Recap: Valuation Expo 2021

As a southern California property appraiser, each year I attend Valuation Expo, the country’s largest trade show for real estate appraisers. It’s an incredible forum for learning, networking, and gleaning insights and forecasts on the future of the real estate market. This year’s expo at the Bellagio in Las Vegas was a brilliant collaboration on ideas and forecasts!

So what’s the consensus, you ask? The country’s largest lending institutions, real estate corporations, and appraisal management companies (AMCs) are each aligned this year in their projections that the housing bubble and prime seller’s market we’re currently experiencing is headed for a substantial correction. And soon! (Nothing like the correction and recession of 2008 expected, but notable, nonetheless.)

And what does this mean for the economy? Buyers and sellers? Realtors and Property Appraisers? Interest rates? Stock and bond markets? The construction industry? All that remains to be seen, and the next several months will no doubt involve disparity and some distressing fluctuations. But they’ll eventually deliver lucidity — allowing buyers, sellers, agents, appraisers, and lenders to plan and budget accordingly. After all, the past few years have seen price spikes and bidding wars that are unprecedented, and corrections are critical for long-term market stability.

So please stay calm, carry on, and plan accordingly. The housing industry may be headed for a significant adjustment, but as the great Helen Keller once said, “A bend in the road is not the end of the road, unless you fail to make the turn.”

Bidding Wars Fall to Lowest Levels Since 2020 -MSN article

Housing Crash 2021 Starts Here -Reventure Consulting

Home Listings Surge. Bubble Over? -Reventure Consulting

Click here for tips on maximizing the value of your home and other frequently asked questions on the property appraisal process.

Home Values Top $530K in Riverside County’s Real Estate Market

Photo by Matthew LeJune on Unsplash

Sellers rejoice! Buyers — maybe not so much. According to, home values in Riverside County have increased a whopping 18.8% since July of 2020, and are selling for an average of 1.43% over asking price. On average, homes are selling after just 48 days on the market, and the Sellers Market we are experiencing in southern California is not expected to change anytime soon.

There were about 10,500 homes for sale in Riverside County in July. Rancho Mirage topped the July 2021 Median Listing Price report at $765,000, while Desert Hot Springs brings in the lowest listing price at $348,500.


Beaumont: $465.3K

Canyon Lake: $649K

Cathedral City: $434.9K

Chiriaco Summit: $449.9K

Corona: $650K

Desert Hot Springs: $348.5K

French Valley: $599K

Hemet: $375K

Indio: $475K

Jurupa Valley: $550K

La Quinta: $675K

Lake Elsinore: $524K

Menifee: $499.9K

Moreno Valley: 465K

Murrieta: $600K

Norco: $749K

Nuevo: $510K

Palm Desert: $494.9K

Palm Springs: $619K

Perris: $459.9K

Rancho Mirage: $765K

Riverside: $551K

Sage: $412.5K

San Jacinto: $401.8K

Sun City: $365K

Temecula: $693.9K

Wildomar: $582.5K

Winchester: $572.5K

Hosking Appraisal Group provides home valuation services throughout Riverside County and southern California’s greater Inland Empire. To schedule an appointment or for more information, call us at 951.294.1955

Busting 9 Myths About Property Appraisals

Property Appraisals vs Home Inspections

There are plenty of of assumptions about property appraisals circulating among home buyers and sellers, and many of them simply don’t hold any merit or truth. Licensed property appraisers must adhere to a code of strict regulations called the Uniform Standard of Professional Appraisal Practices (USPAP), and are congressionally mandated – regardless of location. Here’s a list of nine myths about the appraisal process, and the actual facts behind them.

Property Appraisal FactorsMyth: An appraisal is the same thing as a home inspection.

Fact: An appraiser provides an informed opinion of a home’s value through a comprehensive appraisal process based on factors including location, condition and improvements, amenities, and market trends. A home inspector determines and reports on the condition of a home by assessing its main components including (but not limited to) roof, electrical, and plumbing systems.

Myth: The appraised value of real estate property can vary, based on whether it is prepared for the seller or buyer.

Fact: An appraiser has no stake or vested interest in the outcome of an appraisal, and is mandated to provide his/her valuation services with impartiality and neutrality.

CalculationMyth: Real estate appraisers utilize a generic formula based on ‘price per square foot’ to determine a home’s value.

Fact: Appraisers analyze a number of factors associated with the value of a home. Some of the factors include a property’s location, size, overall condition, proximity to various facilities, and the recent sales price of comparable homes in the market area.

hag-imageMyth: Property appraisers only estimate real estate/property value when a home sale involves a mortgage or lending transaction.

Fact: Depending on his/her qualifications and certifications, a property appraiser can provide property valuations for several other purposes. These valuations can (and often are) be for the purpose of dispute resolution, divorce, estate planning, bail bond purposes, zoning/tax assessment reviews, Private Mortgage Insurance (PMI) removal, and cost/benefit analysis.

Myth: A property’s market value should equal the replacement cost.

Fact: Market value is based on what a buyer would likely pay the seller for a particular property, factoring in that neither party is under pressure to buy or sell. Replacement cost is a determination of the dollar amount that would be required to reconstruct a property in-kind.

Economic conditions

Myth: In a healthy economy when the sales price of homes in a specific area are rising by a specific percentage, the value of individual properties in that area can be anticipated to appreciate along that same percentage.

Fact: The value appreciation of a singular property must be determined on an individual basis. The appraised value includes a variety of relevant components (including the sales price of comparable properties in the area), regardless of economic trends.

Appraisal ComponentsMyth: The assessed value of a property should equal the market value.

Fact: Many states actually support this concept; however, this is not always the case. If other properties in the area haven’t been re-assessed for a protracted period, or if the interior of a home has been remodeled and an assessor is unaware of those improvements, the assessed value of a home may very well differ from market the value.

Myth: Consumers own their appraisal because they are the ones who pay for it when applying for a loan to purchase or refinance their property.

Fact: Unless a lender “releases interest” in the document, appraisals are owned by the lender. However, the Equal Credit Opportunity Act allows that consumers can order a copy of the appraisal report from the lender who ordered it.

Review your real estate appraisalMyth: A home buyer or seller doesn’t need to be informed about what is in an appraisal document as long as it meets the needs of their lender.

Fact: Consumers should confirm the accuracy of their appraisal document, and if needed, question the results. Appraisals include a legal and physical description of a property, including precise square footage and property lines. They also include a list of comps (comparable properties) in the neighborhood and market trends in the vicinity, making them valuable for future reference.