Another great poll from www.appraisalport.com.
My comments: I have always looked at listings, pendings, expired, etc. to tell me what is happening in the market today. Sales are the past.
Recent articles below in the May 2016 issue of the Paid Appraisal Today discuss using listings, particularly in markets that are declining or increasing. Lenders, of course, are way behind. They are just now complaining about low appraisals on purchases and want appraisers to use pending sales. Also, having no closed sales higher than the listing price is ok!!
- Practical tips on qualifying the 1004MC and preparing a Market Conditions Summary – most examples are declining markets
- No man’s land & the aggressive real estate market
- How to handle rapidly increasing prices in your market
