Ascot Appraisals

01/01/2025

Wishing you all the best in the coming year!! - Ascot Appraisals Team

12/27/2024

Happy New Year from Ascot Appraisals! Wishing you happiness, good health, and success in 2025!

12/26/2024

California seems to have opened the floodgates when it comes to ADUs (Accessory Dwelling Units), it seems to be a double edged sword and something we’ve run into issues with lately as appraisers. What is acceptable in the eyes of the state and can be beneficial, hasn’t quite caught up to lending regulations or Highest and Best Use analysis done by an appraiser.

We’ll include a link to Fannie Mae guidelines with regard to ADUs. But to sum it up quickly, zoning, utility meters, site, parking, and amenities all play a role in determining an ADU from a full second unit. While it’s tempting to slap a second unit in the back of a house and call it an ADU - and likely will not slide under the radar of a lender. Given all the factors to consider, it also isn’t something an appraiser can just ignore or manipulate.

ADUs can add value to a borrower’s home, provide additional space for extended family, or allow a borrower to earn rental income, all while helping address the country’s affordable housing shortage. Selling Guide loan products can be used to purchase homes with ADUs, renovate an existing ADU or ...

12/19/2024

Wishing you and yours a Merry Christmas and a joyous Holiday Season!

12/19/2024

Merry Christmas!

12/17/2024

In 2023 median home values in Bakersfield were $381,000, current data is showing an increase of this median to $399,500

This is an increase of approximately 2.4% which is fairly typical.

Total home sales were very consistent:
12/2022 - 12/2023 4,589 homes sold
12/2023 - 12/2024 4,582 homes sold

Median homes in Bakersfield are 3 bedroom / 2 baths and the median home size is approximately 1645sqft

Despite interest rates, the local market appears to be holding strong. Although, this is likely due to limited inventory. The Fed has dropped rates and states plans to do more in the future so hopefully this spurs some activity.

12/03/2024

Feeling the holiday spirit around here! Our halls are decked! Hope you are ready for a season of family and joy as well.

11/26/2024

Ascot Appraisals wishes you and yours a warm and wonderful Thanksgiving with lots of laughs, love, family, friends, and new memories made. Word to the wise, never skip the pie! Happy Thanksgiving!

11/11/2024

Ascot Appraisals thanks you for your service!

10/31/2024

Happy Halloween from Ascot Appraisals!!! Looking forward to handing out candy to all the trick-or-treaters out tonight!!

10/24/2024

"… Most AMCs I have [worked with] disclose that they are being paid between $825-$1,200 to obtain an appraisal on behalf of their client, only to offer a fee of $350-$400 to the appraiser who is actually responsible for producing the report and the liability involved with its use,” writes Engel [CFPB-2024-0021-0970]." - Kyle Engel, licensed real estate appraiser, TX

“Appraisals exist to protect both the safety and soundness of our banking system and consumers. We are not able to fulfill this function with the lack of accountability and oversight of AMCs and lenders with the current regulatory environment,” writes Tucker [CFPB-2024-0021-0973]." - Josh Tucker, chairman of the Appraisal Regulation Compliance Council (ARCC

https://www.workingre.com/the-great-debate-on-appraisal-fees/?fbclid=IwZXh0bgNhZW0CMTEAAR3nnYLnG6Wgno-lyJPolLVqmdO7Ma5zBaKj_BaBdacuu9cVOHn0L5RJDh0_aem_7VUOnT71r0EqQQRupNTwpA

10/21/2024

In 2023 median home values in Bakersfield were $380,000, current data is showing an increase of this median to $393,000

Price per square foot has increased by approximately 3% which is fairly typical.

Total home sales were fairly consistent:
10/2022 - 10/2023 4,620 homes sold
10/2023 - 10/2024 4,557 homes sold

Median homes in Bakersfield are 3 bedroom / 2 baths and the median home size is approximately 1675sqft

It is interesting to note that the average home size has actually gone down while values have increased. 2022/2023 average home size was 1824sqft compared to 2023/2024 whereas the average home size has decreased slightly to 1798sqft.

Despite interest rates, the local market appears to be holding strong. Although, this is likely due to limited inventory.