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

[Artemis Fowl]

I took classes from a guy that did surveys for the Apollo program. Yup, he surveyed the moon for landing sites. He would tell us that even using precise measurements, no two surveyors will sink a spike in the exact same spot...and they'll both be right.

 

[J Grant]

I took classes from a guy that did surveys for the Apollo program. Yup, he surveyed the moon for landing sites. He would tell us that even using precise measurements, no two surveyors will sink a spike in the exact same spot...and they'll both be right.

What does a survey for the Apollo program have to do with an appraisal?

This is an example where somebody draws the wrong conceptual conclusion from another field - even a prestigious field - which does not apply . A landing site is a precise geographic location - a market value opinion is not expected to be ""precise" in the sense that it is a one and only one perfect, god like - the appraisal is full of evidence this is not teh case, which is why it limits the value opoin use for the identified client on ly and their intended users.

A point value $ amount is expressed as one chosen number, but the appraisal, which has certs and limiting conditions and uses teh word opinion, should indicate the value $ amount is not the exception of perfect/precise/the ONE and only price.

Appraisal answers a marketing question, not a math question. An appraisal asks a question about value ( a market VALIUE opinion, which includes DOM exposure) - though price and value have a correlation - ( the MV terms and definition of most probable price )

 

[J Grant]

I took classes from a guy that did surveys for the Apollo program. Yup, he surveyed the moon for landing sites. He would tell us that even using precise measurements, no two surveyors will sink a spike in the exact same spot...and they'll both be right.

If both surveyors projected the landing site spike very close to each other, it is good enough - I am sure nobody expects a perfect precise landing spot on a planet - wrt they both are "right" is like two apparisers coming in very close on value opinions. of course, they are not at the same problem, which is why examples like this can be abused.


Surveying a distant planet - and they do have precise measurements - but can not all hit exactly do to space gravity and distance -- sale prices are finite fact numbers but are not "precise" value equivalents -

 

[alebrewer]

What does a survey for the Apollo program have to do with an appraisal?

It's called an analogy, J.

 

[J Grant]

It's called an analogy, J.

I understand that, but these kinds of analogies can be abused by appraisers to rationalize number hitting, it seems. Or to further distort their misconception about what we do in an appraisal.

 

[Tom D]

j Grant, i have a degree in special ed. You definitely have HATD. Hyper active typing disorder. You have gone into some hyper typing mode since trump won. Too funny, but you are sometimes the only person dissenting against the mob.
With posting, go for the killer punch, instead of words pummeling us to death. I like your passage/aggressive one liners, being of that nature myself.

 

[alebrewer]

I understand that, but these kinds of analogies can be abused by appraisers to rationalize number hitting, it seems. Or to further distort their misconception about what we do in an appraisal.

It seems to me that the analogy was pointing out that, no matter how good the practitioner, they are only as precise as the data allows them to be.

 

[Mark K]

I took classes from a guy that did surveys for the Apollo program. Yup, he surveyed the moon for landing sites. He would tell us that even using precise measurements, no two surveyors will sink a spike in the exact same spot...and they'll both be right.

Some people are unable to understand or accept that 'they are not that good' to opine a number to within 1% and claim that 'this is the right answer'. Yet some of these same appraisers will try to convince others that its OK to ignore sales concessions as long as they're 5% or less and will call others unethical if they adjust 5% to correlate to a sales price.

Appraising isn't surveying to within 1/10". Its more akin to measuring a board to 1", marking the line with spray paint, and then cutting it with a fine-tooth saw. And some of the more intellectually challenged will have you believe that's precise because you cut it with a finishing saw.

 

[alebrewer]

I like your passage/aggressive one liners, being of that nature myself.

I, myself, am a fan of some level of snarkiness (I don't think that's a word). At some point, though, its distracting to the point of not even worthy of engagement.

 

[Mark K]

It seems to me that the analogy was pointing out that, no matter how good the practitioner, they are only as precise as the data allows them to be.

You are wasting your breath, or electrons.