Tag: appraisal

Understanding Retrospective Estate Appraisals in Maryland

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What Families and Personal Representatives Need to Know

Settling an estate often requires determining the value of real estate as of the date the property owner passed away. A retrospective estate appraisal, also known as a date-of-death appraisal, provides a professional opinion of a property’s value as of a specific date in the past.

For families and personal representatives handling estate properties in Baltimore County, Harford County, Baltimore City, Cecil County, Anne Arundel County, and Howard County, a retrospective appraisal can provide important documentation during the estate settlement process.

What Is a Retrospective Estate Appraisal?

A retrospective appraisal determines a property’s market value as of an earlier effective date, typically the date of the owner’s death.

Unlike a traditional appraisal that establishes a property’s current value, a retrospective appraisal examines historical real estate market conditions.

For example, if a homeowner passed away in 2021 but the estate is being settled in 2026, an appraiser can develop an opinion of the property’s value as of the date of death in 2021.

This type of appraisal is particularly useful when estate matters are handled months or even years after the property owner’s passing.

Why Is a Retrospective Estate Appraisal Needed?

A retrospective estate appraisal may be needed for several reasons, including:

  • Estate Settlement: Establishing the property’s value for estate administration and distribution among beneficiaries.
  • Tax Purposes: Providing documentation of fair market value that may be used to establish the property’s tax basis.
  • Inheritance Decisions: Helping beneficiaries make informed decisions about retaining or selling inherited real estate.
  • Estate Disputes: Providing an independent valuation when questions arise regarding the property’s historical value.

An accurate and professionally prepared appraisal can help attorneys, accountants, personal representatives, and beneficiaries navigate the estate settlement process.

How Does an Appraiser Determine Historical Property Value?

A retrospective estate appraisal requires researching the real estate market as it existed on the effective date.

The appraiser analyzes comparable property sales from the relevant historical period, considering factors such as location, square footage, condition, age, acreage, and property features.

The property’s condition as of the date of death is particularly important. Improvements completed after that date generally should not be included as though they existed at the time of valuation.

For example, if a property received a renovated kitchen or new bathrooms several years after the owner’s passing, those improvements would not automatically contribute to the property’s historical value.

An experienced appraiser considers the available historical information and market evidence to develop a well-supported opinion of value.

Simple Steps for Families Preparing for a Retrospective Estate Appraisal

Preparing for a retrospective estate appraisal in Maryland is generally straightforward. Families and personal representatives can help the process go smoothly by following a few simple steps.

  1. Provide the Property Information: Give the appraiser the property address, date of death, and contact information for the personal representative.
  2. Gather Available Documents: Locate any previous appraisals, property surveys, tax records, or photographs of the home. These can be helpful but are not always required.
  3. Describe the Property’s Past Condition: Let the appraiser know about any major renovations, repairs, or changes made to the property since the date of death.
  4. Arrange Property Access: If an inspection is necessary, coordinate a convenient time for the appraiser to visit the property.
  5. Receive the Completed Appraisal: The appraiser will research historical market conditions and prepare a report establishing the property’s value as of the requested date.

The Bottom Line: Families do not need to gather extensive paperwork or conduct their own market research. An experienced retrospective appraiser handles the valuation process and guides the family through any additional information needed.

Why Local Market Knowledge Matters

Real estate markets can vary significantly throughout Maryland. Property values and market conditions in Baltimore City may differ considerably from those in surrounding suburban and rural communities.

For example, a residential property in Baltimore County or Howard County may have different market influences than a property with significant acreage in Harford County or Cecil County. Likewise, properties in Anne Arundel County may be affected by location-specific factors such as waterfront access.

A qualified appraiser familiar with the local market can identify relevant historical comparable sales and analyze the factors that influenced property values at the time.

Understanding these differences is particularly important when determining a property’s value several years in the past.

The Importance of an Accurate Date-of-Death Appraisal

A professionally prepared retrospective appraisal provides an independent and well-supported opinion of historical property value.

This documentation can assist estate attorneys, accountants, personal representatives, and beneficiaries in making informed decisions throughout the estate settlement process.

Because estate valuations may have legal and tax implications, families should consult their estate attorney or tax professional to confirm the appropriate valuation date and reporting requirements.

Final Thoughts

Handling the real estate portion of an estate can be challenging, especially when determining a property’s value from several years earlier.

Fortunately, a retrospective estate appraisal provides a reliable method for establishing historical real estate value using relevant market data and professional appraisal methodology.

Whether the property is located in Baltimore County, Harford County, Baltimore City, Cecil County, Anne Arundel County, or Howard County, working with an experienced real estate appraiser from Robinson Appraisal Group can help make the estate settlement process more organized and manageable.

Need a Retrospective Estate Appraisal in Maryland?

The appraisers of Robinson Appraisal Group each have over 25 years of experience in the industry to help you through the process of determining your property’s historical value for estate administration, inheritance planning, and related valuation needs.

Is there a Cooling Trend in Harford and Baltimore Housing Markets

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The real estate market in Harford and Baltimore County is showing signs of cooling, with slower price growth, longer listing times, and reduced buyer urgency.

After years of rapid appreciation and frenzied buyer activity, the housing markets in Harford and Baltimore County are beginning to stabilize. While home prices remain elevated, the pace of growth has slowed, and key indicators suggest a shift toward a more balanced environment.

According to Zillow, the average home value in Harford County rose just 0.9% over the past year, reaching $418,482 as of May 2025. This marks a significant deceleration compared to previous years. Coupled with the deceleration homes in Harford County now spend an average of 23 days on the market, up from 19 days last year. In Baltimore County, properties are also lingering longer before selling.

  • Across Maryland, more buyers are backing out of deals, reflecting growing caution and less competitive pressure.
  • In June 2025, Baltimore County saw a decline in home sales compared to the same period last year.
  • While in some areas prices are still rising, the rate of increase has tapered off, suggesting that the market is no longer overheated.

    What is driving the shift?
  • Rising interest rates have made borrowing more expensive, reducing affordability and cooling demand.
  • After years of bidding wars and limited inventory, many buyers are stepping back, hoping for better deals or more inventory.
  • Broader concerns about inflation and job stability are prompting more cautious financial decisions.

    What will this mean for buyers and sellers?

    Buyers may find more negotiating power and less competition, though affordability remains a challenge. Sellers should  adjust expectations, as homes may take longer to sell and command fewer offers.
  • As Harford and Baltimore County shift toward a more balanced housing landscape, both buyers and sellers will need to re-calibrate their strategies. The coming months may reveal whether this cooling trend is a temporary pause—or the start of a longer reset.  

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The Rise of Multigenerational Living

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A Response to Housing Affordability Challenges

The Baltimore metropolitan area, encompassing Baltimore City and surrounding areas to include Baltimore County, Howard County, Anne Arundel, Carroll County and others have witnessed a notable trend: an increasing number of families choosing multigenerational living arrangements as a practical response to the current housing challenges. Rising costs, lack of home inventory and the economic challenges of today’s market have buyers broadening their thought process on solutions.

The cost of housing in Baltimore and its surrounding counties has been rising steadily, outpacing wage growth and making it increasingly difficult for many buyers to afford housing. This coupled with the rise of healthcare, assisted living facilities, nursing homes and other elder care services have made multigenerational living (where multiple generations of a family choose to live together under one roof) become a viable option for many.  This arrangement also helps provide in-home housing for elderly relatives, adult children, young adults facing student loan debt or caregivers while maintaining some level of independence and privacy. 

In many cultures, multigenerational living has long been a traditional practice. The respect for elders, strong family ties, and the desire to provide care and support across generations contribute to the attractiveness of this living arrangement. 

When dealing with multigenerational households, there is typically the presence of an accessory dwelling unit (ADU). An Accessory Dwelling Unit, is a secondary housing unit that is located on the same property as a single-family home. Also known as granny flats, in-law units, or backyard cottages, ADUs (according to Fannie Mae) must include space for living, sleeping, cooking and bathrooms independent of the primary residence. They are designed to be smaller in size compared to the primary residence and are intended to provide additional housing options within existing residential neighborhoods. An ADU can be detached from the main dwelling, attached to the dwelling or within the dwelling. 

The regulations and guidelines for ADUs vary widely depending on local zoning laws, building codes, and community preferences. Many jurisdictions have specific requirements regarding the size, design, and occupancy of ADUs to ensure they are compatible with the character of the neighborhood and do not pose undue burden on infrastructure or parking.

Local and state governments may need to reassess zoning regulations and housing policies to accommodate the diverse needs of multigenerational households. This could include incentives for developers or builders to build multifunctional homes in support of accessory dwelling units (ADUs) to create separate living spaces within existing properties.

With the current state of the housing market and the changing needs of buyers, multigenerational living represents a flexible and innovative approach for our current demographic trends as well as addressing current housing inventory needs.  

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Housing Shortage in Maryland

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Maryland is facing a serious housing shortage that is impacting the entire state, but especially the Baltimore Metropolitan area. The low inventory of available homes combined with high interest rates has made it difficult for potential buyers to find an affordable home in the area. This has caused a decrease in overall real estate sales, and an increase in rental prices. As a result, many people are unable to purchase a home due to financial constraints.


Historical median data for Harford County, Baltimore County, Anne Arundel County and Cecil County all have shown a decrease of approximately 30% in closed home sales for the 1st quarter of 2023 compared to the 1st quarter of 2022. The current homes offered for sale have also decreased compared to last year’s data. Harford County homes for sale are down 19.2%, Baltimore County inventory is down 30.2% and Cecil County homes for sale are down 35.6%. With that being noted the median sale prices for each county have increased marginally.

 
So, why is the inventory amount for houses on the market so low??


One reason inventory is so low nationally is that many homeowners were able to lock in record low interest rates in 2020 and 2021. Mortgage rates have continued to  increase since then—the rate for a 30-year fixed mortgage reached 6.7% on March 9, nearly double that of a year ago, according to Freddie Mac. That means that homeowners who bought or refinanced with low interest rates are reluctant to sell their homes and buy another with a mortgage with a much higher interest rate.


Older Americans have decided to age in place. There is not much of an incentive for Baby Boomers to sell their home because of economic uncertainty. Demographics according to the National Association of Realtors owners used to sell every six or seven years but the typical seller in 2019 owned a home for 10 years. This amount is bound to increase due to the low rates of 2020 and 2021 – no one would willingly give up the low interest rates they locked into during this time.

 
Landlords are also not willing to sell. With rental rates rising and the high rates of return on investment, less and less investors are willing to sell and eliminate their lucrative cash flow. Approximately 33% of households rent their homes in Maryland: this is a large amount of inventory that will see no movement in the near future further adding to the bleak future of influx within the housing market.

 
The housing shortage in Maryland has been a long-standing issue, and it has only been exacerbated by the recent inflationary pressures. With the cost of living on the rise, the increase in interest rates for mortgages,  many households are struggling to find affordable housing and are unable to keep up with rising rents. Unfortunately, this issue doesn’t seem like it is going anywhere anytime soon. A big reason higher home prices have been sustainable is that housing inventory is markedly low. And until that changes, home prices are unlikely to drop in the near future.


*Historical data for the Baltimore Metropolitan Area was noted from quarterly reports provided by Bright MLS, Inc.

Maryland Inheritance Tax and Maryland Estate Tax – Double Trouble!

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Maryland inheritance tax is a tax imposed on the privilege of receiving property. The federal government does not have an inheritance tax, and only six states collect this tax. Maryland is one of those 6 states and Maryland also has an estate tax which is a tax imposed on the privilege of transferring property. Not exactly a perk for  being a Marylander!  Estate tax and inheritance tax are two types of death taxes that are often used interchangeably, but they have a key difference. Estate tax is calculated based on the net value of all the property owned by a deceased person and is paid by the estate before any inheritance is issued. Inheritance tax is based on the amount that beneficiaries receive from the estate and is paid by them.


Some individuals are exempt from the inheritance tax in Maryland, depending on their relationship to the person that has passed away. Currently, property that passes to a spouse, parent, grandparent, sibling, step-parent, step-child, child or other lineal descendant, spouse of a child or other lineal descendant, or a corporation that has only people in this category as stockholders, is entirely exempt from the Maryland inheritance tax. A primary residence owned by domestic partners held in joint tenancy at the time of one partner’s death is also exempt from the inheritance tax. However, property that passes to any other beneficiary than those mentioned is subject to the Maryland inheritance tax of 10%.


The estate tax threshold for Maryland is $5 million as of 2023. This means that if you die and your total estate is worth less than $5 million, the estate owes nothing at all to the state of Maryland. If your estate is worth more than $5 million, though, there is a progressive tax rate for all wealth above that $5 million mark that your estate will have to pay before money can be dispersed to your heirs.


If you are fortunate enough to have an estate worth beyond 5 million dollars there are a things you can do to lessen the amount of estate taxes.


Give it away! Consider making gifts while you’re still alive. Any gifts you make during your lifetime will help reduce your total estate value, and you’re probably gonna make some people very happy! For 2023, the annual gift tax exemption is $17,000, up from $16,000 in 2022. This means you can give up to $17,000 to as many people as you want in 2023 without any of it being subject to the federal gift tax. The gift tax is imposed by the IRS if you transfer money or property – worth more than an exempted amount – to another person without receiving at least equal value in return. This could apply to parents giving money to their children, the gifting of property such as a house or a car, or any other transfer. There is also a lifetime exclusion of $12.92 million in 2023.

 
Trusts are a popular option because they can be used to avoid the probate process as well as reduce estate taxes. Trusts are an important part of estate planning and can be used to protect your assets and ensure that your wishes are carried out. A trust is a legal entity that holds title to property for the benefit of another person or organization. It can be used to transfer ownership of assets, such as real estate, stocks, bonds, or other investments, from one person to another without going through probate court. Trusts also provide tax advantages and can help reduce the amount of taxes owed upon death. With proper planning, a trust can help you ensure that your family’s financial security is protected after you’re gone.

 
Another consideration to avoid estate and/or inheritance tax is to relocate. Location, location, location!!! Consider finding a state without these financial penalties.


Speaking to a financial advisor, estate planner and/or an attorney tailored to your specific needs is the best route when deciding  what will happen with your wealth. Since you can’t take it with you, at least you can be in charge of where it ends up. Thank you for reading and best of luck protecting your future fortune!

Do Rising Interest Rates Affect Real Estate?

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Interest rates play a crucial role in the housing market. Lower rates typically promote an increase in demand for properties, this in turn drives up pricing, while on the flip side of that, higher interest rates reduce the demand since the costs of a mortgage increase deterring prospective home buyers. We have been in a special situation in the past few years with respect to the pandemic.  The Covid-19 pandemic caused so much chaos and instability regarding jobs, economic growth, recession and so many unknowns it left  Americans and the world with our heads spinning.   In an effort to stimulate and grow the economy the rates were lowered to record lows in past years in hopes to aid economic growth and stability in a very unstable time.The Federal Reserve pumped money into the economy, spending trillions of dollars on mortgage-backed securities to hinder another financial crisis. This move allowed lenders to offer rock-bottom interest rates, tumbling to the mid-2% range by the summer of 2021. With the low mortgage rates prices continued to increase since buyers could borrow more money for less than ever before. The low rates coupled with the available housing supply being low caused even further price increases in home values. With buyers fighting over the homes that were on the market, bidding wars were not that uncommon in portions of 2021 and 2022. 

In March of this year the interest rates began to rise in an effort to combat inflation and curb the continual rise of home prices across the country. So far, the Fed’s six hikes in 2022 have increased rates by a combined 3 percentage points . Generally, interest rate hikes will raise costs for homeowners and reduce buying power. As mortgage rates increase, houses become less affordable. An increase of 1% interest rate can have a significant impact on mortgage costs. You can expect monthly payments to increase by an average of 10-15% . Buying power decreases and homes become less attractive for purchase thereby reducing the demand for homes. Sellers are then forced with the question of whether to reduce their price to have their home be more attractive and affordable for purchase.  The area, supply, demand, location, home type, condition and income are a few things that need to be considered before putting your house on the market and/or lowering your current price. Interest rates have continued to have a major influence in the overall market.

Investors do not necessarily share in the despair of rising interest rates compared to the typical buyer. Rising rates means fewer people can qualify for loans and will choose to rent rather than buy. Rents are at an all time high due to the demand for housing. There is more possibility for higher rates of return on investments during times of high interest rates and overall demand for rentals.  The investors that pay cash for bartering reasons or the ability not to use a bank for the purchase of a home can receive a hefty stream of cash flow without the imposed rate variation from a conventional bank.  But as we all know…it is easier to make money when you have money!

In conclusion, real estate pricing and interest rates are in a relationship with one another that can not be broken, they are like a married couple, always trying to find the best balance for both parts to work smoothly for a greater benefit. 

Appraising Real Estate During a Pandemic

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Along with the rest of the world appraisers have had to adapt to all things Covid. Being in an industry where you are entering into homes, being in one another’s personal space and typical interaction has become alarmingly apparent of risks and uncertainty.

Appraisers from the beginning of our national lock down were considered essential to continue the momentum of an economy that looked to be headed toward very unstable ground with the shock of the unprecedented closings and shut downs.

The banking industry was quick to adapt and move forward with business as “usual”. Masks and gloves were required upon entry, social distancing applied to all inhabitants within the home and due diligence for keeping everyone healthy and safe.  There were often people apprehensive and/or had compromised health issues that would not allow entry into the home, the lending institutions, in some cases, allowed an exterior only inspection with the aid of the real estate agent or borrower’s input/information coupled with interior photos of each room in order to ascertain an appraisal of the property. While there is nothing else better than an interior inspection to help determine the value, this was the best alternative considering the circumstances.

In order to ensure the economy would  stay on track the Federal Reserve lowered the rates to record breaking lows and generated quite the frenzy! The areas that we cover in Harford County, Baltimore County, Baltimore City, Howard County, Anne Arundel County, Carroll County and Cecil County have all seen values rise since the onset of the pandemic because of the lower rates and/or low inventory which also plays a part in this uptick in prices.

There is never a dull moment being an appraiser! There is a continual effort to balance and adapt to new hurdles, market  changes, lender requirements, methodology, report types, software changes and maintaining your sanity through a global pandemic. This virus has affected every person in every industry globally in some way or another, until this crazy ride is over Robinson Appraisal Group hopes you remain healthy and that 2021 can bring us back some joy and normalcy.

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An Estate Sale Appraisal Process

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An Estate Sale Appraisal Process

After 25 years of handling estate sale appraisal in the Baltimore Metropolitan area I have seen my fair share of estate sales. But what is an estate sale? An estate sale means a person has died and the party/parties that inherited the property are selling it.  Estate properties usually are priced well to reflect that fact that they need work. Another  possible issue is that if there are multiple parties involved, they may not always agree on what price or terms they’ll accept and there may be delays  due to the need to negotiate among each other, though hopefully that is not the case.

As an appraiser there are multiple ways to appraise a property that belongs to an estate. One method is the traditional appraisal process of determining the most recent and appropriate comparables in the market area surrounding the property.

Many times we are asked to evalauate the property’s value as of the date of death of the deceased owner(s). This is typically a private appraisal for an attorney or for one of the parties who will be part of the estate looking for the market value. When establishing the value on the date of death  the sales comparables must have occurred prior to the date of passing, so if I was doing an appraisal on a house where the  deceased passed 12 months ago, the sales would had to have sold prior to that date, say 13 or 14 months ago. You cannot use sales that occurred after the date of passing: this is called a retroactive appraisal.

The appraiser can not be biased or allow recent circumstances in the market to affect the value after the retroactive date…say the market plummets or prices have increased substantially due to high demand… the estate appraisal should reflect what the market was on the date of the passing, not anytime after.

A big part of maximizing what you leave behind is minimizing taxes. Federal taxes on gifts and estates can be among the highest assessed on any financial transaction. In addition, some states levy their own estate or inheritance taxes.

An appraiser,  an attorney and a tax advisor can aid in the process of estate issues. As an appraisal company we can provide one of the services needed in regards to your estate and real estate valuation.  Robinson Appraisal Group covers the areas of Baltimore County, Baltimore City, Harford County, Cecil County, Carroll County, Anne Arundel County and Howard County. Having a professional appraisal gives the parties involved a reputable report to work with in meeting IRS and state agency requirements. It would be our pleasure to work with you during this arduous process.

interest rates

Interest rates are the highest in the past 7 years!!!

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Interest rates for buyers with good credit or credit worthiness for a 30 year loan is approximately 4.875% while average buyers fall around 5%. A hike in rates have been talked about since last year with minimal increases until recently. Mortgage rates started around 4% at the beginning of 2018 and have seen a steady increase. With the positive retail sales data and the rising home costs due to low inventory in some of the major markets the interest rate hike is not a complete surprise.
Typically a rise in rates will slow down the rise of prices in this high demand/low inventory market but the demand of today’s buyer has not been derailed by the spike in interest rates thus far. We have had years of low interest rates, now with mortgage rates creeping up to 5% and gas prices rising a correction is looming for the typical buyer.
Borrowers that refinance their current loans make up a smaller portion of the mortgage business than at any time in the past two decades, which poses a challenge for lenders who already fear higher interest rates and climbing home prices could potentially stunt purchase activity.
In a January statement, Fed officials said they expected annual inflation to “move up this year and to stabilize” around the US central bank’s target inflation rate of 2%. The Fed has forecast three rate increases in 2018.
According to local real estate agents the Harford County real estate market is a bit more competitive than Baltimore and Cecil County markets. Properly priced properties typically sell within days of being listed many with multiple offers. This seller’s market may come to a screeching halt with interest rates beyond 5%, so if you are looking to buy or sell, keep an eye on trends and rates. An appraisal can help you make a decision to buy or sell in this ever changing market. Please contact Robinson Appraisal Group for any help you may need in your valuation process.
Property Inspection Waiver

Enhanced Property Inspection Waiver

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Fannie Mae has a new automated underwriting system called the “enhanced property inspection waiver” program. Fannie Mae’s no appraisal offer applies to refinance loans on single family homes or condos up to $1 million and Fannie Mae must have a physical appraisal for the same property with the same borrower in its database.

So where is the data or valuation coming from? Oddly enough it is our own reports that we send in through the Uniform Collateral Data Portal. This is a database where lenders enter appraisals for mortgages submitted to Fannie Mae or Freddie Mac; this was implemented just over 4 years ago. Imagine the large pool of data gathered by appraisers fed into this database that can now be used for developing automated appraisals. It is unnerving to think our industry has required us to give information to aid in our own possible extinction.

An argument is made to the effect that an additional program was needed to expedite the appraisal process due to the lack of appraisers in the industry and turn around time on reports are longer than expected. There are less appraisers in the workplace due to a large amount of appraisers hitting the retirement age and the minimal influx of new appraisers coming into the industry. This minimal influx is mainly due to current license and/or certification requirements. The Appraisal
Institute noted that the number of active appraisers has fallen approximately 9% since 2012 and expected a continuation in decline in the future. There has been lobbying toward the Appraiser Qualifications Board for a reduction on some of its college level education requirements in an effort to attract more people to the field.

Under the “enhanced property inspection waiver” program the loan applications that come through its automated underwriting system could increase to 10% for qualifying loans: formerly this was 3%.

This new program would be for “limited cash-out refis”. Fannie Mae’s director of credit risk, Zach Dawson, estimates that 25% of limited-cash-out refis could qualify for the new program. Loan amounts vary by region and the loan- to- value ratio cannot exceed certain limits.

As an appraiser in the field everyday I realize the importance of entering into a home and seeing with my own eyes the condition, the improvements, the deferred maintenance, working systems, presence of mold and/or recent dampness within a property. These are just a few items that could never be seen by dated data that was entered through an electronic portal years ago.

Everything is not always black and white or cookie cutter. Homes are like people, no two homes could ever be the exact same. Our current world is driven by technology without the need for interpersonal skills being admired or even needed due to programs assembling the most advantageous bottom dollar for big business. As appraisers we collectively enter and report on billions of dollars worth of of “big business” property, we state our findings, give valuations and provide support for the structure and integrity of this industry. Replacing our inspections/appraisals with a streamline program in an effort to save a few hundred dollars in a multi-billion industry in my opinion is like shooting yourself in the foot….you may inadvertently undermine your own interests.