No listings, top of page 2

[Dublin ohio]

If you examine your subject & don't know your market area well enough narrow it down to within $500,000 ± for your initial data pool then you have worse problems than filling out the form properly.

Got it. Your primary search criteria is price. Everything else comes after. Fine by me.

 

[Dublin ohio]

Does it "make sense" now?

In a word. No.

 

[Dublin ohio]

If you examine your subject & don't know your market area well enough narrow it down to within $500,000 ± for your initial data pool then you have worse problems than filling out the form properly.

The results of my comparable search determines the range of price for my comparables.

 

[Mike Ault]

Cute! So you think there is useful information in stating that there are x number of listings within plus or minus $500k of your $150k subject? I don't.

You cannot search by a price range around your subject value until you conclude the value of the subject. I reach that conclusion at the end of the appraisal and reporting processes. I dont start with that conclusion and build to it.

Thanks for the compliment! I consider the 1004MC and the data at the top of page 2 of the URAR as "data to be reported", not data meaningful to me which is to be relied upon while forming my opinion of value. By the time I get around to "reporting" that data my opinion of value has already been formed & my appraisal is finished, just reporting it at that point. ± $500,000 might be a reasonable "range threshold" on a $3 million house. On a $150,000 house I would have to look at the market to see what I thought buyers might consider as suitable substitutes for the high or low end and set my range thresholds there. $100,000-$200,000 comes immediately to mind. Your mileage might vary.

 

[Mike Ault]

The results of my comparable search determines the range of price for my comparables.

Mine does as well as long as there are results to report. If I search from $100,000-$300,000 and come up with two sales or listings ranging from $105,000-$110,000 those are the figures that are reported at the top of the page. If there are no results to report then I inform the reader of the report that there were no listings or sales found between $100,000-$300,000

 

[Mike Ault]

Got it. Your primary search criteria is price. Everything else comes after. Fine by me.

You are both wrong and "wrongheaded" as well. How do you know what my comparable search criteria is? Have I told you or are you just ASSUMING? The OP was looking for some input on what to put at the top of the page. My input was considerably better than yours.

 

[TerryRohrer]

Thanks for the compliment! I consider the 1004MC and the data at the top of page 2 of the URAR as "data to be reported", not data meaningful to me which is to be relied upon while forming my opinion of value. By the time I get around to "reporting" that data my opinion of value has already been formed & my appraisal is finished, just reporting it at that point. ± $500,000 might be a reasonable "range threshold" on a $3 million house. On a $150,000 house I would have to look at the market to see what I thought buyers might consider as suitable substitutes on the high or low end and set my range thresholds there. $100,000-$200,000 comes immediately to mind. Your mileage might vary.

And yet your entire argument is about what you find meaningful and you appear to be chagrined that all don't kiss your feet and fawn over your great wisdom and suggestion of a novel approach. This thread is the first time I have ever seen or heard of your position in the 17 year existence of the form. It seems peer support for your personal preference is lacking.

 

[Mike Ault]

And yet your entire argument is about what you find meaningful and you appear to be chagrined that all don't kiss your feet and fawn over your great wisdom and suggestion of a novel approach. This thread is the first time I have ever seen or heard of your position in the 17 year existence of the form. It seems peer support for your personal preference is lacking.

You accused me of being "misleading" in my defense of JGrant. I demanded you support your position and you said you'd get around to it. How's that coming? You posted it, now support it.

 

[Overimprovement]

No listings found between $0-$999,999 would at least inform the reader of the report that you searched "something". The out-of-town guys with no MLS access and sales fed to them by their pet realtor absolutely hated it when the URAR was redesigned in 2005 with that information at the top. That information at the top of the URAR was an attempt to prove, among other things, that appraisers had access to data that other people might consider when purchasing a home or forming an opinion of value.

You are conspicuously leaving out the word COMPARABLE. Who cares if there are Q6C6 shacks for sale? Or Q1C1 mansions 5 times the size of my subject? Why is that relevant to my report?

 

[Mike Ault]

You are conspicuously leaving out the word COMPARABLE. Who cares if there are Q6C6 shacks for sale? Or Q1C1 mansions 5 times the size of my subject? Why is that relevant to my report?

The market in many areas consists of how much people can borrow. A Q5 shack that's twice the size of a Q3 dwelling might appeal to the same pool of buyers because they are limited by purchasing price, not amenities. Price is the primary influence when you're talking about appeal within certain market segments.