Data Cancer found....

[bluechip]

A must listen:

 

[KHS445]

Interesting conversation and does point out some of the issues that have a significant probability of occurring in the next several years. It would be great if some organization would be able to review the impact of waivers on sales prices in multiple locations around the Country and then prepare a white paper report. My guess is the greatest impact will be in the lower value markets, which will affect those that can least afford it.

 

[George Hatch]

This is what I'm seeing of his analysis

These sales range in size between 1622-3175sf. That $430k sale he's complaining about is 2904sf and it backs to and has a view a lake view. The 360k sale on the s/w corner of the lake also has a view but the GLA is 1444sf - the smallest home in this dataset.

 

[Joe Flacco]

That sale probably would have occurred with a waiver or not. It would become a comp regardless. What is concerning about it is that it was given a waiver. The algorithm put the value there.

 

[Joe Flacco]

Somebody should make the MLS and agents require reporting of if waiver was used so that it can be analyzed.

 

[Mejappz]

There should be a dedicated field in the MLS for 'sale terms' to identify properties with these waivers. Over the past 24 months, my research has shown that properties with these waivers tend to sell for significantly more—typically between 15-25% higher than comparable listings.

 

[Joe Flacco]

There should be a dedicated field in the MLS for 'sake terms' to identify properties with these waivers. Over the past 24 months, my research has shown that properties with these waivers tend to sell for significantly more—typically between 15-25% higher than comparable listings.

How do you know which properties got a waiver? Lets see this research.

 

[Mejappz]

Just ask the seller or buyer's agent. I previously shared a list of multiple properties within the same PUD that received waivers, and all of them sold above market value.

 

[George Hatch]

This is a view amenity off the $430k rear porch - it extends 180* (there's another pic covering the left)

There are 2 other sales showing in Zillow (incomplete though it may be. The $360k sale in the s/w corner of the pond is the smallest home in the dataset, the $300k sale on the next street being 200sf larger. So what do you think? Do you think maybe this view amenity might be of effect on the value?

My question is why Mr Crawford didn't mention these factoids in his oh-so-careful writeup? It appears he omitted the 05/29/2024 sale at $360k altogether even though it was marketed through the MLS.

I'd severely hassle an appraiser for trying to sell their opinion based off of price/sf analysis with a dataset ranging from 1444-3175sf.

For your troubles

 

[George Hatch]

BTW
If I extend the search back 3 years, there was a 02/2022 sale of a 2328sf home with the water feature view that sold for $382k, so that's something an AVM would pick up, even if Mr Crawford didn't.