Start Date
27-6-2024 9:15 AM
End Date
27-6-2024 10:30 AM
Description
Every valuer reviews sales figures to ensure valid and appropriate sales are used when assessing the valuation of a residential property - and does this very carefully to ensure only valid sales are used and that these cannot be disputed. However, there are changing environments that affect the market conditions of a property and these could even change from one year to the next. Are we staying on top of unique challenges that are driving prices in certain directions and ensuring the correct sales are used for the resultant assessments? Do we have the necessary data at hand to ensure only applicable sales are identified? This presentation will challenge valuers to be aware of the changing environment and to consider items that may make minor adjustments to valuations at this time, yet could have a significant impact in the future. Further, the record should show, for a disputed valuation, why certain sales were included or excluded in the process of re-assessing a property value to serve as a record in case the matter goes to court later.
Recommended Citation
Muller, Louise, "Sales figures: Are we adjusting the sales reviews and data collection to accommodate changing environments?" (2024). Mass Appraisal Valuation Symposium. 14.
https://researchexchange.iaao.org/mavs/mavs2024/sessions/14
Sales figures: Are we adjusting the sales reviews and data collection to accommodate changing environments?
Every valuer reviews sales figures to ensure valid and appropriate sales are used when assessing the valuation of a residential property - and does this very carefully to ensure only valid sales are used and that these cannot be disputed. However, there are changing environments that affect the market conditions of a property and these could even change from one year to the next. Are we staying on top of unique challenges that are driving prices in certain directions and ensuring the correct sales are used for the resultant assessments? Do we have the necessary data at hand to ensure only applicable sales are identified? This presentation will challenge valuers to be aware of the changing environment and to consider items that may make minor adjustments to valuations at this time, yet could have a significant impact in the future. Further, the record should show, for a disputed valuation, why certain sales were included or excluded in the process of re-assessing a property value to serve as a record in case the matter goes to court later.
