BRE 120 ARU Social Science Real Estate Appraisal Discussion Response
Description
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Overview
The three key concepts discussed in this week’s reflections summary are Opinion, Principal of Competition, and Principal of Change. Chapter 1 discusses Opinion and there are two important definitions that pertain to this subject. Chapter 2 discusses Principal of competition and Principal of change.
Key Concept from Chapter 1
Chapter 1, Introduction to (Mobile Technology Evolution), Opinion. There are two definitions that are important when it comes to appraising a property, opinion and value. The appraisal part of the process is merely an opinion from an expert. An appraiser needs to utilize an Orderly Process. “An orderly process is a logical series of steps that are taken to ensure a reliable appraisal result” (Walt, et al., 2018, p. 4).
Key Concept from Chapter 2
Chapter 2, Understanding Value, Principal of Competition. It is essential for a licensee to understand supply and demand in real estate. “Competition occurs when supply and demand are out of balance” (Walt, et al., 2018, p. 46). We are seeing the real estate market out of balance right now; we are seeing sellers holding and buyers unable to purchase a home due to interest rates. In 2020, all the way through the middle of 2022, we saw the market moving, and it was definitely a seller’s market. It is essential to understand how the market moves and how the FEDS controls the market demand and supply by hiking interest up and bringing it back down. Understanding this fundamental law, a real estate licensee can predict and prepare for any type of market.
Key Concept from Chapter 2
Chapter 2, Understanding Value, Principal of Change. This section of the chapter discusses how the forces of supply and demand are in constant flux. “The Real Property Life Estate Cycle is a pattern in changing values. The first stage of the cycle is the Development Stage (“growth”), when values increase as raw land is improved. This is followed by a stage of Relative Stability in value, called Maturity (“Stability”), and then a stage of progressive Decline. Decline invites Revitalizaiton, as physical, structural decay and loss of market appeal cause lower and lower prices, thus attracting investors to invest in the area and restart the life cycle process again” (Walt, et al., 2018, p. 47). I usually would not take a significant section from a book like this, but I found this helpful and exciting to learn. This is the first time I have read about these five cycles, and it was fascinating and helpful.
Summary
This week’s summary has opened up with big concepts to understand and digest with Real Estate Apprasial. I learned how opinion and value work in real estate and how they are used in appraising real estate. I learned about the Principal of Competition and how it contributes to supply and demand. Lastly, I learned about Principal of Change and the five cycles that occur during a pattern of changing values.
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