The first annual Appraisal Institute Legislative Day will be held in conjunction with the Leadership Development and Advisory Committee (LDAC) meeting on May 14-15. This is an opportunity for all appraisers to help shape the future of the appraisal profession by engaging in grassroots advocacy on Capitol Hill:
Your Voice. Your Advocacy. Your Impact.
During recent Fair Housing Month forums hosted by the Maryland and New Jersey Civil Rights Commissions, Scott DiBiasio, the Appraisal Institute’s Director of Government Relations, delivered a series of pointed, public questions challenging ongoing claims about appraisal bias. His remarks, made during two separate events on April 11 and April 14, raised critical concerns that continue to go unanswered.
Speaking during both sessions - each focused on equity in valuation - DiBiasio challenged the narrative that appraisers are the root cause of racial disparities in property values:
The process for nomination and election of the Appraisal Institute’s 2026 vice president has begun. The following individuals (listed alphabetically) have announced their candidacies and will come before the National Nominating Committee at its May 7 meeting in Chicago:
AI Members may view the candidate biographies and questionnaires (log-in required) and provide letters of recommendation by 5:00 PM CT on May 2.
The 2024 virtual Real Estate Valuation Conference hosted by the North Carolina Chapter of the Appraisal Institute in September "was a resounding success, offering appraisers valuable continuing education on essential and timely topics," says 2025 NCAI Chapter Treasurer and 2024 REVC Committee Chair Brian Crowder, MAI, SRA. "Attendees left quipped with actionable insights and a deeper understanding of the evolving real estate landscape, enhancing their ability to provide accurate and informed appraisals in a rapidly changing industry."
REVC organizers like Rocky McElhannon, MAI, SRA, AI-GRS, were pleased with the sessions and the turnout. "Our 2024 conference offered a Residential segment that attracted more than 45 participants, followed by a Commercial segment two days later that was attended by more than 90," he says.
“It’s great to be back in person,” said several of the attendees of the NCAI 2025 Valuation Law Symposium, held March 12-13 at Canopy Realtor® Association building in Charlotte. Chapter members came from across North Carolina for two days of continuing education on crucial legal and theoretical valuation aspects.
(L-R): NCAI Vice President Erica Butler, MAI; Valuation Law Symposium speaker Josh Wood, JD, MAI, AI-GRS; and Appraisal Institute President Paula Konikoff, JD, MAI, AI-GRS
Josh Wood, JD, MAI, AI-GRS, a valuation expert, educator, and adjudicator whose practice centers on the intersection of appraisal theory and the law, led both days of study. Day 1 featured sessions on the “Unit Rule” and its misapplications; expert reports on federal civil procedure; and "The Calling," examining the profession's history and significance. Day 2 tackled the complex distinctions between “Fair Value, Market Value, and Fair Market Value” across different professional contexts, using case studies and practical examples to clarify these often-misinterpreted terms.
In honor of International Women’s Day, the North Carolina Chapter of the Appraisal Institute would like to recognize the women in past and present leadership.
As a Chapter, expanding our inclusion of women and encouraging leadership makes us stronger. We would like to highlight those that are currently serving in Chapter leadership positions along with the NCAI Presidents that came before us.
The National Nominating Committee seeks the names of members interested in serving as the 2026 Vice President of the Appraisal Institute. The 2026 Vice President succeeds to the offices of 2027 President-Elect, 2028 President, and 2029 Immediate Past President.
If you are interested in serving or would like to recommend an individual who meets the qualifications for the position, please email your written recommendation to Sandra Adomatis, SRA, who will serve as Chair of the 2025 National Nominating Committee, c/o Joan Barngrover at [email protected]. All recommendations must be received by February 6, 2025, 5:00 p.m. CT. The National Nominating Committee will contact potential candidates with the requirements for continuing the process.
Originally published on December 13, 2024 by The Appraisal Institute.
A study on the use of time adjustments by appraisers conducted by two researchers at the Federal Housing Finance Agency in November contains serious flaws that misrepresent the appraisal process and further demonize the appraisal profession regarding racial bias.
The study, Underappraisal Disparities and Time Adjustments to Comparable Sales Prices in Mortgage Appraisals, contends that appraised values often fail to reflect rapidly increasing home prices in competitive markets. It further raises housing equity concerns, claiming that time adjustments are used less to cure “underappraisal” in majority Black and Hispanic neighborhoods than in major White neighborhoods. The study suggests appraisers should use automated valuation models, and lenders should randomly assign appraisal orders to mitigate bias.
For one, the assumption that appraisals should ideally mirror the pace of rising market prices oversimplifies the role of appraisers and the appraisal process. The study does not sufficiently account for the complexity of making time adjustments in markets with uneven price growth or where transaction volumes are low, limiting the availability of comparable sales.
Originally published on November 19, 2024 by The Appraisal Institute.
The Appraisal Institute is pleased to announce the release of A Guide to Appraising Religious Properties by Bradley R. Carter, MAI, a leading authority in the field of property valuation. This pivotal new book offers a comprehensive look into the field of appraising religious properties, providing invaluable insights amid the evolving landscape of real estate and religious institutions.
Originally published on May 10, 2024, by the Appraisal Institute.
The Appraisal Institute, the leading association of real estate appraisers, released highlights of its Second Quarter Board Meetings, May 9-10, 2024. Chief Executive Cindy Chance, PhD, updated the Board on organizational change, progress and challenges since the first quarter meeting in late February. President Sandy Adomatis, SRA, chaired the meeting at which the Board deliberated on a number of topics with the goal of serving its mission and members’ interests.
Originally published in December 2023, by the Appraisal Institute.
Originally published on October 31, 2023, by Ella Fertitta for ULI Americas.
The Urban Land Institute (ULI) and PwC US today released Emerging Trends in Real Estate® 2024, the annual industry-leading report unveiling critical data and trends in the real estate sector. In its 45th edition, the report’s overarching theme is “The Great Reset,” determining that the industry must form new ‘norms’ and can no longer rely on past benchmarks to determine how the market will function in the future.
Originally published in May 2023 by the National Association of Realtors.
In May 2023, NAR surveyed its members pertaining to data collectors in the appraisal process. The findings are as follows:
Originally published on September 15, 2023, by the Face Value Appraisal Insitute Podcast.
The Appraisal Institute on Aug. 31 released its latest episode of the Face Value podcast, “Dedication to Diversity: A Conversation About the Appraiser Diversity Initiative.” Hosts Tonia Vailas, MAI, AI-GRS, and Warren Boizot, SRA, AI-RRS, are joined by Smedmore Bernard Jr., MAI, Brent Quashie and Elana Wroten to share their experiences and the advice they have for others. Additionally, they talk about the new William S. Harps DEI Award.
Originally published on September 12, 2023, by the Appraisal Institute.
The Appraisal Institute, the nation’s largest professional association of real estate appraisers, announced today that the organization’s Practical Applications of Real Estate Appraisal program (AI PAREA) for the licensed residential path has launched broadly, and registration is now open.
Originally published on May 18, 2023, by the Appraisal Institute.
The Appraisal Institute announced today that the Appraiser Qualifications Board has provided approval of AI’s Practical Applications of Real Estate Appraisal program for the licensed residential path.
Originally published on February 17, 2023 by the Appraisal Institute.
The Appraisal Institute on Feb. 17 premiered season 2 of its monthly podcast series, Face Value. Hosts Warren Boizot, SRA, AI-RRS, and Tonia Vailas, MAI, AI-GRS, talk with President Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, and President-Elect Sandy Adomatis, SRA, about the year ahead, project updates and how AI is helping residential appraisers.
Originally published on January 11, 2023, by Li-Ning Huang and Mark Palim for Fannie Mae.
In recent discussions of our economic outlook, we have been asked multiple times why home sales dropped so sharply this past year given a pronounced preference shift among consumers during the pandemic toward single-family housing. Indeed, single-family housing was an unintended beneficiary of the pandemic and its associated policy response. During the pandemic, mortgage rates reached historically low levels, with the average 30-year fixed mortgage rate hovering around 3 percent through the end of 2021. Despite a low inventory-to-sales ratio during this time period by historical standards, as well as rising home prices, both home sales and purchase mortgage originations reached record highs in 2021.1 Anecdotal and analytical evidence suggest that the pandemic prompted people to move from smaller housing units in high-density city centers to larger homes in lower-density areas; and this was particularly true of first-time homebuyers.2 Overall, the rise in home sales was fueled by both first-time homebuyers and move-up buyers. In fact, demand was so strong that the median number of days that homes were on the market shortened from 74 in 2017 to 46 in 2021.
The Appraisal Institute on Dec. 1 released its latest episode of the Face Value podcast, “AI PAREA: Opportunities for Future Appraisers and Mentors.” Host Warren Boizot, SRA, AI-RRS, talks with AI Vice President Sandy Adomatis, SRA, about how AI professionals with an MAI or SRA designation can get involved as mentors and the many opportunities available to aspiring appraisers.
Originally published on November 30, 2022, by the Board of Governors of the Federal Reserve System.
Residential sales fell during the past month amid high interest rates, dropping moderately in some parts of the country but much more steeply in others, the Federal Reserve reported Nov. 30 in its latest Beige Book. Commercial sales and leasing have also softened, and vacancies continue to climb.
