There is a major change happening to real estate appraisals that every agent needs to know about right now.
Effective August 31st all conventional appraisals must use a brand new standardized form — and it is going to affect how you list properties how values are determined how repairs are called out and how long appraisals take to complete.
This week Nikki Erickson from Kevnik Mortgage breaks down everything you need to know before your next listing or purchase agreement.
This week we are covering: ✅ Interest rate update — mid to upper sixes with some perspective on how far rates have actually come ✅ The brand new appraisal form required for all conventional loans as of August 31st ✅ One standardized form for all property types — condo single family investment property — what that means for you ✅ Goodbye gross living area — the new breakdown of above grade below grade and non-standard finished square footage ✅ Why your MLS square footage accuracy is more critical than ever right now ✅ Condition ratings C1 to C6 — now applied room by room not just to the overall property ✅ How a remodeled kitchen can now be rated separately and actually help your listing's value ✅ Sales comparison adjustments — more standardized and more transparent than ever before ✅ ADUs outbuildings and unique property features — finally counted properly in valuations ✅ Repairs and deficiencies — appraisers must now specify exactly what needs to be fixed with unlimited photos and detailed descriptions ✅ AI reading appraisals — what Fannie Mae is doing right now to review appraisal forms ✅ Why appraisals will temporarily cost $60 to $100 more and what to tell your clients ✅ The timeline — conventional now FHA VA and rural housing coming within six months
If you have active listings or purchase agreements right now give yourself an extra five to six days for appraisals until appraisers get comfortable with the new form.
This is the kind of information that separates the agents who know what is happening from the agents who find out when it affects their deal.
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📞 Connect with Nikki Erickson at Kevnik Mortgage: 📱 Call or Text: 952-484-1584 📧 Email: nikki@kevnikgroup.com 📘 Facebook | TikTok | Instagram: @mortgagesfrommntoaz
00:00 Introduction – Market Update Week of August 25th 01:00 Interest Rate Update – Mid to Upper Sixes and Rate Perspective 02:30 MAJOR CHANGE – Brand New Appraisal Form Required August 31st 04:00 One Standard Form for All Property Types – What That Means 06:00 Goodbye Gross Living Area – The New Square Footage Breakdown 08:00 Below Grade vs Basement – Why Your MLS Accuracy Matters Now More Than Ever 10:00 Condition Ratings C1 to C6 – Now Room by Room Not Just Overall 12:30 Sales Comparison Adjustments – More Standardized and More Transparent 14:30 ADUs Outbuildings and Unique Features – Finally Counted Properly 16:30 Repairs and Deficiencies – No More Guessing What Needs to Be Fixed 19:00 AI Reading Appraisals – What Fannie and Freddie Are Doing Right Now 21:00 Appraisals Will Cost More Temporarily – What to Tell Your Clients 22:30 Timeline – Conventional Now FHA VA and Rural Housing Coming 23:30 How to Reach Nikki Erickson at Kevnik Mortgage #realestate #lender #mortgagerates
Now's The Time - no matter where you are, where you have been, or your current results - By becoming more aware and following a process, you can have whatever it is you truly desire!
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