Is the term 'price point' value a dangerous term.

[Surf Cat]

Definitions are just general guidelines to keep people between the white lines. There are no absolutes and it's like traffic speed - it all depends on the weather conditions no matter what the sign says.

 

[Surf Cat]

"Typically" is often used to describe what usually happens or what is common, while "probable" refers to something that is likely to happen based on evidence or reasoning.

"Typically" indicates what usually occurs or what is characteristic of a situation or group, whereas "probable" suggests a higher likelihood of an event happening, supported by evidence or reasoning.

In terms of probability, "probable" is generally used to describe a higher degree of likelihood compared to "possible," which simply means something can happen without necessarily indicating its probability. "Typically," on the other hand, does not directly relate to probability but rather to common occurrence or usual behavior.

 

[glenn walker]

Lol the Yenta gets a medal for being married to

Value Derangement Syndrome ** No Cure Found ....lmaooooo

 

[ZZGAMAZZ]

Nope, a market value opinion is not purely subjective - it is a valuation model based on certain principles that exist in the MV definition, to lead to a credibly supported "market value."

Prices are facts, values are an opinion -and the appraisal has a MV definition which sets out the terms for the oponin - one of which states MV us what a Typically motivated buyer would pay, and a typically motivated buyer is not an individual who pays more to be next door to their mother, which addresses your example. Thus, if you wanted to use that sale as a comp, you might reject it when you found out the reason for the higher price, or you might include it as a fourth or fifth comp and give it less consideration and explain why.

You are bringing up examples of individual buyer perspective, which is called value in use. If 90% of garages are used to park cars ( in my experience that is what I see, ) the fact that some covert it to a man cave doesn't; matter much - again, it is the actions of the typically motivated buyers for that type of property which matters in a MV purpose appraisal.

Litigation makes up a tiny percent of res appraisal practice and most appraisers never go to court or go once or twice in an entire career.

Value is not just something printed on the form. Value is the purpose of the appraisal, and the value is defined in the MV defitno !! If an appraiser says they can not define it because it means something different to each buyer and seller, they need a refresher class-

In life, Value can mean something different to each buyer and seller , but for an appraiser, we arrive at Market value by using the "model" of the typically motivated and well-informed or well-advised as set out in the MV definition.

This thread is way above my IQ, for example, does an appraiser's Opinion of Value that is based upon tangible Prices become a Price when the Intended User accepts it as the basis of its functional application, based upon the User's perception of ... the value of the value???

 

[ZZGAMAZZ]

The yenta hears me mumbling about price versus value. She asks don't you value houses based on what others sold for ? I'm like yeah we find hopefully five or six homes that sold and that are most similar to the home we're appraising.

Then she says do you use the sales prices or the value of the comparables
to arrive at a final value on the one your appraising ? I'm like we use the Sales prices on the Comparables.

Now she says you better stop the bull**** because I'm not playing any of your silly word games, so if you don't know the value of the comps and just the sales prices , how can you know the value of the home your appraising ?

Now she says you either use the sales prices or the value of each sale ! otherwise your math is convoluted with bull**** just like your sales equals value but the subject being appraised is the only one that has value and not price.

That's it I'm done and I told her I have no idea and I'm as confused as her. As she walked out she says because your stupid and your peers are stupid and no wonder everyone hates you people.

Geez La Wheeze-trying to explain value to a bitter old retired electronic engineer is like telling her how a lightbulb works.
It all seemed so easy when i took my McKinsey Online Value V Price class.

Ha ha ha ha ha ha ha

 

[ZZGAMAZZ]

Lol the Yenta gets a medal for being married to you!

I always presumed that the two of you would hook up someday [because you have so little in common] !!!

 

[Mark K]

It is called a bell curve. Exactly what you are doing. You reject the high and low numbers and pick comps from the middle of the curve...

You'd have better luck explaining it to your cat. While you're at it, throw in a discussion about precision and accuracy and data quality.

 

[glenn walker]

I always presumed that the two of you would hook up someday [because you have so little in common] !!!

She's very much like my wife both Yenta and both raised in NYC and both liberals and don't ever admit their wrong.

Mine just won't leave me because she doesn't want me to ever be happy and free, so she would rather win by keeping me as a prisoner. And I'm not giving her half of my kingdom and inheritance so
we are like negotiating with Zelenskyy and Putin someone has to surrender or die. I'm not budging....lmaooooo

 

[Surf Cat]

She's very much like my wife both Yenta and both raised in NYC and both liberals and don't ever admit their wrong.

Mine just won't leave me because she doesn't want me to ever be happy and free, so she would rather win by keeping me as a prisoner. And I'm not giving her half of my kingdom and inheritance so
we are like negotiating with Zelenskyy and Putin someone has to surrender or die. I'm not budging....lmaooooo

Just had a discussion with a long time friend about his long time, live in girlfriend.

He had to pay her, very much like a tenant in a multi-family, rent control unit that was just purchased.... to leave. He's sick over the amount of money he gave her but elated that she's gone.

 

[J Grant]

This thread is way above my IQ, for example, does an appraiser's Opinion of Value that is based upon tangible Prices become a Price when the Intended User accepts it as the basis of its functional application, based upon the User's perception of ... the value of the value???

>The opinion of value stays an opinion of value - a sale price is negotiated between parties -