Is appraisal based on science? No. It’s an “opinion of value.” Yes. It’s a systematic method to learn about something. Looks like it’s both! – – – But wait! Is every opinion based on science? No. Does every method result in an opinion? No and no. So now we know how to talk about this. […]
We hear noise in appraisal work on trend analysis, time adjustment, and “market conditions.” These overlapping terms are related but often mixed in their use. Lack of clarity/definition is perplexing! The confusion may be explained by: Lender/investor goals may vary. Modeling differences in “signal vs. noise.” The relevance of seasonality depends on intended use. First, […]
With modernized methods, appraisers can gain respect, income, and provide a genuine public service. This Modernizing Appraisal series is about the analysis process, not the reporting revisions –(New URAR, UAD3.6). We step through: scope, data, and ”adjustments.” It sets today’s path to competence, using data science with artificial intelligence. […]