Is a "Neighborhood Market" a credible term?

[TerryRohrer]

Appraiser Update | Fannie Mae

Welcome to the Q4 2024 Fannie Mae Appraiser Update.

singlefamily.fanniemae.com

 

[ZZGAMAZZ]

Appraiser Update | Fannie Mae

Welcome to the Q4 2024 Fannie Mae Appraiser Update.

singlefamily.fanniemae.com

Yes Sir, I copy/pasted the two defiitions into my template when they were published recently, but didn't further explain the distinction. Never quite sure how much to say, or whether any of it gets read.

 

[TerryRohrer]

Yes Sir, I copy/pasted the two defiitions into my template when they were published recently, but didn't further explain the distinction. Never quite sure how much to say, or whether any of it gets read.

To your original question, I don't find creating my own definitions of important terms to be useful. If everyone uses one definition and you another, there should be little expectation of being understood.

 

[NC Appraising]

The Blog reference is outstanding; and I appreciate your response. I'm wondering whether an appraiser should address the distinction in the market analysis, or the neighborhood, section, including comments that notify an intended user that the page 1 "Trends" include more than competing properties???

I would take Dwiley advice in the second doc. They lay it out pretty well.

Ps, if you read all three docs, they all mostly agree, which is rare for appraisers to do.

 

[ZZGAMAZZ]

To your original question, I don't find creating my own definitions of important terms to be useful. If everyone uses one definition and you another, there should be little expectation of being understood.

Yes of course, although I didn't mean to imply that I would attempt to create alernative definitions, but just explain which parts of a report pertain to competing properties and which parts are based upon the entire neighborhood, a fact that has been demonstrated often by appraisers on the AF.