review appraisals ugggh!

[Deuce of Spades]

As to the O.P. question regaring Sammys before noon, think of it as a liquid breakfast, especially Stouts!

umm chewy!

 

[c w d]

I fill up a whole addendum page analyzing the market back 2 years.

Well, the 1004 is a summary appraisal. Not that I'm disagreeing with you. As long as one can summarize the market conditions and trends well enough to allow the reader to understand one's conclusions , that is fine. I don't necessarily believe providing detailed statistics and data are required to adequately describe what's going on, although it does give the reader a detailed picture. But, if people want detail then they should not rely on a summary report, IMO.

 

[redfish]

"I certainly hope you reviewers & appraisers are not using the above kind of stats to develop your opinion of market conditions and the resulting pressures they have on sales prices. It may be that there are a lot of listings, but no sellers are taking less than they did last year, year before, etc. So, it simply is a reflection of estimated marketing and exposure times. NOT value."



Why are there so many sellers in the market? Supply does not have an affect on value?

Flip the analysis.

46 SALES in the last 6 months and only 3 current active listings.

Would that mean that the sellers are unwilling to take more for a home.

Supply and demand and the balance or imbalance of the two determine price. Its that simple.

 

[Bill_FL]

Supply and demand affect value when those with the supply are willing to lower their price. THEN, values will decline. If they do not lower their price, then there is simply an over supply of listings. Again, it can be an indicator, but it is not how one would define movement in either direction in values.

 

[chad hampton]

some of you sure do a lot of work for a $200 fee and lower. I would never fill up and entire page describing market conditions. I can generally summarize market conditions in a few sentences.

 

[Mztk1]

How about this one I have in Davenport, Nutman. Market is marked declining with two sales from October of 2007 and no market adjustment. m2:

I have to say, though, I have seen some stabilizing taking place. I'm sure you have the the same MLS as me. If you look at the median value in Hillsborough since February you'll see it hasn't changed much - been staying right around $190K.

Polk also had a slight bounce back in median value from $146,000 in April to $150K in May. And while it was at $154,000 in March and February, throughout the entire four month period the price per square foot average has remained right around $94 to $95.

Volusia County has been right at $160,000 median value +/-$1,000 all year.

Even Orange is beginning show signs of stabilizing on a whole with May and April both settling in on a median value of about $216,000 and a median price per square foot of $120.

And, if you look at the recent GTAR data, you'll see our inventory levels for all of the MLS are at their lower per month rate of absorption since August 2007 with the average price up in May, relative to April.

Here's to the market sustaining itself. There are some bright spots on the horizon.

 

[Michigan CG]

It is Friday and past 3 PM in most of the country, so let's have a brew and keep this civil.

 

[Mztk1]

some of you sure do a lot of work for a $200 fee and lower. I would never fill up and entire page describing market conditions. I can generally summarize market conditions in a few sentences.

A Fannie Mae report states:

"Market Conditions (including support for the above conclusions)"

I suppose it all depends on what you mean by "support".

 

[Rufus]

A Fannie Mae report states:

"Market Conditions (including support for the above conclusions)"

I suppose it all depends on what you mean by "support".

There is some indication of what they mean in the attached files in this thread: New proposed Fannie Mae form

 

[Mztk1]

Tim Hicks (Texas) says "Overall, 80% of appraisers are idiots."

Yep, thank God for the other 35% of us!

Duh! Don't you mean 30%.