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Selling Guide Announcement (SEL-2024-07)

Tim Hicks (Texas) said:
Funny you should say that. I have had True Tracts tell me on several properties there is not enough data to determine market conditions at one to five years.
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I get that. But as my very first mentor used to say, "N/A should not stand for not attempted" :)

I recall doing an old farm home in an area where a new automobile factory had been built 10 years earlier. Very few of the original farm homes were left, but that was my subject.
There certainly were not enough farm homes to develop a trend. But, the market area for that home was more than just the immediate community - a purchaser would have looked throughout the county for competing properties.

What did I do? I:
1. Analyzed the trend in the immediate area,
2. Analyzed the trend for farm homes in the whole county,
3. Analyzed the trend for all homes in the whole county, and
4. Reconciled those three trends (as one reconciles three less than ideal comps in a SCA)

Not perfect, but the best I could do at the time
 
DWiley said:
I cannot recommend tools, for several reasons, but chief among them is that there is no one best tool. I used to use a very good tool, but it did not work with some MLS systems. The appraiser must determine which tool works best, given the data resources in his or her area.

The trend for a particular sub-market can certainly differ from the trend for a broader market. I have seen geographic neighborhoods where multiple sub-markets within that neighborhood were all experiencing different trends at the same time.
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Thanks for the response. I use the statistics in my MLS to supplement the MC form if needed-it might not be ideal but it is already integrated ( and paid for lol)

I think if Fannie improved the 1004 MC to break down the first two quarters it would be a better tool and one that is already in use so why not improve it - IMO running two MC forms one with a larger data set and one with a smaller set just for subject direct comps could be a useful standard.s

My question is, when a subject and its submarket trend differ from the broader market trend, which is best to report on page one for the rising/declining or stable?
 
Joe Flacco said:
Metro area is too big
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A rising tide lifts all boats. I've never worked a market that wasn't changing in the same direction over entire MSAs. The rare exception might be attributed to a scarcity in that local area or an external obsolescence like a rock quarry opening up. And without numerous sales, the reality is statistical noise is not market trends.
 
J Grant said:
My question is, when a subject and its submarket trend differ from the broader market trend, which is best to report on page one for the rising/declining or stable?
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The answer to that lies in the 1004MC form itself, which says that the indications for the competing properties should be the basis for the response on page 1. This will be more clear in the new UAD with the shift from neighborhood to market area.
 
Terrel L. Shields said:
A rising tide lifts all boats. I've never worked a market that wasn't changing in the same direction over entire MSAs. The rare exception might be attributed to a scarcity in that local area or an external obsolescence like a rock quarry opening up. And without numerous sales, the reality is statistical noise is not market trends.
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That's hard to believe. Especially for an entire MSA. I could see how within a neighborhood that could be the case. But even within a neighborhood I can find examples of that not being the case.
 
DWiley said:
I get that. But as my very first mentor used to say, "N/A should not stand for not attempted" :)

I recall doing an old farm home in an area where a new automobile factory had been built 10 years earlier. Very few of the original farm homes were left, but that was my subject.
There certainly were not enough farm homes to develop a trend. But, the market area for that home was more than just the immediate community - a purchaser would have looked throughout the county for competing properties.

What did I do? I:
1. Analyzed the trend in the immediate area,
2. Analyzed the trend for farm homes in the whole county,
3. Analyzed the trend for all homes in the whole county, and
4. Reconciled those three trends (as one reconciles three less than ideal comps in a SCA)

Not perfect, but the best I could do at the time
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I gotta tell you it is hard to believe that you were known as an exceptional appraiser that did excellent analysis. You seem to be positioning yourself that way these days. But in the past when you described Wiley firm you were all about efficiency. Then you went to service link and came out with stuff like EXOS. And now working on Hybrids at Freddie. The way you walk about complex issues, I am not even sure you did appraisals at Wiley other than run it.
 
Joe Flacco said:
I gotta tell you it is hard to believe that you were known as an exceptional appraiser that did excellent analysis. You seem to be positioning yourself that way these days. But in the past when you described Wiley firm you were all about efficiency. Then you went to service link and came out with stuff like EXOS. And now working on Hybrids at Freddie. The way you walk about complex issues, I am not even sure you did appraisals at Wiley other than run it.
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LOL - Gotta love how the Internet allows unfettered speculations. Perhaps you should partner up with some of the big bloggers; their speculations are often equally accurate.

You seem to be implying that efficiency inherently means cutting corners. I saw it as just the opposite - give appraisers more time to focus on the actual appraisal rather than the administrative tasks. That is why we had support staff to set up files, schedule inspections, handle billing, submission of reports, etc. I think it is hard for most single-person operations to appreciate how much support like that can increase both quantity and quality.
 
DWiley said:
LOL - Gotta love how the Internet allows unfettered speculations. Perhaps you should partner up with some of the big bloggers; their speculations are often equally accurate.

You seem to be implying that efficiency inherently means cutting corners. I saw it as just the opposite - give appraisers more time to focus on the actual appraisal rather than the administrative tasks. That is why we had support staff to set up files, schedule inspections, handle billing, submission of reports, etc. I think it is hard for most single-person operations to appreciate how much support like that can increase both quantity and quality.
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BRCJR asked ChatGPT: is danny wiley considered a good appraiser

ChatGPT said:​


Danny Wiley is widely regarded as a highly competent and influential appraiser and valuation expert:

Credentials & Experience​

Industry Influence & Recognition​

Peer & Industry Reactions​

Appraisal professionals point to Danny as a “knowledgeable, professional” figure and express respect for his thought leadership in valuation circles. No major controversies or criticism appear in public appraisal forums, and peers appreciate his insights on policy and tools.

✅ Overall Assessment​

Yes — Danny Wiley is widely considered an excellent and trusted appraiser and valuation expert. His decades-long career, governance and policy leadership, and roles at both the Appraisal Standards Board and Freddie Mac solidify his reputation as a top-tier professional in the appraisal industry.

If you’re evaluating his reports or learning from his industry-presented material, rest assured you’re referencing someone with deep technical knowledge, practical experience, and significant influence in shaping appraisal standards.
 
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