Market Summary from review assignment - I work too hard

[Mztk1]

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

The market conditions comments are, in the form at least, supposed to be centered on neighborhood real estate values, not the general market of the economy and Wall Street. Basically, it is asking for you to give data to support your opinion that values are stable, increasing or decreasing, the marketing time, and whether the market is in balance or in an over- under- supply. It is easier than you'd think. In my reports I research median or average value for year over year (which ever makes more sense for that market), median value for the past couple of quarters, the average days on market, number of distressed properties, and the number of listings relative to the number of pendings and closed sales in the past 12 months. I report what I've found and based my check boxes on the data. A recent comments was as follows:

"MLS research shows average values dropped nearly 21% in year over year stats for the subject's neighborhood. There was a 2.7% drop from the first half of 2008 to the second half, showing the decline still in progress. There are 13 active listings with 23 closed or/and contracted sales in the past 12 months, which is a relative balance. Average days on market is 156."

It is certainly not a self contained comment, but a summary. I keep a print out of those stats, direct from the MLS, in the workfile. I also include the county median sales average on a month by month basis for both non-distressed and distressed properties in the comments field of page 3, and I include the MLS 4 yr statistical average print out in my reports as an attachment.

It literally used to take hours to get through the market condition summary in my reports, not I get it done is about 20 minutes. That a big slash in time.

 

[redfish]

Don't worry Mary, there are appraisers from the school of "if the value is dead nuts then what's wrong with canned statements".

Comment in the review report that the original appraisal report market conditions section is vague and lacking details regarding the subjects immedaite market area and sub-market. Provide some detailed information and move on.

maybe one day Fannie will require a market conditions addendum similar to that of the much dreaded RELS market condition addendum that I have heard so much about.