Appraising, Home Repairs

Why Having Functional Gutters and Downspouts Is So Important

  When I was a teenager, I drove a lot of old cars because I couldn't afford a new one. I also did most of the work on them to try to save money. Early on, I learned a valuable lesson when it comes to repairs. Always start diagnosing a problem by checking the inexpensive things… Continue reading Why Having Functional Gutters and Downspouts Is So Important

Appraising, Market Activity

The Value Difference Between Glancing at Data and Analyzing It

Have you ever heard of an autostereogram? It is a picture which allows some people to see a 3D image by focusing on 2D patterns. In the mid 90's these kinds of pictures were often called "Magic Eye" pictures. There were some very specific steps that a person had to take to be able to… Continue reading The Value Difference Between Glancing at Data and Analyzing It

Appraising

What Is The Principle of Substitution In Real Estate?

Remember the Payless Shoe Source's slogan, "You could pay more, but why?" In that question lies a principle that every appraiser has to consider in the appraisal process. In real estate, it is called the principle of substitution. What is it? The principle of substitution is basically this: If there are multiple properties that are… Continue reading What Is The Principle of Substitution In Real Estate?