When I talk to my fellow real estate appraisers in Portland, OR, I’m surprised at just how few use statistical calculations in the appraisal process. With all of the online data and spreadsheet tools available today, refusal to use statistics in appraisals is like gauging public perception by polling three to six voters and ignoring hundreds or thousands of others. You may be able to get the right answer but, how sure can you be of it?
This week’s appraisal blog is a video that may help my Portland colleagues begin to use statistical tools. The video shows an example of how simple linear regression may be applied in calculating a living area adjustment. Once appraisers see how powerful statistical analysis is, I’m confident that they will want to learn more. Ultimately, the use of statistical analysis makes appraisals more precise and more easily defendable.
Working with statistics is just one way that A Quality Appraisal, LLC stays ahead of our Portland competition by producing more accurate appraisals.
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