Understanding the Probate Valuation Process The valuation of property for probate purposes is defined as the price it might reasonably fetch if sold on the open market to a willing buyer at the date of transfer, typically the date of death. However, if the property was gifted within seven years of the owner’s death, the transfer date is the date …
Real Estate Appraisal Trends: 2024 Predictions
Technological Integration and Automation The appraisal industry is increasingly embracing technology, a trend set to continue and expand in the coming decade. Automation, AI, and machine learning are poised to revolutionize appraisal processes, offering unprecedented speed and accuracy. This technological integration will significantly streamline tedious tasks such as data collection and report generation, freeing appraisers to concentrate on more complex …
Navigating Shared Property Appraisals in Divorce
Divorce often involves the difficult job of figuring out the value of the property that both partners share. This is not just about putting a price on things; it’s also about understanding the emotional importance of these items. Lawyers need to work with skilled appraisers to make sure everything is valued fairly, considering both the market price and the personal …
The Impact of Remote Work on Housing Markets and Appraisals
Remote Work and the Suburban Shift The post-pandemic era has seen a marked preference for flexible work arrangements, with a substantial segment of the workforce opting for remote work. This has led to a discernible migration from city centers to suburban and rural locales, as individuals seek larger living spaces and a more balanced lifestyle. Research indicates that this migration …