selection from being finalized that he had to use a residential appraiser to do it, despite his disdain for them - to get rid of them from the organization. This is Hubbard's second time on the sham petition process rodeo. His actions show his extreme desperation to remain relevant in the Appraisal Institute. He was willing to be a hypocrite in the sham petition process to keep himself relevant and get rid of residential appraisers.

Trevor's public anti-residential appraiser stance showed that he would happily do the bidding of Jim Amorin even if it meant using a residential appraiser to do it. There is a lot at stake here. Losing this sham petition process to Steve would jeopardize the position of all FOJs, including Trevor, whatever his beliefs about the residential versus the commercial future of the Appraisal Institute happen to be.

You can see why Trevor's idea could have legs given the big fall-off in residential membership during the Amorin era and how much SRAs have been ignored and looked down on as second-class citizens. As of now, there are only about 3,000 SRAs out of the roughly 17,000 total members. Pathetic.

Bottom Line: The FOJ gravy train stops if Sandra (FOJ backed candidate) loses and Steve (NNC vetted choice) is confirmed - to FOJs, their actions indicate they care nothing about the dues-paying hard-working membership. The CEO gravy train is all FOJs care about.

Membership has to stop the FOJ gravy train by loudly speaking out against this sham petition process right now - loud and proud. Remember that Jim Amorin scrubbed the regional contact page of all phone numbers and emails for this very reason. He knows the scrubbing was done because he and the board reads every one of my posts about The Appraisal Institute. The AI tech people report to him directly and he has chosen not to return the contact information to the website, thus demonstrating the ethics of the operations leadership of AI is basically zero.

Remember that the complacency of AI membership in the past allowed FOJs to remain in power and get quite financially comfortable. Strong action by the membership today gets FOJs out of power and the organization on the road to recovery and back to relevancy.

The Appraisal Institute is in the hands of membership now - they need to choose the right path for the future of this once great organization. Please make this moment count - it's your last chance to make yourself heard.

And here's a quick shoutout to FOJ Jeff Harris who says my writing is garbage. What can I say? I'm an outsider. If you have an issue (I'm not stopping my efforts), feel free to let me know what I got wrong - happy to keep it in confidence if you wish. AI was once an important industry player and I'd love to see it return. The transgressions in recent years have been a distraction from the mission and it impacts appraisers outside the tent too. That's what I take issue with.
The post MORE AMORIN INFLUENCE (MAI): The AI National Nominating Committee Design Is Being Attacked By FOJs first appeared on Miller Samuel Real Estate Appraisers & Consultants.

Don’t Miss the Unveiling of the 2021-22 Top Ten Issues Affecting Real Estate® 6-23

Jonathan Miller — Fri, 18 Jun 2021 18:14:16 -0400

[click image for free registration]

I’m a Counselor of Real Estate (CRE) and wanted to share this….

Join The Counselors of Real Estate on June 23 for the unveiling of the 2021-22 Top Ten Issues Affecting Real Estate®. Now in its 10th year, this signature thought leadership initiative identifies the current and emerging issues expected to have the most significant impact on all sectors of real estate. The Top Ten is developed through broad discussion, polling, and debate among 1,000 Counselors of Real Estate® and is an invaluable resource to clients of Counselors worldwide and to the real estate industry at large.

Don’t miss the countdown on June 23. Register for free here.
The post Don’t Miss the Unveiling of the 2021-22 Top Ten Issues Affecting Real Estate® 6-23 first appeared on Miller Samuel Real Estate Appraisers & Consultants.

TV: Newsday Live: Hot Tips For a Hot Market: For Sellers

Jonathan Miller — Fri, 18 Jun 2021 18:09:56 -0400

I had a fun conversation with Faith Jessie, journalist and anchor at Newsday, Maura McDermott, the real estate writer at Newsday, and Monica Balsan at Daniel Gale Sotheby's International Realty. My housing data came from our Elliman Report: Long Island Sales series I author for Douglas Elliman.

The interview was placed on Newsday's home page, which was pretty cool.

Newsday Live: Hot Tips For a Hot Market: For Sellers

Newsday is the largest news publication for Long Island, New York.

The post TV: Newsday Live: Hot Tips For a Hot Market: For Sellers first appeared on Miller Samuel Real Estate Appraisers & Consultants.

No Diversity: 96.5% Of U.S. Appraisers Are White

Jonathan Miller — Tue, 18 May 2021 16:59:23 -0400

Over the past year, beginning with this NY Times piece: Black Homeowners Face Discrimination in Appraisals that initiated a rising progression of news stories covering discrimination in the appraisal of houses. And most recently, this CNN piece: When a Black homeowner concealed her race, her home's appraisal value doubled.

So I looked at U.S. labor force data from the U.S. Bureau of Labor Statistics [BLS], which ranked the top 400 occupations by sex, race, and Hispanic or Latino ethnicity. I've been an appraiser for 35 years and it's been very clear that there is nominal diversity in my profession. For users of the industry's services who have constantly complained about "appraisal shortages" (translated: a shortage of appraisers willing to work for 50% to 75% below the market rate) - here is your opportunity for action to expand our ranks.

The appraisal industry is aging out because it is hard to bring in youth. It is one of the only professions that require new entrants to have a mentor for their first two years and often without making a living, financially. One of the key reasons for this is because most financial institutions won't accept a "trainee" until they are licensed or certified with two years of experience. A "trainee" is a derogatory term applied to an appraiser that is not licensed yet. While the GSEs like Fannie and Freddie are fine with "trainees" signing reports prior to their two-year experience threshold, most banks are not. Existing appraisers are all for the difficult entry because supply and demand are in their favor. Few other professions have this two-year mentorship period before an entrant can make a living.

Accountants don't require a two year mentorship program before they can make a living. Free market conditions should let those with more experience make more money, but not zero.

As a result, entry into the appraiser profession via a mentor system essentially requires appraisers to have relatives that will hire and train them. Given the beginnings of the housing industry as explained next, you can see the problem with this approach.

The housing industry we know today was built on a foundation of racism by the federal government

...and racial covenants. No wonder why there is essentially no diversity in the appraisal profession.

[CNN: click on image]

These BLS numbers for 400 occupations show an incredible lack of diversity within the appraisal profession. In fact, U.S. appraisers were ranked dead last for diversity in the list of 400 occupations tracked by BLS with white appraisers comprising 96.5% of the industry. Here are some appraiser ratios from BLS.

And here are the 20 least diverse occupations. The appraisal industry is even less diverse than farmers & ranchers.

While The Appraisal Foundation [TAF] was created and enabled by Congress to maintain appraisal standards (ASB) and minimum qualifications (AQB) for entry into the appraisal profession, it was also created to protect the public trust. The Appraisal Foundation's attempt to address diversity has largely been in the form of "checking a box" to be able to say they are working on it. Yet the only actions they have taken were the result of recent public pressure by people like myself and others to call them out. The most glaring tone-deaf situations at TAF demonstrate how inappropriate it would be to allow TAF to lead any diversity efforts in the profession:

An African-American had never held a board seat on the Appraiser Qualifications Board (AQB) until 2021. In other words, for more than thirty years, the organization has existed in a racial bubble.

There have only been three women who have served on the AQB in the past 30 years.

The head of the just-formed "diversity commission" is white and male.

Since TAF has not been able to see the problem for more than three decades until outsiders pointed it out and they have continued to make decisions that demonstrate their disconnect, TAF leadership is essentially the starting point to resolve the lack of industry diversity problem. Top-down is how this gets fixed if the stakeholders in the industry actually want it fixed. We have no leadership on this issue within the industry and solving this problem has to be top-down or it won't ever be resolved.

And the news is getting worse for the appraisal industry as more and more stories like this are published yet TAF remains rudderless on diversity.

It's time for Congress to step in.
The post No Diversity: 96.5% Of U.S. Appraisers Are White first appeared on Miller Samuel Real Estate Appraisers & Consultants.

[WNBC] The State of New York Real Estate

Jonathan Miller — Tue, 18 May 2021 09:55:04 -0400

Adam Kuperstein at WNBC reached out to do a story on the state of the Manhattan housing market for Douglas Elliman. He got all the nuances right and featured the results of our market research. It was my first tv interview back in my Manhattan office and afterwards I realized I need to warm up my background after using my home office for the past 14 months!

The post [WNBC] The State of New York Real Estate first appeared on Miller Samuel Real Estate Appraisers & Consultants.

[Podcast] Masters In Business: Jonathan Miller on the Real Estate Industry

Jonathan Miller — Sat, 01 May 2021 13:09:10 -0400

This is my fourth appearance with my friend Barry Ritholtz, a prolific columnist/blogger, radio show host/podcaster, and wealth management firm head on his Masters In Business show for Bloomberg Radio. He previously interviewed me in 2014, 2016 and 2020.

Barry also posted the interview on his essential Big Picture blog: MiB: Jonathan Miller, Appraiser Extraordinaire in addition to the Bloomberg Masters In Business landing page.

To say we talk a lot about housing and valuation in a crazy market wouldn't do this fun conversation any justice. I am always thrilled to be in the company of his never-ending incredible lineup of guests.

To listen to the entire one hour and 49 minute show (sorry about that), you can go here:

The post [Podcast] Masters In Business: Jonathan Miller on the Real Estate Industry first appeared on Miller Samuel Real Estate Appraisers & Consultants.

Winter energy saving tip infographic

Shar Rundio — Mon, 19 Apr 2021 13:26:25 -0400

This #AskTPREG question came from someone who obviously is not from around here. The question was, what are the winter electric bills over there in your home in Phoenix.

While we really worry about our electric bills more in the summer than the winter, there are still some things you can do to help lower your energy costs through the help of electrician Bentleigh East.

Looking for a reliable and qualified service near you can be hard. There are a lot of consideration like the price and quality of work you are getting. Well if you are in Brisbane Australia you can always find a trusted electrical contractor through yellow pages or hi pages but you can’t go wrong with JTC Electric which specializes in the type of service.

Now, I am assuming you don’t want to buy a new build. New build homes today have much better energy saving features than older houses, but we put together this infographic to provide you some ways to look at winter energy savings. Switch Electrical is the best electrician Worthing has to offer.

Now remember many of these tips will help save money with your summer bill also

Turn the heat down and put on another layer. Or in the summer, turn the AC down and dress cooler.
Low-flow water heads can help when taking a shower and saving on hot water costs and use a rcc7ak water filter reviews say its the best in the market.
Clean the coils – Pull out that fridge and give the back a good dusting.
Clean your filters – Be it the furnace filter or the AC filter, make sure you replace it often. If your AC needs some repairs, you can definitely rely on your top rated ac service in Las Vegas.
Caulk the cracks – Look closely at your windows, there is all types of air getting in and out.
Pull the plug – Do you know an appliance not being used, but plugged in is still pulling electricity? If you are having problems with your circuit breakers, you can contact a licensed electrician to check it for you. Also, a simple tune up can help you save lots of energy, read the post about it at the link.
Change your bulbs – You are using CFL or LED lights, right?
Check your doors – At night, go outside with the door closed and a flashlight, have someone on the inside, also in the dark check for light as you shine a light around the doors. Often a sweep will help here.

Originally posted on Phoenix Real Estate Guy. If you are reading this anywhere but inside your RSS feed reader or your email client, the site you are on is guilty of stealing content.

(c) Copyright Jay Thompson. All Rights Reserved.

Roof Installed Thanks to Atlanta solar

Shar Rundio — Wed, 14 Apr 2021 23:27:06 -0400

I recently read an article about one of the first Tesla Solar Roof installations that we have seen. It really got me thinking about the home of the future and the many changes we’ll see with so many new technologies hitting the market.

According to some of the tweets by the owner of the cool new solar roof tiles, everything turned out beautifully. As expected, the cost is higher than a more traditional roof, but a more traditional roof isn’t going to generate any power for your family to use… A traditional roof might not be as durable and typically won’t come with a lifetime warranty, either. Here’s a quote from the Tesla solar roofing web page, “Glass solar tiles are so durable they are warrantied for the lifetime of your house, or infinity, whichever comes first.”

You can also call Blue Ladder Roofing Company of Noblesville if you think your roof may have suffered hail damage!

The only reference I saw to the pricing of their new Tesla roof was this tweet saying:

After federal kickback, total price is mid 50k. We get lots and lots of sun in San Jose, and expect to produce more than we need by partnering with Alanta Solar, www.bettertomorrowsolar.com. via @toblerhaus

As expected, the new Tesla roof tiles look great. Here are a few photos shared by the proud new owner. As an update to her comment in the tweet below, it looks like they are up and running and have been given “permission to operate” from their power company.

https://twitter.com/Toblerhaus/status/977353009595269120

Who knows how long until we see a Tesla solar roof installed here in the Phoenix area, but it will be kind of cool to see the progress of these tiles, now that their actual production is more than a pipe dream.

Tesla Solar Roof Tiles -Price vs Value

To some, the Tesla solar roof tiles will not make $ense. To others, it will clearly be an easy decision as “price is only an issue in the absense of value.”

Let’s say that our friends with the fancy new roof in CA find significant value in creating their own power, in blazing trails, in knowing they have a solid roof with a lifetme warranty over their heads thanks to Pro Choice Roofing DeLand. If so, they got a heck of a deal. However, most will likely wait to purchase their cool new roof in a few years (or so) when the production ramps up, the competition takes over and the prices begin to come down.

Smart homes are coming and there’s some really cool new technologies in that space. From home automation, video surveillance, high efficiency and smarter appliances, to green technologies and construction materials, the home of the future will look, act and feel much different than it does today.

This is a crazy-cool technological world we are living in. Hang on, it’s gonna be a wild ride…

Originally posted on Phoenix Real Estate Guy. If you are reading this anywhere but inside your RSS feed reader or your email client, the site you are on is guilty of stealing content.

(c) Copyright Jay Thompson. All Rights Reserved.

I Discuss The Florida-New York Housing SMACKDOWN On Bloomberg TV’s Surveillance March 12, 2021

Jonathan Miller — Wed, 17 Mar 2021 13:08:50 -0400

Last Friday I had a fun discussion with Lisa Abramowicz on Bloomberg Surveillance. It’s been bedlam in Appraiserville so I’ve been slow to post it. The New York to Florida housing migration story has been a bit one sided with optics that suggest 9 people will be left in Manhattan by the summer time despite that Manhattan contract activity beginning to surge. On the other hand Florida sales activity continues to be frenzied.

I don’t have the short clip so you have to go to the end of the full show at the 2:10:50 minute mark to pick up my interview with Lisa (but I think its worth it):

The post I Discuss The Florida-New York Housing SMACKDOWN On Bloomberg TV’s Surveillance March 12, 2021 first appeared on Miller Samuel Real Estate Appraisers & Consultants.

Epic Fail: The Appraisal Institute IRS 990s Show They Need To Do A 180

Jonathan Miller — Wed, 24 Feb 2021 16:38:57 -0500

As I've chronicled in the Appraiserville section of my Housing Notes newsletter since 2016, the scale of Appraisal Institute bureaucratic self-dealing of the executive committee and some members of the AI Board of Directors is breathtaking. Over the past decade or more, AI National has been able to keep a lid on the membership backlash by threatening to remove a member's credentials for speaking out. Membership has been reluctant to risk losing something they worked hard for in both time and money that they have remained quiet - until the past few years. With the significant devaluation of the SRA designation and growing signs of the MAI designation's devaluation, more are coming forward.

The FOJs (Friends of Jim Amorin) have been using that freedom from oversight to act with impunity. They are more openly corrupt now than ever because that's the only institutional memory they possess. However, we are seeing some signs that more AI Board of Directors aren't interested in rubber stamping FOJ efforts, as illustrated in the previous board meeting results.

The next board meeting is coming up tomorrow and Friday, and it is a seminal moment for the Appraisal Institute. It is where the BOD gets to vote on Jim Amorin's new contract that the entire board has not seen. As a reminder to board members: your job is to represent your membership, not the executive committee. You can't vote in favor in good conscience, if you haven't seen it or been exposed to the key terms. Your role as a member of the AI Board of Directors is critical to the Appraisal Institute's future and your responsibility is real.

The Appraisal Institute has an IRS nonprofit tax code designation: 501(c)(6) "Defined as Business leagues, chambers of commerce, real estate boards, etc., created for the improvement of business conditions."

At this point, it is hard to see this organization as "created for the improvement of business conditions." Given the long-time failure of organizational leadership as measured by the empirical data extracted from the 990s tax filings in public record shared below, this organization needs a complete makeover immediately. It starts with the current CEO.

I hope some in AI membership will use the information shared below to bring an inquiry to the U.S. Attorney's Office for the Northern District of Illinois.

Over the past few days, a detailed analysis of the Appraisal Institute's performance from 2006-2019 has gone viral within the industry. The anonymous author(s) analyzed AI National's 990 tax filings in a series of charts and tables by "Concerned Members," and you can download it here: The Appraisal Institute as Told by the 990s [click on each to expand].

The results should send an alarm to membership and the AI Board of Directors on the organization's future. The FOJs have poisoned the leadership culture, which has damaged the value of the designation brands and the organization's credibility to the business world. None of this would have been possible if designated members weren't vulnerable to the threat of losing their designations if they chose to speak out. But with the perceived value of membership declining, the fear of the threats by the organization has been diminished.

Here is my favorite chart of the 990s presentation. Current CEO Jim Amorin was made president (for the second time) in 2017. Now, look at the chart.

The following pages are the same found in the full pdf document.

Here are what the numbers tell me, as an outsider to the organization:

To offset the steady long-term membership decline (-29.2% from 2008-2019), membership dues as a percentage of total revenue rose steadily over the same period. This action kept revenue coming in. With all that newfound revenue, the FOJ AI executives and AI Board of Directors viewed this as an opportunity to lavish high salaries on all.

The data table on page 10 shows that expenses are remarkably flat, yet membership has fallen sharply over the same period. If membership falls another 7,500 over the decade, will expenses continue to remain the same?

Jim Amorin has made $1,725,003 from 2007 to 2019, yet membership has fallen 22.7% over that period. Why would his compensation increase, and why is he paid about 50% more than his peers in other organizations? I've presented these numbers in past Housing Notes. So many questions.

Revenue emphasis is shifting to rely more on dues while education programs, once a promising and prestigious revenue stream (and a cash cow for a handful of instructors that were FOJs), are losing their importance because of virtual continuing education programs. Who has been in charge during this erosion in education revenue, once a key branding strength of the Appraisal Institute?

In 2016, I got quite upset with the proposed "taking" of chapter funds, and I became an activist, yet I'm not even a member of AI. Jim Amorin made it happen in 2017 when he became president. Now given all the big salaries and excessive travel, etc., where did all that money come from? I keep thinking about all the chapters who had saved money over decades to the tune of hundreds of thousands of dollars, even more. We should be asking AI National: Since the 2017 "taking," how many times did AI National dip into chapter funds to plug the deficit? What is the current status of their reserves compared to before the taking? The AI Board of Directors must have the answers to these questions. Membership should demand it.

There has not been a publicly shared strategy to stem the decline in membership. Announcements of committees (like residential appraisers) were faked to quell the discord among residential members, and FOJs had no intention of taking action.

Marketing and branding have been the same old, same old, every year blah, blah, blah, which means that the organizational leadership has filtered out nearly everyone that is not a like-minded FOJ. Look at the last election debacle where the sham petition process was overtly used again by Jim Amorin to get his FOJ "Tank" installed instead of the duly nominated candidate Craig Steinley. Yet, membership pressure on the board stopped it. There is great danger to membership who are here for their designations within an organization with everyone in power being subservient to one person - a monarchy. Any new and creative thinking is not just discouraged; it is impossible.

I hope that ALL on the AI Board of Directors remember that their responsibility is to the membership and to sustain the organization's future, not the FOJs. I can only assume there may be future legal action on this overt institutional taking, and each current and past board member is exposed. If you want the Appraisal Institute to pivot in the right direction and stop the executive committee's self-dealing, please do the right thing and DO NOT extend Jim Amorin's contract. It's time to hire a CEO to lead the organization in the right direction, responsibly, ethically, and properly. If you do nothing as a board member, this will be your professional legacy as viewed your peers.

Here is a snapshot to memorialize the 2021 Appraisal Institute Board of Directors:

These are the individual pages of the full pdf document.

Rich Barton, Zillow CEO, at an Inman/Curbed party held during an Inman conference in Manhattan a long time ago, the evening before Zillow’s launch. I asked Rich, a very nice and fascinating person, what he did for a living, not realizing he was the co-founder of Expedia. Ugh. He also said they were launching their latest effort the following morning – a web site called “Zillow,” and he added “as in rhymes with pillow” to the description. Little did I know real estate would never be the same after that.

So this weekend's SNL skit on Zillow was particularly delicious with all the "pillow talk." Even Rich got a kick out of it.

Wait. Have we been marketing @zillow wrong all these years??? #SNL https://t.co/sPpx4S5ohq
— Rich Barton (@Rich_Barton) February 7, 2021

Your LOL UPDATE for February 10, 2021

Ted Alexandro Said SNL Stole His Joke, So He Asked for a Million Dollars [VICE]

Dear @SNL, since you stole my Zillow joke last night please Venmo me the sum of 1 million dollars. My full special Cut/Up is on youtube if you need more ideas. pic.twitter.com/lC3yBpcs1h
— Ted Alexandro (@tedalexandro) February 7, 2021
The post Zillow Gets Pillowed first appeared on Miller Samuel Real Estate Appraisers & Consultants.

Appraisal Institute Board of Directors Tried To Sneak Sham Bylaw Changes Past Membership

Jonathan Miller — Wed, 06 Jan 2021 00:26:22 -0500

Back on December 4, 2020, I wrote about the sham bylaw change being floated by the Appraisal Institute to avoid the embarrassment of the recent sham election process: The Sham 45-Day Bylaw Modification Process To Keep Jim Amorin’s Sham Petition Process Explained

To rush this through, the Appraisal Institute Board of Directors meeting is being held Wednesday, January 6th with sketchy notice.

Don Boucher, SRA and Jennifer Marshall, SRA, AI-RRS came through for membership and forwarded notice of the meeting. - send Joan an email requesting the login as presented below

_________________________________________

Dear AI Professional,

We hope that 2021 will be a happy, healthy and prosperous year for you!

Sorry about the late notice but we wanted to make sure that you know about and request an invitation to the Special Board Meeting on January 6th at 3 EST. At the Meeting, the Board will be discussing and voting on changing the Bylaws based on the recommendations in 45-Day Notice on VP Election Process and memberships comments. To request the link to attend the meeting please contact the Board Secretary, Joan Barngrover, at jbarngrover@appraisalinstitute.org.

Thanks for continuing to be proactive and staying involved.

Regards,

Don Boucher, SRA and
Jennifer Marshall, SRA, AI-RRS
_________________________________________

Everyone who reads this post and who is a member of the Appraisal Institute should attend the virtual board meeting. As members, you have the right to log in to the meeting. Here's how:

_________________________________________

Thank you for expressing your interest in attending the Special Board Call, January 6, 2:00 pm CT.

Following is the GoToMeeting connection information to observe this meeting. Please mute your phone when entering the event and please do not share your webcam. You will want to log on at least five minutes early as the meeting will begin right at 2:00 pm CT.

Please join my meeting from your computer, tablet or smartphone.
https://global.gotomeeting.com/join/876886637

You can also dial in using your phone.
United States: +1 (571) 317-3122
Access Code: 876-886-637

New to GoToMeeting? Get the app now and be ready when your first meeting starts:
https://global.gotomeeting.com/install/876886637.

_________________________________________

These changes being floated are so blatantly corrupt that it is beyond unethical. The purpose of these proposed bylaw edits to the existing bylaws will enable FOJs (Friends of Jim Amorin) to keep their own exclusive club paid for by the membership with salaries at 2x the market rate, first-class travel all over the world including wives and friends, and cornering control of lucrative teaching stipends as they have for the past 10+ years.

As a further sign of the lack of transparency, notification of the board meeting to vote on these sham maneuvers wasn't adequate. Some members only received notice today (Tuesday) for a board meeting on Wednesday. The cynical me believes that this meeting was timed to occur at the moment there will be a massive global media circus in Washington, D.C. (Wednesday) to decide whether to confirm the state results in the federal election. In addition, it is three days into the New Year and they were clearly counting on rushing this under the radar before people wake up from their holiday grogginess. This is a strategic move pure and simple - to continue to wrestle control of the organization from membership and it marks the beginning of the end of the Appraisal Institute.

All eyes will be on the new AI President-Elect Rodman Schley, MAI, SRA at the Board of Directors meeting - who has created a favorable reputation with the membership as someone who believes in transparency and has showed signs of pushing back against the FOJ pillaging of this once-proud organization.

This is Rodman's moment - if he allows for these sham changes without a fight and hides behind the use of "executive sessions," he will be just another annual decorative rotation in the Presidential position - Jim Amorin's posse gets to keep running AI National into the ground until it takes its last breath (in about 5 years).

Incidentally, I've been told a member has reached out to the Illinois State Attorney General for their interpretation of "executive sessions" as a tactic used by the Board of Directors to hide their actions - apparently it is not permissible because Illinois is an open session state.

At the end of the year, in the middle of the holidays, 76 Appraisal Institute members signed and sent a letter to their Board of Directors outlying what was wrong with the suggested bylaw changes in the 45-day notice letter. To wrangle 76 members in the middle of the holiday season in late December represents how upset these members were. All the signers are heroes as far as I'm concerned who care more about the future of the Appraisal Institute than its executives do.

Here it is:

Here are my thoughts on yet another sham election maneuver to ensure the continued corruption of The Appraisal Institute:

Any member of the Board of Directors who votes for these changes is corrupt and should be removed from their position immediately. They are in favor of self-dealing and not membership. The BOD should not be afraid to hide their votes.

The proposed changes are being made to enable CEO Jim Amorin to override the NNC after they thoroughly vet a candidate proposed from membership like they tried to do to Craig Steinley and failed because of the membership uproar. These bylaw edits are being made to tidy up the loopholes to make it happen next year.

The 6 year period to lockout executives after NNC membership should not be reduced to 4 years because it makes it easier for FOJ's to self-deal.

To raise the 20% board member vote requirement to 30% is a pure sham. I believe most organizations require a supermajority to override. My goodness, the absolutely embarrassing procedure to insert FOJ Tankersly instead of the NNC's Steinley thoroughly vetted nomination because Jim asked him to is unconscionable. Unconscionable that it was proposed and that Tankersly gladly accepted.

This bylaw edit more easily enables the Board of Directors and the executive team to publically smear and shame a vetted candidate who won. Guess what happens? Quality candidates won't apply anymore. Only FOJs.

This bylaw edit is clearly an act of misconduct by the board. It is a blatant abuse of power and board members who vote for these edits could very well have legal exposure in the future.

"Executive sessions" or voting in secret is unethical - if you have to hide how you voted, then something is wrong with your motivations - you see yourself as answering to Jim Amorin and not the membership - you can't have it both ways.

The proposal to ban any input on a candidate is bizarre and reflects the AI's drift towards irrelevance through self-isolation. Elected officials, competing trade groups, regulators, etc. should all be relevant to weigh in on the quality of a candidate. This proposed edit essentially dictates that a candidate has to get recommendations from FOJs for an application. Incredible.

Finally, this bylaw edit is not being done for the membership - it is being done for FOJs exclusively. Imagine Jim Amorin explaining his edits in a public meeting - membership would be booing and throwing beer cans at him for the basic audacity of it.

Over the last decade, the Appraisal Institute went from 27K members to 17K members. That's a 37% drop, trailing basic U.S. credential trends over the same period. What's AI National going to look like in another decade with only 7K members?

The membership needs to apply the heat to the Board of Directors NOW. I'm also waiting for a board member to step up and get state and federal law enforcement to look at the sham election maneuvers as evidence of corruption.

My goodness Board of Directors, are you there only to pad your resume, or are you there to uphold the responsibility of the position? If you do nothing but go along then you're just as corrupt as the FOJs.
The post Appraisal Institute Board of Directors Tried To Sneak Sham Bylaw Changes Past Membership first appeared on Miller Samuel Real Estate Appraisers & Consultants.

Peak Suburb Has Passed

Jonathan Miller — Mon, 28 Dec 2020 14:22:07 -0500

The New York Times got the market nuances right in their epic end of year The Real Estate Collapse of 2020.

And including epic charts makes it even better.

I noticed that the Streeteasy median rent chart used in the piece shows the same pattern as my recent chart in Bloomberg. That drop in rent is gigantic.

[Source: Bloomberg - click image to open article]
The post Peak Suburb Has Passed first appeared on Miller Samuel Real Estate Appraisers & Consultants.

Real Estate Tips

[Podcast] Episode 1: What It Means With Jonathan Miller

27Speaks Podcast – Taking the Pulse of Hamptons Real Estate

WNBC: What’s fueling the red-hot real estate market on Long Island?

Why More Homeowners Are Choosing to Sell Their House By Owner

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How Companies That Buy Houses Are Changing Real Estate

How Companies That Buy Houses Are Changing Real Estate: What Sellers Need to Know

Our Company That Buys Houses For Cash!

How Companies That Buy Houses Are Changing Real Estate: What Sellers Need to Know

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How to Sell Your House Fast Even If It Needs Repairs

Selling As-Is: Understanding the Market

Targeting Investors and Fixer-Upper Buyers

Selling Your House Without a Realtor Could Save You Thousands

Why Selling Your House Without a Real Estate Agent Could Save You Thousands

Selling to Our House Buying Company

Why Selling to Us is the Smart Choice

The Quick and Easy Process

How Choosing NOT To Use A Realtor Could Save You Thousands

Understanding Realtor Fees

How Can You Sell Your House Quickly Without Sacrificing Its Value?

Selling Your House Fast To Mandich Property Group

Fast Sales Without Losing Value

Our Easy Process

Pricing Strategies to Sell Fast and Retain Value

Price It Right from the Start

Selling Your Home By Owner: Is It the Right Move for You?

Is Selling Your House By Owner The Right Move For You?

Choosing Our Home Buying Company

Why Consider Selling to Us?

The Simple Process

We Buy Houses: What You Need to Know Before Selling

What Do You Need To Know About Selling To A We Buy Houses Company?

Selling to Mandich Property Group - We Buy Houses!

Why Choose Us?

Our Quick and Easy Process

We Buy Houses Companies - What You Need To Know

Simple Cash Offers

As-Is Purchases

Marketing Tips For Selling Your House Without A Real Estate Agent

How Can You Effectively Market Your House Without a Realtor?

Selling Your Home to Home Buying Experts Like Mandich Property Group

No Need to Market With Us

Fast, Simple Sale

How To Market Your House Effectively Without A Realtor

First - Creating an Effective Online Presence for Your FSBO Listing

Using Real Estate Platforms

How We Buy Houses Services Can Save You Time And Money

How We Buy Houses Services Can Save You Time and Money

Can 'We Buy Houses' Services Really Save You Time and Money?

Selling to Our Home Buying Company - Mandich Property Group

Why Our Service Saves You Time

How We Save You Money

How "We Buy Houses" Companies Save You Time

Skip the Repairs and Updates

Avoid Showings and Open Houses

How to Find Reputable Companies That Buy Houses

How to Find Reputable Companies That Buy Houses

What Is the Best Way to Find Reputable Companies That Buy Houses?

Selling to Our House Buying Company - Mandich Property Group

Why You Can Trust Us

What We Offer

Why Reputation Matters When Selling Your Home

Avoiding Scams and Lowball Offers

Ensuring a Smooth Transaction

Sweat The Details Podcast by Nest Realty – 9/10/2024 Jonathan Miller

August Digital Media Interview Wrap-up On Rate Cuts