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RECAP: 2024 Q4 Chapter Business Meeting

On Thursday, June 13th, members and guests gathered at Cape Fear Country Club in Wilmington, NC for our Q2 Chapter Business Meeting. During our meeting, we had a chance to celebrate our newly designated members, Michael Sollito, MAI, Jared Randhawa, MAI, Thomas D. Petz, MAI-GRS, and Heather A. Anderson, AI-GRS.  The North Carolina Chapter had a chance to vote on next year's Chapter leadership, hear committee updates, and learn what the Chapter has done so far this year and what lies ahead for the summer and fall. We hope to see you at the Q3 Chapter Business meeting in Charlotte in September.

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NC Meets DC 2024

This May, members Greyson S. Morgan, MAI, Rich Earley, Erica Butler, MAI and Keith Bolte, MAI, AI-GRS attended AI’s 2024 Leadership Development and Advisory Council conference in Washington, DC. On the last day, Erica Butler, MAI was presented with the coveted William T. Anglyn award which is given to the first-year participant who exhibited exemplary leadership, integrity and outstanding contributions to the conference.

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Two Candidates Seeking to Become 2025 AI Vice President

The following individuals have announced their candidacies.

The process for nomination and election of the Appraisal Institute’s 2025 vice president has begun. The following individuals (listed alphabetically) have announced their candidacies and will come before the National Nominating Committee at its May 8 meeting in Chicago:

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Meet the Member: Erica Butler, MAI

Where do you live and who do you work for?
I live in the Charlotte MSA I’m the Executive Vice President for Partner Valuation Advisors

How long have you been appraising?
I started appraising in December 2012

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Call to Service 2024 Region V Nominations Process

The members of Region V can be proud of the many individuals who have served the Appraisal Institute membership at the Regional and National levels. Through their dedicated service, Region V members have the opportunity to meet and interact with other leaders who are also active in the governance of the organization. This enriches their careers by expanding their network of peers in addition to their knowledge of appraisal and other issues outside of their individual communities. Each of you is urged to become involved in this process by seeking out leaders in your Chapter who will assist Region V with continued service on the National Board of Directors, Committees, and Panels

The Region V Nominating Committee will be meeting live stream via Zoom to prepare a slate of nominees to fill Region V positions for the years 2025-2026. Please consider members within your respective chapters or other Region V chapters who have the skills, eligibility, and character to assume the leadership positions for 2025- 2026 as listed below. You may provide your recommendations to the 2024 Region V Chair, Claire M. Aufrance, MAI, SRA  at [email protected], or the Region V Executive Director, Nancy Linton-Hall, by this Friday, February 9, 2024.

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Prices for Mobile Homes Rising Faster Than for Single-family Homes, Data Reveals

Originally published by Jacob Channel for Lending Tree on December 4, 2023. 

Though home prices have come down in some areas, they remain steep across the U.S.

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Median Asking Rent Sees Biggest Annual Drop in More Than 3 Years, Redfin Reports

Originally published on December 13, 2023, by Isabelle Novak for Redfin.

The median U.S. asking rent declined 2.1% year over year in November to $1,967—the biggest annual drop since February 2020—according to a report from Redfin (redfin.com), the technology-powered real estate brokerage. This is a 0.6% decline in asking rents since October.

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Forecast Shows Both Declining and Rebounding CRE Sector

Originally published on December 12, 2023, by CBRE.

Economic growth is expected to slow in 2024 and real estate transaction values should decline further, which could create compelling buying opportunities, although lending is expected to remain tight, CBRE reported Dec. 14 in its 2024 U.S. Real Estate Outlook. However, the firm also reported that it expects commercial real estate values to rebound during the second half of the year.

Executive Summary

  • There is an increased chance that the U.S. will avoid a recession and achieve a soft economic landing in 2024, but economic growth will slow and downside risks are elevated.
  • Commercial real estate investment activity likely will begin to pick up in the second half of 2024.
  • The normalization of hybrid working arrangements will continue to limit the growth of office demand.
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Bill Would Ban Hedge Funds from Owning Single-family Homes

Originally published on December 5, 2023, by Representative Adam Smith (D-Wash.) and Senator Jeff Merkley (D-Ore.)

WASHINGTON, D.C. – Representative Adam Smith (D-Wash.) and Senator Jeff Merkley (D-Ore.) teamed up to introduce the bicameral End Hedge Fund Control of American Homes Act of 2023. This legislation responds directly and forcefully to a persistent and growing problem — What Happens When Wall Street Buys Most of the Homes on Your Block? The purchasing of single-family homes by hedge funds, especially in the current housing market, has made it more difficult for middle-class Americans to become homeowners and is contributing to America’s twin crises of housing unaffordability and wealth inequality.
 
“In 1971, my father was able to buy the house I grew up in for $15,000 on the salary he earned as a baggage handler at SeaTac Airport. That same house would cost nearly $500,000 today yet wages for workers like my father have not kept up. Too many families in the Puget Sound region and across the country are struggling to afford to rent or buy a home. This crisis has been exacerbated in recent years by an increasing number of large investors purchasing a significant percentage of single-family homes, squeezing out prospective buyers,” said Rep. Adam Smith (D-Wash.). “Congress must take action to crack down on corporate greed and get hedge funds out of the single-family home market. The bill I’m introducing today with my colleagues would ban these problematic hedge funds from the single-family housing market and claw back some of the homes they already own so that more American families have a fair shot at becoming homeowners.”
 
“The housing in our neighborhoods should be homes for people, not profit centers for Wall Street. Yet, in every corner of the country, giant financial corporations are buying up housing and driving up both rents and home prices,” said Senator Merkley. “It’s time for Congress to put in place commonsense guardrails that ensure all families have a fair chance to buy or rent a decent home in their community at a price they can afford.”



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Message from Jim Lynch, MAI, 2023 President

Fellow NCAI Members,

As my term as President of the North Carolina Chapter of the Appraisal Institute ends, I want to take a moment to reflect on the incredible journey we have embarked on together. It has been an honor and privilege to serve as your President and work alongside such resolute individuals who share a common passion for our Chapter and the Appraisal Profession.

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Get Involved Next Year

Check out our committee webpage for more information about the committees available and the interest form. Another way to get involved to is participate in our Sponsorship Program to gain year-round visibility while championing the industry in North Carolina. Special thanks to our 2023 Sponsor EFIRD Appraisals. 

Participate in the Meet the Member Series

Want to be featured on the Chapter’s social media? Share a little bit about yourself through our Meet the Member (MTM) series! Reach out to PR Committee Chair Erica Butler at [email protected] if you want to participate. Check out some MTM posts here: Mike Elwell (blog); Laura Gourlay (blog); Jonathan Jones (blog).

Welcome 2023 New Members

We’d like to welcome our new members who joined the Chapter in 2023! The newest members who joined since June 2023 are Ernest Christopher Alford, III; David M. Aneser; Jack Branch; Olivia Hamilton; Walker Taylor Jones; Jesse A. Martinez; Linda Gail Nelson; and Tunisia Whitaker.

Highlights from the Q4 Chapter Business Meeting & Installation Ceremony

On December 6, 85+ members & guests celebrated at the 2023 J. Scott Robinson Installation Ceremony & Q4 Chapter Business Meeting held at the Marriott Greensboro Downtown.

Jim Lynch, MAI gave his final address as the 2023 President and the 2024 officers were installed, including incoming President, Mike Elwell, MAI, SRA. Members mixed and mingled while enjoying food and drinks. We were pleased to welcome Dr. Anthony Nelson, Dean, School of Business, North Carolina Central University, and Jarvis Martin, SRA, Principal with Stewart, Martin, & McCoy, LLC, as they both gave a presentation about NCCU’s new MBA Commercial Real Estate Program – currently the only commercial real estate program at an HBCU - and presented two scholarships for the program. 

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Banking Industry Strong but CRE a Significant Concern: FDIC

Originally published on November 29, 2023, by the FDIC.

I am pleased to report on the release of third quarter 2023 performance results for FDIC–insured institutions.

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FHFA Announces 2024 Conforming Loan Limit Values 

Originally published on November 28, 2023, by the Federal Housing Finance Agency.

The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023.

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Appraisal Institute Releases Book on Senior Housing and Other Healthcare Properties

Originally published in December 2023, by the Appraisal Institute.

This comprehensive text explores senior housing, nursing home, and hospital properties from physical and economic perspectives, providing appraisers with an up-to-date set of tools for determining the productivity, marketability, feasibility, and value of these facilities. Readers will become familiarized with the forces affecting earnings and valuation and will gain knowledge of the techniques needed to assist in the acquisition, lending, investing, developing, and assessment of these properties. Because of the broad scope of topics covered, many nonappraisers—including lenders, equity investors, operators, developers, industry analysts, assessors, and attorneys—will find this book useful.
 
All three traditional approaches to value are closely examined in this book, and Medicare and Medicaid are also discussed in detail. The main focus of the book is the valuation of the going concern assuming a fee simple interest in the real property. In addition, techniques for the allocation of the value of the real property, personal property, and intangible property are covered along with specialized topics such as leased fee and leasehold interests and life plan communities.
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Tech Markets See Big Increase in Office Vacancies: Moody’s

Originally published on November 22, 2023, by Erik Sherman for GlobeSt.com.

Office valuations and rents have been hit hard by changing conditions of work and how companies are being forced to manage their real estate. But what’s happening with tech office use, particularly in the wake of the Biden administration's tech hubs strategy?

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Annual Single-family Rent Growth Drops to Lowest Level in 3 Years: CoreLogic 

Originally published on November 21, 2023, by the Economy Team at CoreLogic.

  • Nationwide, single-family rent prices increased by 2.6% year over year in September.
  • Rental costs declined by -0.2% from August to September, which is in line with seasonal trends recorded over the 15 years before the pandemic.
  • Lower-priced rental gains have outpaced the high-priced tier over the last three years.
  • St. Louis led the nation for annual rent growth, while Austin, Texas; Las Vegas, and Miami again posted declines.

CoreLogic®, a leading global property information, analytics, and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas.  

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Inflation Slows but Fed Says Future Rate Hikes Possible

Originally published on November 22, 2023, by Erik Sherman for GlobeSt.com.

In the minutes of the last Federal Open Market Committee’s meeting, held from October 31 to November 1, the overall take was, “Financial conditions continued to tighten, driven by higher yields on Treasury securities as well as by lower equity prices and a stronger dollar, which themselves partly reflected higher interest rates.”

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