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October 2nd, 2019 5:12 PM
Appraisers love to quote statistics especially
Median Sales Price
for a specific area, for a specific period of time. However, there are real estate statistics that cannot be used in the appraisal process such as:
homes with peaked roofs sell for less than homes with flatter roofs; dwellings with red doors sell for 20% more than those with black doors; single family homes with pet doors sell for more than those without pet doors; and dwellings with nice views of the backyard sell for higher prices.
Most of these funny foibles are the result of a handful of basic statistical fallacies. Unfortunately, statistics and today's data science are not always simplistic. What appears to be true, often is not. But they are interesting although finding the assumptions wrong, brings light and awareness of how the world
Posted by Richard Wayne Abatelli on October 2nd, 2019 5:12 PM
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NEW CONSTRUCTION DEMAND MAY BEGIN TO FALL ON THE EAST END
DESKTOP APPRAISALS: WHAT YOU NEED TO KNOW
UPDATED HOME PRICE INDEX
INTEREST RATES RISING, WHAT'S NEXT?
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WHERE DO YOU GO TO FIND OUT WHAT YOUR HOME IS WORTH?
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THE APPRAISAL GAP
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1031 LIKE-KIND INVESTMENTS: PART 5 OF 5
1031 LIKE-KIND INVESTMENTS: PART 4 OF 5
1031 LIKE-KIND INVESTMENTS: PART 3 OF 5
1031 LIKE-KIND INVESTMENTS: PART 2 OF 5
1031 LIKE-KIND INVESTMENTS: PART 1 OF 5
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MORTGAGE INDUSTRY:PART II
MORTGAGE INDUSTRY:PART I
THE CHANGING OF THE GUARD
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HOUSING MARKET: NORTH FORK & BEYOND
THE WEALTH GAP IS WIDENING ON THE EAST END
WHAT DOES A HOME APPRAISAL COVER?
HOUSING MARKET ON BORROWED TIME?
HOUSING IS COMING BACK TO LIFE
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EAST END REAL ESTATE: 1ST QUARTER, 2020
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THE SPECULATOR AND THE APPRAISAL: PART I
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SALES COMPARISON APPROACH- adjustment factors
SALES COMPARISON APPROACH- what items are adjusted
January 2022 (2)
December 2021 (1)
November 2021 (3)
October 2021 (2)
September 2021 (1)
August 2021 (2)
June 2021 (2)
May 2021 (3)
April 2021 (2)
March 2021 (2)
February 2021 (5)
January 2021 (2)
December 2020 (2)
November 2020 (2)
October 2020 (3)
September 2020 (1)
August 2020 (2)
July 2020 (3)
June 2020 (3)
May 2020 (3)
March 2020 (3)
January 2020 (1)
October 2019 (2)
August 2019 (1)
July 2019 (3)
June 2019 (2)
May 2019 (3)
April 2019 (3)
March 2019 (1)
Sales Comparison Approach (4)
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