Home Appraisers: How To Report Housing Depreciation To Your Local Market

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips! Home Appraisers: How To Report Housing Depreciation To Your Local Market In Video Format.

In this video, John C. Jones, Murfreesboro TN Real Estate Broker, shows us an example or format of how to properly talk to our markets about housing depreciation. The only thing I would have reported differently is to report “median sales price” versus “average sales price” because NAR’s barometer of measuring such percentages is median sales price and median sales price eliminates outliers.

Hi John,
Thank you for tackling this issue and for showing the local “trust agents” on how to report on our markets. I really like how you broke it down by MLS Areas and price ranges in 100K increments. You’re exactly correct in how difficult this reporting can be. In my market, it’s almost a subdivision-by-subdivision specific breakdown because some subdivisions are still up post Hurricane Katrina and post mortgage meltdown. Some MLS areas are down more than others and some MLS areas are still increasing or maintaining stability. So, it’s very difficult to state a certain percentage decline overall.

The thing I respect about you is that you’re admitting there is declines in local housing values. In my market, it seems like the local marketing message by my MLS Board and most agents is to remain positive and deny any declines and refute any national news reporting of declines. I do live and work in an outstanding market, but we do have declines and over 50% of my appraisal work is pre-foreclosure in nature. So, I see a local “trust agent” issue for those not reporting on their market accurately and an opportunity for me to continue reporting truth like you’re doing in this video. Appreciate You! Bill

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