There are few similarities between agents and appraisers when it comes to analyzing data. This is due to two main reasons; mindset and resources. Appraisers make conclusions and base opinions on closed sales; pendings are reviewed as indicators for current activity and actives tend to reflect the “optimistic” view. Agents tend to base opinions on listings first as those are the direct competition, closed sales tend to be less considered. Agents solicit sellers for business – and sellers are not always interested in data that might conflict with their personal opinion of value. Many agents don’t press this either because their objective is to list homes or they simply don’t have the ability to review the data as an appraiser is required to. Appraisers work for lenders and under parameters set by underwriters; every report is scrutinized by disinterested third parties or software programs to ensure consistency within the set guidelines.
The below video demonstrates how data for the 1004MC market conditions form is collected and analyzed for a home in Roswell, GA. The ability to see data as an appraiser will and speak the language has obvious advantages for HMT buyers and sellers, advantages that ensure our clients maximize every opportunity.
Read more about how an appraiser analyzes data and be certain to explore the market conditions section of our site.
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