Appraisal Articles 2018 Free Appraisal Articles for Appraisers and the Public
Appraisal theory is much the same when valuing most things including general personal property, art (many specific kinds), antiques, machinery and equipment, gems / jewelry, business property and real property. Yes, there are many things that you have to know in any particular specialty area, but it’s not impossible for an appraiser to move from one appraisal specialty area to another, or for an appraiser to become competent in more than one area. You can’t become a modern art appraiser without developing a body of knowledge specific to that specialization. It generally takes years to acquire the education and understanding that you need just to step into an area with confidence, and there are usually a number of individuals who have dedicated their lives to any one specialty area. Individuals become so expert in a specialty area that they are sought out by others who are willing to pay for their expertise.
It doesn't take an advanced degree in real property to figure out that there is a relationship between the number of acres for sale or sold and the price per acre. Vacant properties generally fall into loosely described strata that include; user home sites, small multi-lot sites, subdivision sites and large or master plan community sites. In the Las Vegas residential land market for example if you are buying a small property, like an acre or less, you are likely buying a home site for current or future development, and you will probably pay the highest price per acre of all residential land buyers. Individual home sites are relatively difficult to find in Las Vegas and Henderson, NV because builders develop homes on their own home sites. So, unless you are looking for a site for a custom home you will find small lots hard to find.
I just finished reading the latest Realtor article on owner value expectations and how they remain in many places higher than appraised values. The article talks about how appraised values were 1.35% lower overall than homeowner expectations in August of 2017. The numbers that are reported in the study are generally small, so you have to think to yourself, wow expectations are not being met in a relatively small number of sales due to what is perceived as appraisal problems. Maybe they should be focused on something else, like bank lending policies or economic development or something that they can actually change. As an appraiser I rely on the sales approach to value single-family residential homes. It's the methodology that appraisers have relied upon for many years. Is it perfect? No. Does it rely in any way on homeowner expectations? No. I don't take assignments, and I never will, worrying about homeowner expectations.
If you are getting the basic educational hours for an internship or intern license in Nevada without having found someone who is willing to take you as an intern then I would say that your money may not have been well spent. It's not because the information isn't useful, it's just that I get many phone calls from individuals searching out an appraiser who is willing to take them as an intern, and it's a relatively small group of people who are willing to take new people. When you have gone through the list of practicing appraisers as a student intern you may find that there is absolutely no one who is looking to add an intern when you make your calls. I think that individuals who take the appraiser intern course should have prior acceptance by a real estate appraisal firm before they can enroll. Many of the individuals who take the course now have no way to benefit from it.
As a Clark County and Nye County Nevada vacant land appraiser I try to track what is going on in the market and submarkets. The following graphic displays my best available historical and current data on Southwest Las Vegas vacant land sales, I have displayed the sales by 4 zoning categories, but I keep the data for more categories including R-3 or 18 DUPA and R-4 or 24 DUPA.
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Many appraisers have received a phone call from a hard money lender, bank or owner asking them to bid on a "different" type of residential property. The assignment is often to appraise a large, unique, Victorian home, an earth-sheltered bunker-like home, a geodesic dome home or a home that is huge (a mansion) and much larger than others in the market with special finishes. The building may also be located on a one-of-a-kind site. These appraisals are often challenging and you can almost bet that the owner or potential lender will be critical of your work.