New market analysis changes.

[bishopsnet]

Hello,

I'm freaking out about these new changes. What is everyone doing. I know there is some software out there, like True Footage. However, I live in a small rural community and so far I do not see coverage. What is the alternative solution?

 

[Red Flint]

Be calm. Look to the North.

 

[J Grant]

Hello,

I'm freaking out about these new changes. What is everyone doing. I know there is some software out there, like True Footage. However, I live in a small rural community and so far I do not see coverage. What is the alternative solution?

So far, there is only one change, provide support with comments and or an exhibit when you make time/market condition adjustments. ( they seem to prefer a chart or graph but paired sales etc exhibit would do as well)

If you have MLS, they have a statistical tool that is easy to use, and you do not have to pay extra for software like true footage. My MLS has online training tutorials

 

[DWiley]

So far, there is only one change, provide support with comments and or an exhibit when you make time/market condition adjustments.

More precisely, the policy is:

The appraisal report must contain the market analysis that supports the indicated market trends and any adjustments made for market conditions.

Supporting data/analysis must be included in ALL reports.

 

[Sadie]

More precisely, the policy is:

The appraisal report must contain the market analysis that supports the indicated market trends and any adjustments made for market conditions.

Supporting data/analysis must be included in ALL reports.

Kind of begs the question as to why this is necessary. Shouldn't we all have been doing something similar? (Obviously not or this wouldn't be happening)

 

[Junkyard Dog]

What is the alternative solution?

Start doing private work and you won’t have to deal with this BS… it’s much more calmer when you don’t have to bend the knee to the GSE’s and their constant requirements.

 

[Sadie]

Hello,

I'm freaking out about these new changes. What is everyone doing. I know there is some software out there, like True Footage. However, I live in a small rural community and so far I do not see coverage. What is the alternative solution?

Make your MC adjustment (or not) and include support for it. Look back at least a year. Explain what you did. Like any other adjustment.

 

[Tim Hicks (Texas)]

More precisely, the policy is:

The appraisal report must contain the market analysis that supports the indicated market trends and any adjustments made for market conditions.

Supporting data/analysis must be included in ALL reports.

Isn't the 1004MC just that? Most of my clients still require it.

 

[DWiley]

Start doing private work and you won’t have to deal with this BS…

Analyzing market conditions is a requirement of SR 1-3. Private work does not exempt one from that requirement.
The only thing extra the GSEs are requiring is that the analysis be included in the report.

 

[Terrel L. Shields]

What is the alternative solution?

What is wrong with using published data or the MLS data? SR 1-3 does not say it has to be original work, does it? You rely upon a lot of things published - cost books, rent surveys, etc.

Of all places, I would think California would have several sources for market conditions reports.

Further, REDFIN publishes a data center on line that you can search by county, or metro in most every state. It shouldn't take you more than 30 minutes to figure out how to use the charts to find your county and data. Then you can examine a lot of different trends over the past few years.

Data Center

View and download the latest housing market data from Redfin, including home prices, sales, inventory, new listings, and days on market.

www.redfin.com