Home prices are up...WAY up...what does that mean for the outlook of the market? Is this a massive housing bubble? Mark and Jeff look at current home prices compared to the last housing bubble, interest rates, and income levels, to determine just how unaffordable housing is. The conclusion isn't what they expected.

Mark and Jeff host guest author Jim Amorin (The Generative Shift) in a wide-ranging, informative conversation about Artificial Intelligence (AI). What is AI? What are Large Language Models (LLMs)? Is this the beginning of the end for appraisers? What other deep impacts in society and business will AI have? Plus, witness the amazing insights that can be gained in seconds as you watch a "live prompt" of a residential data analysis in Chat GPT-4o.

Mark and Jeff assess the residential real estate marketplace post initial federal interest rate cuts, discussing builder sentiment and overall U.S. economic health. The two then take a deep dive into the numerous recent major GSE (Fannie Mae and Freddie Mac) initiatives and how they, in their current state, make it difficult for boots-on-the-ground participants. From hybrids, desktops, and ANSI measuring standards to reconsideration of value, they cover it all.

Jeff and Mark discuss the impactful role of the large appraisal firm in today's market, as well as the recent interest rate drops that are on the minds of everyone in real estate.

Mark and Jeff review the recent CPI report and explain what it means to interest rates. They discuss how the Fed Funds rate relates to the mortgage rate and why there is hope for bigger reductions than just the 0.25% rate drop anticipated by the Fed. They also talk about why appraisals do and don't come in at the contract price, and why college degrees (and the various alternatives to it) are required to become an appraiser.

Taking a step back from the hot topic of PAREA, Mark and Jeff share their thoughts from the Valuation Expo. They give perspective on AI’s expected role in real estate valuation, how appraisers should think about what adds value to properties and how to support, and the expectation of increased mortgage applications. They also discuss a new process coming from Fannie Mae and Freddie Mac for borrower and appraiser rights and responsibilities in appealing an appraisal value, and deliver more insight as the debate rages on in one state around accepting PAREA.

Headed towards the end of a deep dive into PAREA, Mark and Jeff interview AI PAREA lead Mentor Dana Thornberry. In this episode, learn what helps program entrants prepare for PAREA and how they should go about navigating the program. You'll also hear about Thornberry's assessment of readiness for those entering the profession. Additionally, the trio covers possible future opportunities for the program's evolution.

Mark and Jeff talk to the queen of Practicum, Melissa Bond, about what the heck Practicum is and how it compares to traditional experience and AI PAREA. Melissa has utilized grant funds to develop this third pathway for appraisers to gain the needed experience toward becoming licensed. It's not a walk in the park, but is yielding promising results so far. Is it the right fit for you?

Diving deeper into PAREA, Mark and Jeff interview two recent graduates of the PAREA program to get a behind-the-scenes, unfiltered view of what it's all about and how it compares to the traditional experience. Many have talked about the program, but so far, very few have gone through it. The show's special guests, Chris and Pete, have particularly unique perspectives as both are PAREA graduates and each have worked with appraisers in the field. How well did PAREA prepare them? TALCB Article

How do you pay for PAREA as a student? As an appraiser or employer looking to expand your practice, is paying for a student to go through PAREA less expensive than hiring a trainee? Mark Verrett and Jeff Morley nerd out on the financials and share what sources are available to help cover the costs of the appraisal program.