No report. Can it be? Does modernized appraisal require a modernized report? And how about non-appraiser appraisals (valuations)? (Here we use the word ‘appraisal’ in its generic public meaning.) In the past, our thinking, expectations, laws and regulations, have separated the development of an appraisal from the report of an appraisal. In the past, that separation […]
Why is the class called “Stats, Graphs, and Data Science?” It is easy to see statistics in data science, but why are graphs given importance? To answer this question, we must hear how data science sounds. Yes, it is a science, yet science includes judgment and subject-matter experience. And visualization. Data science comprises competence, computation, […]
Graphs for analysts and appraisers are how we see. It is difficult to vision a median or clusters or market relationships using just numbers. It is even blurrier when someone uses p-values, R-squared’s, and t-scores, claiming these somehow ‘support’ their personal opinion of value. Bad enough in regular work. Even worse gobbledygook when used as […]
Judgment to analysis to science to econometrics? When will this foolishness stop? I liked appraisal the way it used to be. It was slower, but more fun: Pick six or seven comps, go look, take pictures Pick three or four ‘good’ ones. Explain, justify, and support your opinions Then data got easier – on line. […]
Graphs and plots are good! I have used graphs in my appraisal reports for many years. There are a number of advantages: One visual is worth many words. Properly done, they demonstrate competence. They are easy to create in open-source and for-money software. Analysis speed is improved. They focus on what is important to clients. […]
Graphs serve several purposes. There are two main mindsets in building graphs. One of them seems completely ignored in traditional appraisal ‘procedures.’ The old way of appraisal is to gather 4 or 5 comparables. They are “competitive” and “similar”. We are told that if they are competitive and similar, they make ‘ok’ comps. Ok comps […]
Graphs are pretty, have colors, and show things. Graphs are visual. The human ability to see and to visualize is stupendous. It’s the main connect between the world about us and our ability to think, reason, and make decisions. Visualization includes graphic plots, tables, maps, moving and interactive displays, including three, even four-dimensional interface. Part […]