I get questions all the time from agents who receive a sideways appraisal. It’s pretty unnerving when an appraiser gives you a number that’s as much as 15% off market value. The worst part is that they can still legally define their appraisal as a defendable number when this happens. When this happens, what can you do?
We’ve been trying to bring technology into the equation to get ahead of the appraisal. If you’re still using an old-fashioned CMA, you’ll probably run into some issues. This new technology we use is called CMAIQ, and it’s spreading like wildfire across the country.
This tool does real-time pricing based on what’s happening in your market. Show me is always better than tell me, and that’s exactly what this program does. This program gives you a regression line that trends towards the median home price. Not only that, but it shows you the first standard deviation as well as the second.
“This tool does real-time pricing based on what’s happening in your market.”
This is a little intense, but basically, 99% of home prices will fall within the second standard deviation. 66% will fall within the first. From here, we can adjust the characteristics of the home in real time to give us a more accurate picture of what it’s worth.
We love our appraisers, but sometimes they need a little help. This tool lets you give it to them. If you have any questions about today’s topic, please call or email me or my team. We are always willing to help.
