DES PLAINES, IL — October 17, 2016 — Summit Valuations, LLC, a full service valuation company, announced today the release of its most recent Residential Real Estate Market Overview, this time using information collected during August 2016, the most current available industry data. The report includes analysis and focuses, in part, on the property valuation accuracy possible using unfiltered real estate data.
“The data in our monthly report paints a very clear picture of the national real estate market and even the regional markets we study,” Melikian said. “While the monthly report serves its purpose well, it should not be taken as a method of judging the accuracy of any particular property valuation. As we are being called upon more often to verify the accuracy of valuation results returned by other vendors, we felt it was important to point out the risks involved in basing property valuations on unfiltered data.”
“Nationwide reports with large sets of unfiltered data tend to minimize the impact of local anomalies in the data,” Melikian said. “Many of today’s AVMs are based on this data. When seeking a specific value on a single property, those anomalies in the data could have a significant impact on the results. These uncertainties lead to the accuracy of such valuation methods being questioned on occasion.”
Melikian pointed out in his report that to increase the odds of returning accurate and meaningful valuations, a valuation provider should employ a team of highly trained and experienced reviewers who take the time to analyze each listing and sale used in a report to determine its appropriateness. Those valuation buyers who engage a professional organization to assess the accuracy of a valuation should always question the methods employed during the review of real estate sales data, he said.
In August 2016, the month’s supply of housing, the unemployment rate and mortgage rates all decreased on a year-over-year basis. During the same month, the median sales price, the number of existing homes sold annually and the pending home sales index all increased on a year-over-year basis.
On a regional level, the South had the highest number of existing home sales and the West had the highest median price. The Northeast was the only region that experienced a percentage increase in the number of seasonally adjusted existing home sales while the West was the only region that had a percentage gain in median sales price, month over month.
Summit’s report provides data made public by the U.S. Government, the National Association of Realtors and Freddie Mac. Melikian has been appraising real estate since 1987 and has been active in nationwide valuation services since 2005. He has successfully led teams of analysts, developed valuation services to meet client needs and represented buyers and sellers in secondary market loan tie out meetings. Much of his recent experience has focused on forensic reviews of REO properties for Fannie Mae and Freddie Mac. Mr. Melikian holds a B.S. in Business Administration from San Diego State University.
About Summit Valuations:
Summit Valuations, LLC, Niles, Illinois, was established in 2007 as a full service valuation company offering a single source for nationwide real estate valuations, including residential and commercial BPOs, inspections and full appraisals. The founders applied over 20 years of national real estate experience to build a company that has built its reputation based on higher standards and superior results. All reports can be delivered to our customers via email or downloaded from our secure website. The company’s services are designed to offer faster turnaround times, thorough quality assurance, streamlined ordering and delivery processes, and accurate results. As one of the fastest growing property valuation companies in the country, Summit is dedicated to accuracy and unparalleled customer service. Find out more by visiting the company’s website.
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