Listing history indications

[J Grant]

The REO appraisals I have done typically asked for two market value opinions - one in the regular reasonable marketing time exposure, the other in a client-specified DOM exposure, 30-60 days or whatever the client specifies.

 

[ZZGAMAZZ]

Not sure I understand the question, but my mantra has always been that listings cannot help, but they can sure hurt. This is due to the principle of substitution. If the identical property next door is listed for sale at $175k, then my property can't be worth more than that - regardless of what the (already dated) closed data indicates...

Caveat: The EA is that the identical property next door is listed at market - and one way of determining that is looking at DOM.

"Active listing comparables werre included in the SCA grid to depict the "Upper Limit of Value" premise, i.e., the adjusted value of an active listing that has failed to go under contract despite having experienced sufficient exposure tends to establish the highest possible measure of market reaction." [Implied but often misunderstood is that the adjusted value are ABOVE the hiighest possible Opinion of the subjet Market Value, often Far above...]

 

[ZZGAMAZZ]

I have a local market (city/area) where every listed property is 20%-40% below the actual sales price. This technique draws multiple offers in a few days using escalation clauses and generates a supported sales price. Not a new technique, I'm not a fan of it, but brokers and agents have sold the participants on it. Like listing a million dollar property for $1, it should still sell for a million.

So no, the value is NOT the list price.

Perfect example of why the s/l ratio is usually meaningless, because seller motivation isn't quantified, or defined...

 

[alebrewer]

Active listing comparables werre included in the SCA grid to depict the "Upper Limit of Value" premise

This is what you'd expect of listings... it's when the listings proffer adjusted values lower than your opined value that introduce a question into your logic. We expect listings to set the upper limit - that's normal. But when the 'adjusted' listing is lower than the opinion of value, that's when one should consider scratching of the head...

 

[ZZGAMAZZ]

This is what you'd expect of listings... it's when the listings proffer adjusted values lower than your opined value that introduce a question into your logic. We expect listings to set the upper limit - that's normal. But when the 'adjusted' listing is lower than the opinion of value, that's when one should consider scratching of the head...

Possibly digressing but ur comments got me thinking bout an AF about "Exposure" that also came into play during a recent exposure-to-exposure conservatorship gig--that leads to the term "The Fallacy of Exposure" because IMO the concept has no predictive capacity; just too many critical motivational factors that inevitably remain unknown..... zzzzz

 

[Fernando]

This is what you'd expect of listings... it's when the listings proffer adjusted values lower than your opined value that introduce a question into your logic. We expect listings to set the upper limit - that's normal. But when the 'adjusted' listing is lower than the opinion of value, that's when one should consider scratching of the head...

When "adjusted" listing is lower which is common around here, I make comment that generally sell 110% of list price (with support from 1004MC).

 

[ZZGAMAZZ]

This is what you'd expect of listings... it's when the listings proffer adjusted values lower than your opined value that introduce a question into your logic. We expect listings to set the upper limit - that's normal. But when the 'adjusted' listing is lower than the opinion of value, that's when one should consider scratching of the head...

. . . or at least question whether the Opinion is accurate . . .

 

[Fernando]

I checked on two of my pending listings for an appraisal I did in September. Just checking to validate my appraised value.
The listings sold significantly over list price.
If I knew those sales prices back then, I would have appraised my subject higher.

 

[ZZGAMAZZ]

I checked on two of my pending listings for an appraisal I did in September. Just checking to validate my appraised value.
The listings sold significantly over list price.
If I knew those sales prices back then, I would have appraised my subject higher.

One often wonders whether u purposely antagonize peers many of whom are very patient... lol

 

[Fernando]

One often wonders whether u purposely antagonize peers many of whom are very patient... lol

Didn't mean to antagonize.
Just wanted to point out that even the Great Fernando missed higher point value.