Selling Guide Announcement (SEL-2024-07)

[ZZGAMAZZ]

I did appraisals in Bert's town in 2022. I wasn't aware of price decreasing but assessor lowered the property tax during certain quarters.
Assessor has mass data and saw the blip. Since then property tax back to normal increase.
Point is it's hard for appraisers in real time to see the changes.
Assessors with their mass data able to see the subtle trend.

Couple years ago Nephew Glen indicated that raw data within the past 2 months is too recent for an appraiser to accurately analyze...

 

[ZZGAMAZZ]

This is what the 1004MC asks for.....narrowing down the data. This is what the OP utilized for their market trends..... CU became more advanced so....fannie retired the MC. There's better, more advanced options available.

I've used the "overall" market trend just because of what you stated.....not enough "comparable" data to determine a reliable trend. You need to scrub the data though....get rid of the anomolies. Everyone is going to have to get with the program and level up if they want to keep appraising......like Fernando.

Unsure to whom I previously asked this same question, possibly to you, however: Do you research every potential competing property to include only those in similar condition to the subject?

 

[ZZGAMAZZ]

View attachment 101189

June 2024 - $875,000
July 2024 - $845,164
August 2024 - $800,000
September 2024 - $815,000
October 2024 - $800,000
November 2024 - $800,000
December 2024 - $805,000
January 2025 - $800,000
February 2025 - 835,000
March 2025 - $830,000
April 2025 - $900,000
May 2025 - $855,000


What is the trend guys?

kinda would be helpful if charts displayed a legend of sorts to identify the search criteria...

 

[ZZGAMAZZ]

Couple years ago Nephew Glen indicated that raw data within the past 2 months is too recent for an appraiser to accurately analyze...

Damn. I actually got a "like" from Glenn. Maybe it is time for me to retire !!!!!!!!!!!!!!!!!!!!!!!!

 

[glenn walker]

Years before 1004 MC and when residential appraisers rarely made time adjustments the AI-ASA and others taught that " Time adjustments " should be made starting at the Pending Date not the Closed Date of the Sale.

I tend to agree as the Pending Or Contract Date includes the real time between sales. Just Saying !

 

[Tim Hicks (Texas)]

Years before 1004 MC and when residential appraisers rarely made time adjustments the AI-ASA and others taught that " Time adjustments " should be made starting at the Pending Date not the Closed Date of the Sale.

I tend to agree as the Pending Or Contract Date includes the real time between sales. Just Saying !

Keep saying it. That is the protocol.

 

[Joe Flacco]

kinda would be helpful if charts displayed a legend of sorts to identify the search criteria...

The data should come with the search criteria. How else does anybody know what the data shows.

 

[Surf Cat]

Unsure to whom I previously asked this same question, possibly to you, however: Do you research every potential competing property to include only those in similar condition to the subject?

You mean for my market analysis? If so, not really.

I use Spark and I throw out two Nets to capture data. The first is "competitive" sales which are "similar" to the subject property in terms of location and physical characteristics. These would appeal to the market participants considering the subject property. Then "all" the sales within the market. I remove outliers from both sets of data.

Sometimes, you just don't have enough competitive sales to make a market determination thus, I use the data from all the sales. Also, unless I'm going to get poked and prodded for it, I'm not going to do separate percentage adjustments for each and every sale. That is, unless I'm using a dated sale of 18 to 24 months back in time.

 

[ZZGAMAZZ]

You mean for my market analysis? If so, not really.

I use Spark and I throw out two Nets to capture data. The first is "competitive" sales which are "similar" to the subject property in terms of location and physical characteristics. These would appeal to the market participants considering the subject property. Then "all" the sales within the market. I remove outliers from both sets of data.

Sometimes, you just don't have enough competitive sales to make a market determination thus, I use the data from all the sales. Also, unless I'm going to get poked and prodded for it, I'm not going to do separate percentage adjustments for each and every sale. That is, unless I'm using a dated sale of 18 to 24 months back in time.

YEP. And I presume that you use the 1004MC to report competing sales; refers readers of the 1004MC also to refer to the page 1 market analyis, and in the page 1 spillover market analyis tell the reader whether your results reported on page 1 pertain to the overall neighborhood market, or only to competing sales? I like to think about the form report as a puzzle with various sections linking to each other...which is kool until a condition, etc., requires one small change....that affects several parts of the report.