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Market Summary from review assignment - I work too hard

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Mary Tiernan

Thread Starter
Senior Member
Joined
Dec 16, 2003
Professional Status
Retired Appraiser
State
Michigan
I've seen some of the Market Summaries from posters here, and mine are pretty well detailed also.

Received a review - here's the market summary:

The general market conditions are starting to improve, with conventional financing readily available. Market values are still found to be declining due to an oversupply creating a declining perior over the past 2 years. Marketing time is found to be over 6 months, due to an over supply of homes on the market and inappropriate list pricing.

It fits on page one, but doesn't give any details in my opinion - or, do I provide too much?

The subject is lakefront - which in this area is typically purchased by larger urban dwellers. I didn't even know the subject was lakefront until the sales grid - neighborhood description is as follows:

The subject is located in an area of homes that are similar in age, style, quality and value. Linkages and supports are present and adequate. Schools are rated average. Local shopping is within adequate distance. A variety of employment opportunities are available in the area. Recreational activities in the area are average.

Called suburban.

Subject is located near Newaygo, which is a very small town 1 hour north of metropolitan Grand Rapids area.

Perhaps I describe locations too much, too?

Man - I work too hard!
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Mary,

No, you don't give too much. The Skippy's of the world don't know how to do what you do, or even want to know. My market summary is on an addenda. it will not fit on any form.

Sorta like the description I see for some neighborhood...."Typical residential neighborhood". i don't know about you but I don't even know what the hell that means since I have never seen a typical residential neighbiorhood.:shrug:
 

Rebecca Snyder

Freshman Member
Joined
Jan 2, 2007
Professional Status
Appraiser Trainee
State
Tennessee
I understand your frustration completely! I may spend some 45 minutes plus sometimes working on understanding and reporting a given market area, and pride myself in my detail and accuracy.

But when I see the lazy generalities and canned phrases used in the work of some of my peers that is being paid the same meesly $275 or so I think "why do I even try?" But I think the general public deserve better for their dollar than "typical residential neighborhood".

So if some of us keep doing our jobs well, maybe we'll raise the standard, or at least be reconized for a job accurately, and thouroughly done.

-Bec
 

SANDY

Senior Member
Joined
May 17, 2007
Professional Status
Appraiser Trainee
State
Florida
You must be looking at one of them $125 fee appraisals where you get what you pay for and the appraiser might be paying for what he did!!! Might be a case where it would have been better for this appraiser to not do the appraisal at all if the fee was too low to do an adequate job because that's no excuse for doing a half-baked job.
It might have been acceptable in those times when the market was in balance and relatively stable with reasonable availability of financing at reasonable rates etcc... but the market conditions these days are not conducive to a half baked market analysis. Where the line should be drawn as to how much and what level of detail should be provided in a summary report is debatable.
Hey is this the ole what would your peers do question? If so good luck with determining that one because you have to discount most responses you get here unless they come from appraisers that practice in your area.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
The mini me market conditions comment mentality is Fannies fault, after supplying a line and a half space on the new form. (can you say lowered expectations?) Of course they put out the new and improved form at the height of a bubble, after hearing since '93 what a POS the old form was, and this is the result? Any more questions about why Fannie and Freddie are in the toilet and the feds are scooping out the solid remains with a +/-200 billion $ teaspoon?
Constipation_v2.gif
 

Flatlander

Sophomore Member
Joined
Jan 10, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Mary,
Keep up the good work!
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Perhaps I describe locations too much, too?

Man - I work too hard!


Your comments sound very similar to my typical verbiage. It changes according to the property of course, but in general mine is similar. Sounds to me like you are doing just fine. I'm sure someone will disagree though.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
The form states its wants "support for the above conclusions". You just can't restate what you checked. You actually have to support it with data, which really isn't hard to do.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
as I watched the Market last week, it made me wonder how anyone can comment ?

I listened to several friends describe what & how much they had lost in two days; one began a week and a half ago with a little over 2 Mil / by Weds. he had lost 400k and even if the market returns, it'll take him 10 years to recapture. One guy on NPR noted one of Fords heavy stock players has lost nearly 300M on his 6% ownership....just wants you to say hmmmm. Now with the market still in turmoil, how does one write and support such a market; additionally, we haven't seen the rest of the sheit hit the fan and ifn yer really payin attention, why would you even venture a statement about that issue ??

There is a point in tyme in which a statement, is your autograph on a signature series bank check. As someone mentioned, although it is a Pre-Printed Form, it needs to fit the times; to the best of my knowledge, there isn't anyone who has seen a "Market" like this one. There are some reflections of the depression, but when you have a President that has written his own "Escape" clause before he leaves office, it makes you wonder (well at least me anyway). The amount of money being thrown around, has Not answered the problem - a partial solution actually came from abroad, not even out of this country's smarter people and has not been implemented as yet.

Right now, every neighborhood is "Typical" - they all suffer from external obsolescence, the effects of the current administration and they're lack of attention on the home front is pathetic at best.

ROFL, just a thought er two
 
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