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

[residentialguy]

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

That would be true for anyone...it wouldn't be easier if I lived the next block over.

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

Do you not have a map??? Google shut down??

 

[timd354]

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.

If one that is a quarter mile away is worth 10 or 20% more, then there is a reason for that (crossed a school district or municipal boundary, within walking distance to a Metro Station, whatever) and usually it is not all that hard to figure out what that reason is.

 

[Joe Flacco]

C'mon, while there are undoubtely 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.

I'm talking about the physical geo location of the property. Not the UAD location.

It would be less complex if you are geo-competent but starting from scratch with no geographic knowledge it is likely that a error is going to be made or something is going to be made.

I am not arguing that it is not possible to become geo competent for any property. It is possible.

 

[timd354]

I'm talking about the physical geo location of the property. Not the UAD location.

It would be less complex if you are geo-competent but starting from scratch with no geographic knowledge it is likely that a error is going to be made or something is going to be made.

I am not arguing that it is not possible to become geo competent for any property. It is possible.

You would not simply blindly appraise a property with no geographic knowledge and obtaining knowledge these days for a typical suburban market area is not particularly difficult or would really take all that much time....for instance you can bet that if there is something different and better about a location 1/4 mile away from the subject property, your are going to find listings that trumpet whatever factor makes that location better (whether it is a better school district/boundary zone or whatever it is) and you are going to find comments about it on the internet using patch and other local neighborhood web sites. Finally, stopping in a couple of broker's offices and chatting up a few agents will quickly reveal whatever it is that is driving the higher value 1/4 mile away even if those other sources did not reveal it.

 

[Joe Flacco]

If one that is a quarter mile away is worth 10 or 20% more, then there is a reason for that (crossed a school district or municipal boundary, within walking distance to a Metro Station, whatever) and usually it is not all that hard to figure out what that reason is.

I am not saying it is impossible to do a good job. Sometimes you just wouldn't know that it is worth more or less than the data available unless you know this already.

Do you think that somebody not familiar with Washington would be able to figure out the locational preferences in Capitol Hill easily? Urban neighborhoods are almost block by block.

 

[Joe Flacco]

Even Bethesda Chevy Chase is pretty complex and it's filled with those properties.

"Location location location" is a thing for a reason.

 

[residentialguy]

Do you think that somebody not familiar with Washington would be able to figure out the locational preferences in Capitol Hill easily? Urban neighborhoods are almost block by block.

Appraisers do new neighborhoods every day. Do you really think you need to have a supervisor hold your hand to appraise a home on every block in all the Urban areas in order to be competent?

 

[Joe Flacco]

Appraisers do new neighborhoods every day. Do you really think you need to have a supervisor hold your hand on every block in all the Urban areas in order to be competent?

Well most are drawing a radius and bracketing the GLA so some are not geo competent in the neighborhoods they work in already. That includes supervisors. So I don't know what you are getting at.

 

[timd354]

I am not saying it is impossible to do a good job. Sometimes you just wouldn't know that it is worth more or less than the data available unless you know this already.

Do you think that somebody not familiar with Washington would be able to figure out the locational preferences in Capitol Hill easily? Urban neighborhoods are almost block by block.

Capital Hill would not include typical suburban dogboxes on a typical suburban lot, so that does not really apply to what we are discussing, does it?

By the way, as far as urban areas go, Capitol Hill is very easy to figure out....I appraised there for many years and it was never a particularly difficult urban area to appraise and there is always a load of sales and data available to help figure everything out.

 

[Joe Flacco]

1000 SF rowhouse and 1500 SF ranch. What's the difference?