【正文】 Example—List Price to Sale Price Ratio60China Institute of Real Estate Appraisers and Agents167。 Appraisers will find that the cost approach, after deducting only physical depreciation, shows a higher value indication than the sales parison approach.167。 The cost approach does not inherently recognize external problems.167。 A higher value conclusion could also be due to unrecognized functional problems, bias, or errors in the current cost or site value estimates. Tools—Comparing the Cost Approach to the Sales Comparison and Ine Capitalization Approaches61China Institute of Real Estate Appraisers and Agents Slide Fannie Mae requires a oneyear sales history for the subject prior to the effective date for the parable sales. USPAP requires a threeyear sales history.167。 This is an excellent tool if the data is available because it shows the actual changes in a market.167。 The sale and resale of the same property eliminates any locational difference.167。 The sales history tells appraisers if a market has a high appreciation rate or declining values.167。 The table on the next slide shows various items for consideration when using the sale and resale of the same property as an indication of market conditions.Tools—Analysis of a Sale, Resale of the Same PropertyPage 45762China Institute of Real Estate Appraisers and AgentsAnalysis of the Sale and Resale of the Same PropertyPage 45863China Institute of Real Estate Appraisers and Agents Slide Example—Analysis of Comparable Sales History167。 The subject is an older home in a historic district where buyers are constantly upgrading properties. 167。 The appraiser determines that the market is weak, but all the sales and resales indicate significant appreciation. 167。 The appraiser then further verifies all the sales and finds the data shown in the next slide.Page 46164China Institute of Real Estate Appraisers and Agents Example—Analysis of Comparable Sales History65China Institute of Real Estate Appraisers and Agents Slide Part 4. Measuring the Market—Tools, cont.Tools—Statistical Analysis of the Mean or Median Sale PriceIn some situations, appraisers can use the average sale price in an area to gauge how the market is performing. 167。 The average sale price can be misleading if it is not interpreted correctly. 167。 If mortgage terms are less favorable, firsttime buyers with high loantovalue ratios will be most affected. 167。 Sometimes the average sale price in a market will rise when interest rates increase. 167。 This is not a result of appreciation。 it occurs because the lowerpriced homes are more negatively affected by higher interest rates. Page 56566China Institute of Real Estate Appraisers and Agents167。 The first column shows the value of every property in a neighborhood. 167。 The second column shows the mean and median when most sales are at the low end. 167。 The third column shows the mean and median when most sales are in the middle range.167。 The fourth column shows the mean and median with all the sales at the high end.Analysis of the Mean or Median Sale Price67China Institute of Real Estate Appraisers and AgentsTools—Use Comparable Sales That Are Very Recent and No Adjustment Should Be Needed167。 If the appraiser uses parable sales that have very recently closed, these sales will be an indication of the current market.167。 The best tool to deal with negative changes in the market is using current data and making no adjustments at all, although this is not always possible.167。 Some appraisers also place all parable sales on a grid in chronological order with the most recent first and the oldest last. This will generally show a trend in prices over time. 167。 Using pending or current listings as parables on the same grid will also be enlightening in some cases.68China Institute of Real Estate Appraisers and AgentsPart 5 Case Studies (optional)案例69China Institute of Real Estate Appraisers and AgentsCase Study 1 This data is sorted by the location in the building (view amenity). The units are all the same size. What is the trend in property values? Would a graph help illustrate this?70China Institute of Real Estate Appraisers and AgentsCase Study 1 Graph based on View Amenity71China Institute of Real Estate Appraisers and AgentsCase Study 2 – Assuming 6 months supply is standard, is this market oversupplied?72China Institute of Real Estate Appraisers and AgentsCase Study 3 – Sale and resale of the same properties. What is the market trend?Case Study 4 – Using the data provided what is the market trend?Case Study 4 – Analysis of DataCase Study 4 – Analysis of Data謝謝觀看 /歡迎下載BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAI