The impact of solar panels on home value can vary based on several factors, including location, market conditions, and individual buyer preferences. In general, solar panels are considered a valuable and environmentally friendly addition to a home, which can potentially increase its market value.

In Illinois, where solar energy is becoming more popular and the state has various incentives for renewable energy, having solar panels could be seen as a positive feature. Buyers may appreciate the potential for energy cost savings and the environmental benefits associated with solar power.

However, it's essential to consider the local real estate market and the preferences of potential buyers in your specific area. It's recommended to consult with local real estate experts or appraisers who are familiar with the market conditions in Illinois to get a more accurate assessment of how solar panels might impact the value of a home in your particular location.

The future of real estate appraising is likely to be influenced by various factors, including technological advancements, regulatory changes, and shifts in the real estate market. While it's challenging to predict the future with certainty, several trends and opportunities are emerging.

USPAP

The Appraisal Standards Board (ASB) voted on May 5, 2023, to adopt revisions to the Uniform Standards of Professional Appraisal Practice (USPAP). These changes are set to take effect on January 1, 2024. These will be the first updates to USPAP in four years. While many of the modifications may not drastically alter appraisers' practices, they hold importance in fostering public trust.

USPAP has long been subject to various misconceptions among both appraisers and the public. The alterations implemented in the 2024 USPAP aim to dispel five prevalent myths and misconceptions, contributing to a clearer understanding of the standards.

Great news for appraisers. Valuation Expo at Caesar's Palace in the heart of the Las Vegas Strip. Those interested in attending, registration will open in February. Mark the dates on the calendar and look out for further details. Events like these provide valuable opportunities for networking, learning, and staying updated on the latest trends in the industry.

 First American Financial Corp. and its subsidiary, ACI, reported a cybersecurity incident in a filing with the U.S. Securities and Exchange Commission on December 22. The company disclosed that its systems were offline following the incident. In a subsequent filing on December 29, it was stated that ACI had successfully restored its online functionality.

 importance of a will for the estate

A will is a legal document that outlines how a person's assets and properties should be distributed after their death. It is a crucial component of estate planning, and its importance cannot be overstated. Here are several reasons why having a will is essential for managing one's estate:

1. Asset Distribution: A will allows an individual to specify how their assets and properties should be distributed among beneficiaries. Without a will, the state's intestacy laws will determine the distribution, which may not align with the deceased person's wishes.

2. Guardianship for Minor Children: A will provides an opportunity for parents to designate a guardian for their minor children. This ensures that someone they trust will be responsible for the well-being of their children if both parents pass away.

3. Executor Appointment: A will allows the testator (the person creating the will) to appoint an executor, who is responsible for managing the estate and ensuring that the instructions in the will are carried out. This person should be trustworthy and capable of handling financial and legal matters.

4. Minimizing Family Disputes: Having a clear and legally valid will can help minimize the potential for disputes among family members regarding the distribution of assets. It provides a transparent and legally binding document that can help prevent conflicts.

5. Tax Planning: A well-structured will can also include provisions for tax planning, which may help minimize the tax burden on the estate. This can be particularly important for larger estates subject to estate taxes.

6. Specific Bequests: A will allows the testator to make specific bequests, such as leaving particular assets or amounts of money to specific individuals, charities, or organizations. This ensures that the testator's intentions are known and followed.

7. Business Succession: For individuals who own businesses, a will can outline plans for the succession of the business. This can be crucial for the continuity of the business and the welfare of employees.

8. Peace of Mind: Knowing that one's affairs are in order and that their wishes will be carried out can provide peace of mind. It can also be a thoughtful way to take care of loved ones by making difficult decisions in advance.

 i received an appraisal reguest recently from a law firm. they told me they had documents that would provide me with the information i needed to complete the appraisal. when i got the documents i could tell they were not accurate. verify your information when its provided to you by the client if you can. 

A family was selling the parents home and did not realize the lot next door was a separate lot with a separate PIN and could be sold on its own. Getting an appraisal before you list a home for sale can be critical.

Getting an appraisal is the best way to get the most accurate value of your property.

Need an appraisal in Chicagoland?

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Mike Illingworth

I was in the north shore area yesterday doing an inspection for a divorce case. In this price range it can not be overstated how important it is to have someone who has experience in this situation.

Need an appraisal in Chicagoland?

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Mike Illingworth

 The Appraisal Qualifications Board (AQB) is an independent board within The Appraisal Foundation, a non-profit organization in the United States. The AQB establishes the minimum education, experience, and examination requirements for real estate appraisers in the U.S.

The AQB sets the standards for licensure and certification of real estate appraisers, ensuring that they possess the necessary knowledge and skills to provide accurate and reliable appraisals. They develop and maintain the Uniform Standards of Professional Appraisal Practice (USPAP), which is the recognized set of ethical and professional standards for appraisers in the U.S.

For 31 years this has been a part of my appraisal career.

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Mike Illingworth

 The average age of appraisers can vary depending on the specific country, region, or industry. In many countries, such as the United States, the appraisal profession has been experiencing an aging workforce, with a significant number of appraisers reaching retirement age.

In the United States, for example, according to a 2020 Appraisal Institute survey, the average age of a real estate appraiser was around 55 years old. This indicates that many appraisers were nearing retirement age at that time. The survey also revealed that there was a lack of younger individuals entering the appraisal profession, leading to concerns about a potential shortage of appraisers in the future.

It's worth noting that the situation may have changed since 2020, and there may have been efforts to attract younger professionals to the field. To obtain the most up-to-date information on the average age of appraisers, I would recommend consulting industry reports, surveys, or contacting relevant professional organizations that specialize in appraisals in your specific country or region.

I have 33 years of experience in appraising which is very important when selecting an appraiser.

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Mike Illingworth

Addressing bias in appraisals

Fair Market Appraisals

Addressing bias in appraisals is an important aspect of ensuring fairness and equity in various domains, including government organizations.  I can provide some general strategies and initiatives that governments may undertake to prevent bias in appraisals. It's essential to check for updates or specific initiatives implemented by your local government.

Training and Awareness Programs: Governments may conduct training programs to educate employees and managers about unconscious bias, stereotypes, and the potential impact on performance appraisals. This training aims to increase awareness and promote fair and unbiased evaluations.

Clear Evaluation Criteria: Establishing clear and transparent evaluation criteria helps minimize subjectivity and bias. Governments can develop standardized performance metrics, competency frameworks, and objective criteria to guide the appraisal process.

Calibration and Consistency: To mitigate bias, governments may implement calibration sessions or review panels where multiple evaluators come together to ensure consistency in ratings and address potential bias.

I have completed close to 11,000 appraisals during my 30+ years as an appraiser and i have never had an issue with bias.

Need an appraisal in Chicagoland?

Let us show you how fast, easy and affordable it is to get you house appraised!

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Mike Illingworth

What's all this "droning on' about property appraisals? Can drones help increase your appraisal value?

Fair Market Appraisals

Can drones help with your appraisal?

In recent years, drones have become increasingly more popular in various industries, including residential appraising. In the context of residential appraising, drones can provide valuable aerial imagery and data that can aid in the appraisal process. Here are some ways in which drones are utilized in residential appraising:

1. Property Inspections: Drones equipped with high-resolution cameras can capture detailed images and videos of residential properties from different angles and heights. Appraisers can use this visual data to assess the property's condition, size, and other relevant features.
2. Aerial Surveys: Drones can quickly and efficiently perform aerial surveys of residential neighborhoods. They can capture data on neighboring properties, land use, proximity to amenities, and other factors that can impact property values.
3. Property Measurements: Drones equipped with LiDAR (Light Detection and Ranging) sensors can accurately measure the dimensions of residential properties. This data helps in determining the square footage and other essential measurements for appraisal purposes.

Need an appraisal in Chicagoland?

Let us show you how fast, easy and affordable it is to get you house appraised!

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Mike Illingworth

What is the importance of deferred maintenance in an appraisal?

 

Fair Market Appraisals

What is the importance of deferred maintenance?   • Ensure deferred maintenance does not affect the safety, soundness or structural integrity of the subject property.

• Describe the deferred maintenance in detail. Deferred maintenance can include but is not limited to worn floor coverings, minor plumbing leaks, holes in window screens, missing handrails, cracked windows and are typically due to normal wear and tear.

• Provide comments on impact to marketability.

• Provide comments on impact to value and how adjustment was determined. Need an appraisal in Chicagoland? Let us show you how fast, easy and affordable it is to get you house appraised! www.fairmarketappraisals.com 312-758-6733 Mike Illingworth

Michael J Walsh

Michael J Walsh an Illinois appraiser and owner of Citywide Services passed away today.  

Mike was a good friend and helped me every day for the last 31 years with my appraisals he will be missed by all that knew him.

- Mike Illingworth

Why you need a divorce appraisal.

Fair Market Value, Inc

The purpose of a divorce appraisal is to establish the fair market value of the couple's assets at the time of the divorce. This valuation is crucial in determining how the marital property will be divided between the spouses. It helps ensure that both parties receive a fair share of the assets, taking into account factors such as the duration of the marriage, contributions of each spouse, and the specific laws governing property division in the jurisdiction.

Divorce appraisals can be conducted for both contested and uncontested divorces. In a contested divorce, where the couple disagrees on the value of their assets, each party may hire their own appraiser to provide separate valuations. In an uncontested divorce, the couple may agree on a single appraiser to determine the value of their assets.

It's important to note that divorce appraisals are typically conducted by professional appraisers who specialize in valuing assets for divorce purposes. These appraisers are knowledgeable about the legal requirements and methodologies involved in divorce appraisals and can provide an unbiased assessment of the value of the assets.

If you are going through a divorce and require a divorce appraisal, it is advisable to consult with a family law attorney who can guide you through the process and help you find a qualified appraiser to ensure a fair valuation of your assets.

Getting an appraisal is the best way to get the most accurate value of your property.

Need an appraisal in Chicagoland?

Let us show you how fast, easy and affordable it is to get you house appraised!

www.fairmarketappraisals.com

312-758-6733

Mike Illingworth

What are residential appraisal forms?

Fair Market Value, Inc

Residential appraisal forms are used by appraisers to document their assessment of a residential property's value. These forms typically include sections for gathering information about the property, such as its location, size, condition, and amenities. The appraiser will also consider recent comparable sales in the area to determine the property's market value.

Appraisal forms may vary depending on the country, state, or organization issuing them. For example, in the United States, the most commonly used residential appraisal form is the Uniform Residential Appraisal Report (URAR), also known as Form 1004. This form is standardized and widely accepted by lenders and government agencies.

To obtain the most up-to-date residential appraisal forms, you can check with your local real estate appraisal associations, regulatory bodies, or government agencies responsible for overseeing appraisals in your jurisdiction. These organizations often provide official forms.

Need an appraisal in Chicagoland?

Let us show you how fast, easy and affordable it is to get you house appraised!

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312-758-6733

Mike Illingworth