ADVERTISING SUPPLEMENT Appraisers Stretched Thin by Hot Market December 20 - 26 CALIFORNIA AsMOCIATION OF EALTORS California Weekly Data 2020 How the market is doing O % change indicates change from previdus week Southiand Regonal kesocution of Reators By Dane Sydel, President, and Davia waker With homes selling super fast and buyers eager to close escrow quickly, Realtors and their clients need to allow ample work time for one of the essen- tial players in every real estate transaction - the appraiser. "Every appraiser I know is book well into January and beyond," said Cameron Robinson of RR Appraisals. "There's a lot of pressure on the buying side to close escrow quickly; I under- stand that. "But in "Daly Average SOUTHLAND REGIONAL Last week, there were. ASSOCIATION OF REALTORS", INC. 720 -32.2% 598 -29.3% 312 -51.1% land Regional Association of Realtors. Lenders rely on appraisers to do the research, analysis of all pertinent infor- Closed Sales per day Pending Sales eee per day New Listings per day the state, LA. County and LA. City health departments. Robinson also reviewed typical areas mation, and have the proper experience, I that cause concem or prompt questions. For example, there's a big difference between What REALTORS® are saying "In some cases our workload is too heavy to respond quickly an owned or keased solar system. "Appraisers are not allowed to give a leased solar system a value,"he said. "Some buyers wont take over the lease. Some lenders won't allow a buyer to assume a or submit a report quickly" 28.1% -7.0% 25.4% -5.2% 14.6% 38.9% knowledge and judgment to make a reasonable and supportable opinion of the value of a property. Indeed, an appraiser's opinion can make or break a kased system." loan and a sale. The pace of today's market alone adds immense pressure on appraisens, but the advent of the Coronavirus pan- demic added layers of complexity. The pandemic prompted some lenders to accept "drive-by appraisals,"a move intended to limit the health risk of entering an occupied property. "Most lenders are accommodating," Robinson said, "though some still want the full appraisal." When that happens, appraisers gen- erally follow the same safety protocols and guidelines Realtors received from Closed a sale last week Entered escrow last week Listed a property last week Realtor Diane Sydel, 2021 SRAR President But a solar system that is owned by the seller can get a value, though the seller may need to prove it has been paid off. "How to value solar is a complicat- ed issue," Robinson said. "It's impossible to compare solar systems because they are so different. ... Spending more on a solar system doesn't necessarily mean you'll get that Appraisals.com retum. With heavy demand on appraisers due to the hot market, Robinson said lenders sometimes will turn to out-of- area appraisers, especially if they charge a lower fee. "Because of the hcavy workload, there's an emphasis on speed,"he said. It may bog down a sale, "but you don't have to work with somebody who might not know the area, who have a good feeling about." What REALTORS® think will happen some cases our workload is too heavy to respond quickly or submit a report quickly," he said. Robinson offered an overview of issues confronting appraisers in today's busy real estate market during an early December Zoom meeting with 58 San Fernando Valley and Santa Clarita Valley real estate office brokers and managers. The call was part of a regular Monday virtual gathering of kocal real estate leaders organized by the South- 25.9% 19.9% 32.7% -1.5% 24.7% 22.3% Think sales will be up next week Think prices will be up next week Think listings will be up next week Small Business Micro-Grant Application Deadline Extended Cameron Robinson, kR California extended to Jan. 13 the deadline to submit applica- tions in the first round of submissions for a grant program to help small businesses affected by the COVID-19 pandemic. The program provides micro-grants ranging from $5,000 to $25,000 to digible small businesses- including Realtors, independent contractors and sole proprietors -impacted by COVID-19 and the related health and safety restrictions. The grant amount will be based on a business's annual revenue as documented in its most recent tax retum: For annual revenue of $1,000 to $100,000, the available grant is $5,000; For annual revenue of greater than $100,000 up to $1,000,000, the available grant amoOunt is $15,000; For annual revenue of greater than $1,000,000 up to $2,500,000, the available grant amount is $25,000. Applications for the program must be submitted through a Community Development Financial Institution that has partnered with the state of Cali- fomia to distribute the funds. The list of partners, organized by location and by language services, can be found at: https://careliefgrant.com/partners/coun- ty/. The first round for applications was scheduled to close on Jan. 8, but it was extend to Jan. 13, 11:59 pam. There will be a second round for submissions, although the dates have not yet been announced. Applicants who submit their application and submit all documentation in the first round need not reapply, since one complete application qualifies an applicant to be considered for both rounds. For additional details, go to the California Small Business COVID-19 Relief Grant Program website, at https://careliefgrant.com. FREE COMMERCIAL 2021 yommercial Soal state ducation Series CLASSES IN JANUARY 2021 All Classes are Taught by Practioners, and held via Zoom unti futher notice. For More Info, Viait www.Commercial srar.com Cor don't GOv The Southland Regional Association of Real tors is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valeys. SRAR is one of the largest local associations in the nation, BRIAN HATKOFF, CCIM HEATHER BOREN ABC's of Introduction Commercial to Leasing Real Estate January 20, 2021 9:00am-10:30am January 27, 2021 9:00am-10:30am Interest Rate Update As reported by Freddie Mac on December 31 30-Yr FRM - 2.67% 15-Yr FRM - 2.17%. December 24 30 Yr FRM 2.66% 15-Yr FRM - 2.19% An Introduction to the practical applications of Commercial Real Estate and how ofers from Residential Real Estate An introduction to leasing of Commercial propertes which touches upon the different types of properties including Retal. Ofice and industrial Register Here: srar.com cidass2oJanuary2021 Register Here: Srar.com ciclass27January2021 THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code of Ethics. ADVERTISING SUPPLEMENT Appraisers Stretched Thin by Hot Market December 20 - 26 CALIFORNIA AsMOCIATION OF EALTORS California Weekly Data 2020 How the market is doing O % change indicates change from previdus week Southiand Regonal kesocution of Reators By Dane Sydel, President, and Davia waker With homes selling super fast and buyers eager to close escrow quickly, Realtors and their clients need to allow ample work time for one of the essen- tial players in every real estate transaction - the appraiser. "Every appraiser I know is book well into January and beyond," said Cameron Robinson of RR Appraisals. "There's a lot of pressure on the buying side to close escrow quickly; I under- stand that. "But in "Daly Average SOUTHLAND REGIONAL Last week, there were. ASSOCIATION OF REALTORS", INC. 720 -32.2% 598 -29.3% 312 -51.1% land Regional Association of Realtors. Lenders rely on appraisers to do the research, analysis of all pertinent infor- Closed Sales per day Pending Sales eee per day New Listings per day the state, LA. County and LA. City health departments. Robinson also reviewed typical areas mation, and have the proper experience, I that cause concem or prompt questions. For example, there's a big difference between What REALTORS® are saying "In some cases our workload is too heavy to respond quickly an owned or keased solar system. "Appraisers are not allowed to give a leased solar system a value,"he said. "Some buyers wont take over the lease. Some lenders won't allow a buyer to assume a or submit a report quickly" 28.1% -7.0% 25.4% -5.2% 14.6% 38.9% knowledge and judgment to make a reasonable and supportable opinion of the value of a property. Indeed, an appraiser's opinion can make or break a kased system." loan and a sale. The pace of today's market alone adds immense pressure on appraisens, but the advent of the Coronavirus pan- demic added layers of complexity. The pandemic prompted some lenders to accept "drive-by appraisals,"a move intended to limit the health risk of entering an occupied property. "Most lenders are accommodating," Robinson said, "though some still want the full appraisal." When that happens, appraisers gen- erally follow the same safety protocols and guidelines Realtors received from Closed a sale last week Entered escrow last week Listed a property last week Realtor Diane Sydel, 2021 SRAR President But a solar system that is owned by the seller can get a value, though the seller may need to prove it has been paid off. "How to value solar is a complicat- ed issue," Robinson said. "It's impossible to compare solar systems because they are so different. ... Spending more on a solar system doesn't necessarily mean you'll get that Appraisals.com retum. With heavy demand on appraisers due to the hot market, Robinson said lenders sometimes will turn to out-of- area appraisers, especially if they charge a lower fee. "Because of the hcavy workload, there's an emphasis on speed,"he said. It may bog down a sale, "but you don't have to work with somebody who might not know the area, who have a good feeling about." What REALTORS® think will happen some cases our workload is too heavy to respond quickly or submit a report quickly," he said. Robinson offered an overview of issues confronting appraisers in today's busy real estate market during an early December Zoom meeting with 58 San Fernando Valley and Santa Clarita Valley real estate office brokers and managers. The call was part of a regular Monday virtual gathering of kocal real estate leaders organized by the South- 25.9% 19.9% 32.7% -1.5% 24.7% 22.3% Think sales will be up next week Think prices will be up next week Think listings will be up next week Small Business Micro-Grant Application Deadline Extended Cameron Robinson, kR California extended to Jan. 13 the deadline to submit applica- tions in the first round of submissions for a grant program to help small businesses affected by the COVID-19 pandemic. The program provides micro-grants ranging from $5,000 to $25,000 to digible small businesses- including Realtors, independent contractors and sole proprietors -impacted by COVID-19 and the related health and safety restrictions. The grant amount will be based on a business's annual revenue as documented in its most recent tax retum: For annual revenue of $1,000 to $100,000, the available grant is $5,000; For annual revenue of greater than $100,000 up to $1,000,000, the available grant amoOunt is $15,000; For annual revenue of greater than $1,000,000 up to $2,500,000, the available grant amount is $25,000. Applications for the program must be submitted through a Community Development Financial Institution that has partnered with the state of Cali- fomia to distribute the funds. The list of partners, organized by location and by language services, can be found at: https://careliefgrant.com/partners/coun- ty/. The first round for applications was scheduled to close on Jan. 8, but it was extend to Jan. 13, 11:59 pam. There will be a second round for submissions, although the dates have not yet been announced. Applicants who submit their application and submit all documentation in the first round need not reapply, since one complete application qualifies an applicant to be considered for both rounds. For additional details, go to the California Small Business COVID-19 Relief Grant Program website, at https://careliefgrant.com. FREE COMMERCIAL 2021 yommercial Soal state ducation Series CLASSES IN JANUARY 2021 All Classes are Taught by Practioners, and held via Zoom unti futher notice. For More Info, Viait www.Commercial srar.com Cor don't GOv The Southland Regional Association of Real tors is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valeys. SRAR is one of the largest local associations in the nation, BRIAN HATKOFF, CCIM HEATHER BOREN ABC's of Introduction Commercial to Leasing Real Estate January 20, 2021 9:00am-10:30am January 27, 2021 9:00am-10:30am Interest Rate Update As reported by Freddie Mac on December 31 30-Yr FRM - 2.67% 15-Yr FRM - 2.17%. December 24 30 Yr FRM 2.66% 15-Yr FRM - 2.19% An Introduction to the practical applications of Commercial Real Estate and how ofers from Residential Real Estate An introduction to leasing of Commercial propertes which touches upon the different types of properties including Retal. Ofice and industrial Register Here: srar.com cidass2oJanuary2021 Register Here: Srar.com ciclass27January2021 THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code of Ethics.