Description
respond to. cj. with 300. words
BRE 120-Real Estate Appraisals
Charlie
11/06/23
Walt Huber, Levin P. Messick
Chapters 5 & 6
Overview:
Chapter 5 is about data collection and analysis which goes over regional and community data, neighborhood data, site, building, and specific building data. Chapter 6 tells me about Sit Valuation. Which describes the highest and best-use property along with vacant and improved land.
Chapter 5:
The market trend data along with general data was very informative and helped me understand many forms of data regarding the different forces that affect value. I thought the comparable property data was interesting since it compares properties to similar properties with unique standout features of the homes which determines the value. Also, supply and demand which is competitive because supply comes from the number that exists and imposes a value while demand stems from the local market demand like wages.
Chapter 6:
For this chapter, I liked learning about the methods of site valuation in which the value of the land is appraised. There is the most important method is the sales comparison method and this method is defined by the actual number analysis of sales. Given this method, we can apply sources of data, improved property sales, and elements of comparison. All three are beneficial to the appraiser through real interviews with buyers, sellers, etc. Also through computerized data of information for sources to receive data which is most common. My favorite is the elements of comparison that rely on location, highest and best use, time of sale, and physical characteristics of the property. All that can indicate are factors to a comparable property.
Chapter 5:
I also found site data intriguing since it deals with a specific property and how it is presented. The appraiser inspects the property and all that it surrounds, from boundaries to the sizes and borders. It also is taken into consideration about the easements and encroachments. there is also physical data in the description which explains how it looks the land itself. If there have been site improvements done to the property. It is basically an inspection and compare-to-contrast for the appraiser to determine a selling value.
Summary:
Overall, I enjoyed reading the methods of site valuation in chapter 6, I learned a lot of key points and ideas that broadened my knowledge of what it means to be an appraiser. However, I think I learned so much in chapter 5. All of those types of data and how important they are from specific markets to building data, and neighborhood data. All of that is a key component to data collection and analysis of the property. I learned a lot about the specific market data and site data which was interesting for me. Although, both chapters were informative and assisted me in learning about appraisals.
