Where Do You Think "geographic Competency" Begins And Ends?

[Terrel L. Shields]

you've already become more geographically competent!

Lots of geography out there..

 

[jay trotta]

IMO competency is gained thru the numbers of jobs created within a selection of area's; prior to 2007 worked a tri-county area with an ample work load and made sufficient contacts to feel comfortable. Had a wide client base which allowed growth within those area's.
2010 dynamics changed, a 30 mile radius was noted by most players, which had a dramatic impact; the 30 mile radius does not allow 1 county any longer, therefore expansion beyond 30 miles requires one to gather the competency requirement all over, each and every time.

The last check box would be applicable

 

[Michigan CG]

At first I checked the first two but then after reading no matter time nor cost I checked them all. Given enough time and I would think anyone could figure out geo competence in an area.

 

[timd354]

You could always try to respond to the question in good faith.

George, that is just not what some people do

 

[timd354]

How hard do you think it would be to figure out if a 1500sf dogbox on a 7000sf subdivision parcel was typical for it's location?

Not terribly difficult at all. Appraising such properties for a typical mortgage related purposes is not exactly rocket science.

 

[Joe Flacco]

A property like that can be difficult. I run in to what looks like a "typical" property like that all the time that is complex due to it's location and the data that exists.

 

[Joe Flacco]

You have to identify the things the market reacts to for that specific property. You can't look at a property specs in a market you dont know and say "oh that's a easy property."

 

[bnmappraisal]

A property like that can be difficult. I run in to what looks like a "typical" property like that all the time that is complex due to it's location and the data that exists.

Or the "typical" 2,000 sf SFH that the agent has listed in MLS which turns out to be a 1,500 sf SFH with 500 sf ADU/ILQ ...I run into that too often enough
Or the "typical" 1,200 sf SFH that ... turns out is ... wait for it ... on the Gulf of Mexico; beach front property ...

I still stick with my vote - the first 2 boxes. I'm good with my vote

 

[timd354]

A property like that can be difficult. I run in to what looks like a "typical" property like that all the time that is complex due to it's location and the data that exists.

C'mon Joe, while there are undoubtedly difficult properties to appraise, let's not pretend for one second that the typical 1,500 sf dogbox on a 7,000 sf suburban parcel area is difficult to appraise in most areas so long as you have access to the needed data sources. Even if you have locational issues, such as the subject property being location on a busy road, etc., so long as you have access to the needed data sources, it is not terribly difficult to determine the effect of the external obsolescence on value.

 

[Joe Flacco]

I was thinking more along the lines of one is tear down and the same property quarter mile away is not. Or one being worth 10% or 20% more than the other that is quarter mile away.