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Market Condition

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appraizer76

Freshman Member
Joined
Oct 26, 2007
Professional Status
Licensed Appraiser
State
Georgia
By looking at the file I have attached. Do you consider "INCREASE" in market condition"? or is it not correct way to determine the market condition. I searched for 3 year sales history within 2 mile radius to subject property using FMLS. I also did 3 years in subjects subdivision and 1 mile radius. Both were not enough sales to determine. Please help and give advise. Thank you!
 

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Greenback

Senior Member
Joined
Apr 20, 2007
Professional Status
Appraiser Trainee
State
Louisiana
Exposure time may be a market condition. Inflation may be a market condition. Interest rates are almost irrelevant except for those properties that are able to contribute, in my eyes, and may be a market condition. Energy may be a market condition. Unemployment may be a market condition. Migration vs' out-migration? Construction? Cycle within the path of progress (if its in a path of progress). Etc...

I see a pattern or two, but I'm not in your market. 2008 data would be helpful. The file you attached doesn't have much detail for me to analyze.

Sincerely,
 

starmansf

Sophomore Member
Joined
Jan 2, 2006
Professional Status
Certified Residential Appraiser
State
California
If you're a licensed appraiser .. shouldn't this be in the urgent help thread? At any rate, are you in one of those rare areas of the country where property values are still increasing? or are you in an area without much data to support a conclusion, which should pretty much answer your question.
 

NC Old Guy

Junior Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
North Carolina
There seem to be plenty of sales. Just need to perhaps break it down into smaller chunks. Price, alone, does not necessarily explain it all. I noticed in the most recent year at least one high valued home--much larger than other years. Have you had a noticeable change in size of homes? Average price change of 10% may be important, but may not be telling a true picture if the average home size went up 20%. Peel away the layers & see what lies underneath. (Besides, if break it down in smaller chunks of time, can utilize what has happened in the last 6 months (& that may not be anything good).
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
I would suggest breaking it out my month, and you will get a better idea of what is going on. Try to segregate your analysis0 by subdivision or at least property type. Load the data in to excel and graph it out and you accomplish two things: you have a really nice addenda, and you get a nice analysis tool. Here is an old one.

SSSMARKETWIDE.jpg
 

Hamlet

Elite Member
Joined
Aug 14, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
Appraizer,

Seems you have plenty of sales, but you aren’t breaking the data down into meaningful segments. Break the information into mean, median and mode for the GLA, List Price, Sales Price, DOM, Price per SF, etc. Look at how many REOs and short sales are impacting the market. If you have a lot of information you can break it down by quarter. Look at listings and those that are off the market. If you are handy with excel, create spread sheets and make graphs to help spot the trends.
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
You also DEFINITELY need recent data from this year.
 
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