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How does your analysis compare to these figures?

Discussion in 'General Appraisal Discussion' started by Mary Tiernan, Nov 9, 2009.

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  1. Mary Tiernan

    Mary Tiernan Senior Member

    0
    Dec 16, 2003
    Professional Status:
    Retired Appraiser
    State:
    Michigan
    The link below will lead to a Yahoo article showing the ten metropolitan areas with increases in average sale price over the past couple months.

    I'm curious how you from Minneapolis, California (San Diego, Los Angeles, San Francisco), Phoenix, Denver ,Seattle, D.C., Detroit, and Chicago compare your market analysis with the numbers provided here ->

    http://realestate.yahoo.com/promo/10-cities-experiencing-home-price-rebounds.html
     
  2. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    57
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    The low price zip codes have increased in value. However, it is neighborhood specific. I was looking at a combined 3 zip codes south county (south of El Cajon) where homes are 4,000 SF GLA and up. Prices are still falling. Prices were over $1 million, now they are below $1 million. Lots of REO and short sales along with people who want to just get out.
     
  3. jmarch305

    jmarch305 Sophomore Member

    0
    Mar 28, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    Problem is that this is the whole market. Nevermind individual neighborhoods or sub set markets. I don't typically give these things a whole lot of weight they are just to broad to really reference in any report. I have seen neighborhoods that are stable even some that look like they are increasing, but most are still on the decline. recently was at a seminar where a broker (a good one) broke it down by dollar amount and he showed that most everything in the Phoenix area under 150k was stable or increasing in the past couple of months. Everything over that is still on the decline with a pretty large over supply. I try not to reconcile data sources like Zillow in any of my reports.
     
  4. residentialguy

    residentialguy Elite Member

    116
    Mar 24, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota

    To me, that data is warm and fuzzy, but pretty useless in an appraisal, imo. These are general overall market and don't represent specific neighborhoods and property types.
     
  5. residentialguy

    residentialguy Elite Member

    116
    Mar 24, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    or ditto to what Jmarch said :)
     
  6. vanguard

    vanguard Member

    0
    Oct 18, 2004
    Professional Status:
    Retired Appraiser
    State:
    Minnesota
    The statistics show a downward trend for Minneapolis. Their data interpretation is false. It still is in decline.
     
    Last edited: Nov 9, 2009
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