2023 has been an eventful year for the appraisal industry. We’ve seen strong headwinds in residential real estate with the Fed’s continued efforts to slow the economy and rein in inflation. The good news is that there have been positive signals from the Fed regarding interest rates coming down along with other encouraging economic signs as we welcome in the New Year.   At DataMaster, the hectic pace of developing appraisal software hasn’t slowed. We’re already making changes to prepare for the arrival of new UAD standards to ensure that ..read more

TROY, MI — Sept. 29, 2023 – Class Valuation is pleased to announce that Jennifer Tossavainen has joined the company as managing director of DataMaster, the gold standard for property data management software. In this role, Tossavainen will oversee DataMaster’s day-to-day operations, implement strategies to enhance efficiency, and build upon the company’s vision to grow a technology platform that modernizes the appraisal space.   Tossavainen joins DataMaster from SaaS research and prospecting platform Metro Market Trends, where she served as general manager. She has previously served as ch ..read more

One question we get a lot at DataMaster is, “How can I calculate adjustments using DataMaster?” And true, we don’t have a separate snappy adjustment tool that requires a deep understanding of mathematical theory, not to mention a computer science degree; we can help you calculate adjustments using our core functionality. One example that our Chief Appraiser, Jared Preisler SRA, demonstrated was how to start calculating adjustments for garages. Essentially, DataMaster allows you to do a simple paired-sales analysis with any data you want to use. You’ll see a garage comparison in this example ..read more

Note: This blog post about short-term rentals was originally posted on Class Valuation’s site on May 11, 2022. In 2018, the GSEs changed policy to allow hosts of Airbnb, VRBO, Vacasa… etc. — also known as short-term rentals (STRs) — to claim STR income as part of the borrower qualifications side of the lending decision. However, the GSEs did not make a parallel change to the property qualification side of the lending decision. While STR Income is allowed on the borrower’s income statement, the market rents for the collateral still needed to be based on longer-term leases. This im ..read more

Note: This blog post about short-term rentals was originally posted on Class Valuation’s site on May 11, 2022. In 2018, the GSEs changed policy to allow hosts of Airbnb, VRBO, Vacasa… etc. — also known as short-term rentals (STRs) — to claim STR income as part of the borrower qualifications side of the lending decision. However, the GSEs did not make a parallel change to the property qualification side of the lending decision. While STR Income is allowed on the borrower’s income statement, the market rents for the collateral still needed to be based on longer-term leases. This im ..read more

There’s nothing quite like confidently walking away from what you think is a job well done, only to be met with a different sentiment from others. Yes, we’re talking about reconsideration of value (ROVs) and revision requests. These don’t always leave us with a great feeling, but there are ways to prepare for them and things to keep in mind that will soften the blow. Also worth noting: The five best practices are laid out under the assumption that the ROV or revision request is appropriate and necessary. We recognize that is not always the case, but that is a blog for another day. Remain ..read more

There’s nothing quite like confidently walking away from what you think is a job well done, only to be met with a different sentiment from others. Yes, we’re talking about reconsideration of value (ROVs) and revision requests. These don’t always leave us with a great feeling, but there are ways to prepare for them and things to keep in mind that will soften the blow. Also worth noting: The five best practices are laid out under the assumption that the ROV or revision request is appropriate and necessary. We recognize that is not always the case, but that is a blog for another day. Remain ..read more

Add comparable sales to the list of things Millennials have killed. We joke, of course, but the truth is Millennial – And yes, Gen Z – homebuyers have a way of thinking and behaving that is far different from what industry veterans are used to. It could be argued that this behavior is market-driven. To illustrate this point, Here’s the story of one Millennial homebuyer’s process.  Recently Jared Preisler’s (DataMaster’s Chief Appraiser) son, Taylor, graduated from med school and was on the hunt for his first home. Taylor’s methodology and consequential selections surprised Jared, who ..read more

Early this year, FHA announced updates to the Single Family Handbook, section 4000.1. Among the changes to the handbook are a clarification to the Minimum Requirements for Living Unit and an addition to the Gross Living Area section to permit appraisers to use ANSI measurements. The section we are most concerned about is in the FHA Appraisal Requirements for Market Conditions and Changing Markets. Revisions to the Appraisal Requirements for Market Conditions and Changing Markets section clarify appraiser requirements for analysis and reporting. Here are some of the highlights from the Handbook ..read more

Housing Costs Keep Rising! Introduction The rise in the cost of housing has many Americans worried. As housing consumes an increasing percentage of a household’s income, other areas of individual and family lives are negatively affected. The effects of less money for necessities and extras will grow as more and more households become cost-burdened. Let’s examine the state of the housing market and what the effects of high household costs are. Rent Rates Rent continues to rise! Renters see no relief on the horizon as average rates continue to rise. While rates dropped slightly over the last yea ..read more