Mlsni Archived Data For Review Appraisal

[sosappraisal]

A company, I am doing split fee work received an order to do an appraisal review today. It was turned down due to an effective date of 02/15/2007. MLSNI data here is archived prior to 01/01/2007. I and other appraisers did not see how you could complete a credible report, while not spending a week on it. There would be no way to complete a market analysis to determine the market trends at the time of the original appraisal. The area market survey report providing median sales prices, along with, max and min sold prices is not attainable in the archived selection data. Were we wrong ? Just wondering.

 

[Tony V]

A company, I am doing split fee work received an order to do an appraisal review today. It was turned down due to an effective date of 02/15/2007. MLSNI data here is archived prior to 01/01/2007. I and other appraisers did not see how you could complete a credible report, while not spending a week on it. There would be no way to complete a market analysis to determine the market trends at the time of the original appraisal. The area market survey report providing median sales prices, along with, max and min sold prices is not attainable in the archived selection data. Were we wrong ? Just wondering.

Let me ask you this....did you do any reports in that time frame within the market area that the review was ordered in?? Can you go back in time utilizing you reports to see what was happening then?

As for, are you wrong??...that is a question only you can really answer..
If you do not feel comfortable accepting the order then, IMHO you can never be wrong.

 

[AlwaysLearning]

A company, I am doing split fee work received an order to do an appraisal review today. It was turned down due to an effective date of 02/15/2007. MLSNI data here is archived prior to 01/01/2007. I and other appraisers did not see how you could complete a credible report, while not spending a week on it. There would be no way to complete a market analysis to determine the market trends at the time of the original appraisal. The area market survey report providing median sales prices, along with, max and min sold prices is not attainable in the archived selection data. Were we wrong ? Just wondering.

Data for the Area Market Survey report (and Market Statistics Report) is available prior to 01/01/2007.

:icon_idea: MRED (formerly MLSNI) offers training classes.

 

[Jim Onderisin]

I'm currently reviewing a 2005 appraisal. Though Midwest Real Estate Data LLC's data searches prior to 01/01/2007 are subject to limitations, they usually produce enough market evidence to support a conclusion regarding a market's conditions. As an earlier poster mentioned, pre-2007 searches do not support "area market surveys" or "market conditions addendum"-type data. Though the MLS does not support defined-boundary searches, it does support city or Chicago neighborhood searches and coordinate-specified searches. I've been unable to obtain numbers of active listings as of specific dates or date ranges, sale-to-list price ratios, or rentals by date range. However, I generally just report the limitations to which my review is subject, report the available evidence, and include supplemental price-trend data, if available.

 

[AlwaysLearning]

I'm currently reviewing a 2005 appraisal. Though Midwest Real Estate Data LLC's data searches prior to 01/01/2007 are subject to limitations, they usually produce enough market evidence to support a conclusion regarding a market's conditions. As an earlier poster mentioned, pre-2007 searches do not support "area market surveys" or "market conditions addendum"-type data. Though the MLS does not support defined-boundary searches, it does support city or Chicago neighborhood searches and coordinate-specified searches. I've been unable to obtain numbers of active listings as of specific dates or date ranges, sale-to-list price ratios, or rentals by date range. However, I generally just report the limitations to which my review is subject, report the available evidence, and include supplemental price-trend data, if available.

As I mentioned in my earlier post #3 …– well, see the following attchements

"Area Market Survey", data prior to 01/01/2007 (Edison Park, Detached SF, closed sales 01/01/2006 – 01/01/2007)
View attachment AreaMarketSurvey.pdf

"Market Statistics", data prior to 01/01/2007 (same criteria). It should not be that difficult to calculate SP:LP ratios of max, average, median and min . If you need SP:LP ratio of any of the 85 sales, you need to create a “custom report” (very easy to do).
View attachment Market Statistics.pdf


Yes, to obtain the number of active listings as of a specific date or date ranges (or market conditions addendum) is more challenging. However, it is possible. This would require a “custom report” and some Excel skills.
If the Excel part is too difficult, one can easily find the number of active listing that were processed by the MLS as of any date ranges (pre-2007)

 

[Jim Onderisin]

As I mentioned in my earlier post #3 …– well, see the following attchements

"Area Market Survey", data prior to 01/01/2007 (Edison Park, Detached SF, closed sales 01/01/2006 – 01/01/2007)
View attachment 21402

"Market Statistics", data prior to 01/01/2007 (same criteria). It should not be that difficult to calculate SP:LP ratios of max, average, median and min . If you need SP:LP ratio of any of the 85 sales, you need to create a “custom report” (very easy to do).
View attachment 21403


Yes, to obtain the number of active listings as of a specific date or date ranges (or market conditions addendum) is more challenging. However, it is possible. This would require a “custom report” and some Excel skills.
If the Excel part is too difficult, one can easily find the number of active listing that were processed by the MLS as of any date ranges (pre-2007)

Thanks for your tips. I'll have to "monkey around" with custom reports for pre-2007 data searches someday when I have some spare time.