Carole Lavale updated the group on 2012 -2013 Uniform Standards of Professional Appraisal Practice guidelines along with providing a packet of information.
What was most interesting about the update with Carole is the data she tracks for her field in particular. When the data was extrapolated by zip code the percentage of Traditional v Distressed property was very telling in certain zip codes. As well, what was more interesting is the methodology that went into appraising the price based upon this data.
If the number of distressed property is over 50% in a certain zip code, then the appraiser will utilize ALL properties in a comparable. If the data was under 50%, only SIMILAR property types were taken into account.
Of 9 zip codes reviewed, 6 were over the 50% mark implying that we've got a great start at transitioning our real estate market to more of a standard type of traditional sale. Zip codes such as 93722, 93727 and 93728 still struggle with more than 50% of their inventory being affected by distressed property.
On another note, Carole also tracks one and two story pricing information which too is fascinating! For instance, in a 11.5 month period of time she tracked home sales in 5 zip codes in the Fresno/Clovis area. On average, there was an 11% price differentiation between one story and two story homes with single story homes taking the lead!
So if you're ever in the mood for great stats and interesting takes on the local market, contact Carole Lavale for more details!
Carole T. Laval, SRALaval & Associates
R.E. Appraiser
1605 W. Celeste Avenue
Fresno, CA 93711
(559) 435-4043
Fax: (559) 435-4043
claval@comcast.net
What was most interesting about the update with Carole is the data she tracks for her field in particular. When the data was extrapolated by zip code the percentage of Traditional v Distressed property was very telling in certain zip codes. As well, what was more interesting is the methodology that went into appraising the price based upon this data.
If the number of distressed property is over 50% in a certain zip code, then the appraiser will utilize ALL properties in a comparable. If the data was under 50%, only SIMILAR property types were taken into account.
Of 9 zip codes reviewed, 6 were over the 50% mark implying that we've got a great start at transitioning our real estate market to more of a standard type of traditional sale. Zip codes such as 93722, 93727 and 93728 still struggle with more than 50% of their inventory being affected by distressed property.
On another note, Carole also tracks one and two story pricing information which too is fascinating! For instance, in a 11.5 month period of time she tracked home sales in 5 zip codes in the Fresno/Clovis area. On average, there was an 11% price differentiation between one story and two story homes with single story homes taking the lead!
So if you're ever in the mood for great stats and interesting takes on the local market, contact Carole Lavale for more details!
Carole T. Laval, SRALaval & Associates
R.E. Appraiser
1605 W. Celeste Avenue
Fresno, CA 93711
(559) 435-4043
Fax: (559) 435-4043
claval@comcast.net
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