Why can't we band together on Feb 4th?

[J Grant]

Anyone who believes the following statement is accurate in all markets doesn't understand appraisal practice.

within 20% GLA is a possible comp, the way he wrote it looked like 80% different - my bad.

 

[Joe Flacco]

Ok guys (and gals),
Here you go. Working on a report. The 1004MC shows declining market (didn't weed out the comps - just used all comparables within 1/2 mile). Then, I did the comps within 20-120% of GLA and that's the Excel Chart screen capture which shows an increasing market ($76/Day).

How would you explain this?

I check the box of the actual trend. Not what the data looks like in the MC form.

 

[Fernando]

View attachment 96151

I check the box of the actual trend. Not what the data looks like in the MC form.

I also get $/sf and see its trend. Sometimes conflicting. With 1004MC, Appraiser gets to write the narrative for his/her choosing as long as it sounds convincing.
I never had a problem with reviewers on 1004MC.

 

[OG80]

To convert it into a percentage, multiply say -$35.00(per day) by 365 days in a year and then divide by the average sale price of the data set, such as $256,000. For instance, 35 * 365 equals 12,775. Then, dividing $12,775 by the average sale price of $256,000 results in approximately a 5% change or appreciation in prices in a year.

Thanks for this.

 

[OG80]

I also get $/sf and see its trend. Sometimes conflicting. With 1004MC, Appraiser gets to write the narrative for his/her choosing as long as it sounds convincing.
I never had a problem with reviewers on 1004MC.

Datamaster shows it at 3.71% for Comp, 2.76% for C2, 1.67% for C3 and 12.80% for C4.

 

[OG80]

Take a look at this page for Market Conditions

 

[Fernando]

In general if around 3%, it's not statistically significant to make a call.
Usually, I don't make market conditions for recent 3 months unless market really changed (only time it was so apparent was after September 2008 when prices dropped rapidly).
And if supported, I make some market conditions for older dated comps like 6 months or older. Still hate to make time adjustments.
In reconciliation, appraisers make final call in conclusion of comps used.

 

[J Grant]

Take a look at this page for Market Conditions

wrt the comment section, you wrote the comps showed the same increase - give yourself some wiggle room, say they showed a similar increase or an equivalent increase.

 

[Joe Flacco]

Take a look at this page for Market Conditions

Are market values actually 22% higher than 12 months ago? Or is that just what the software is spitting out?

 

[OG80]

Are market values actually 22% higher than 12 months ago? Or is that just what the software is spitting out?

Software said it.