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Folks are way over thinking this. Below is a table from the State Department of Revenue. Comparing Total Value from Tax Year 2024 to that of Tax Year 2023 reveals no change. Mark "Stable" market and put "0" in each grid column and move along.
No where have I seen any indication that veracity matters. Lyle the key rat apparently advanced the new standard that, "Something is better than nothing." The Selling Guide states that the FHFA HPI meets their standards for support. Here, the assessor has information on "all" sales (without which deeds are not recorded) so their conclusions have to have broader support with local knowledge compared to FHFA and the other blackbox vendors.
In Texas, you can have 1-4 fireplaces in a higher quality house. It is ridiculous that some think they have no contributory value. What about a patio fireplace which is quite a trend right now? What does your fancy smancy Spark graphs have to say about fireplaces?
They are simple to use, but agents put things in differently.
The operative word there being "quality". Fireplaces, Thermopane windows, granite counters, hand scraped hardwood flooring, special ceiling treatments, etc. all typically demonstrate enhanced marketability when compared with homes lacking those features. Trying to support individual adjustments for those factors in a credible manner, however, is another thing entirely. Particularly when dealing with a paucity of available data. A fireplace adds exactly how much value to a typical home? 1%? 2%? 50% of the depreciated cost of the feature? Should the adjustment be derived from the unicorn "paired sale" which occurred three years ago under a completely different supply & demand dynamic? Or from the result of an assuredly flawed regression analysis which suggests $40,000? Could it have been the fancy tray ceilings & Italian marble flooring instead? There is no way to properly qualify the typical data set for automated analysis within any reasonable timeframe for important factors like that because there are no consistently utilized fields in the MLS containing them. There has to be a confluence of minor value influencing factors such as "fireplaces, windows & flooring" in a comparable to generate a credible adjustment from me out here in the sticks, where nonconforming properties are the norm. And it is typically reflected on the "quality rating" line of the grid, supported by narrative. No doubt AI assisted AVMs will fake up individual adjustments for everything under the sun, however, to impress the client with their "preciseness". Nobody looking over their shoulder and calling BS.
He should get a copy of 'The List' from his mentor.Most understood your point, however; the gentleman on the west coast with a fondness for Teslas is eager for a number rounded to the nearest thousand that can be inserted in the URAR.