Our Philosophy - Blue Skies or Chicken Little? Our goal is to provide accurate, timely, well-supported value estimates that will provide you the information needed to help you in your decision making.  Value estimates are educated opinions based on a variety of data sources and appraiser experiences, and are not simply synonymous to pricing.   Value estimates can not be "proven" in an imperfect market set by buyers and sellers that have varying motivations and beliefs, but value estimates can be supported and documented through educated analysis.  Most times, numbers and sales can be found to support just about anything; our role as an appraiser is not to support "just about anything".   In every assignment, we try to make sure our value opinion is reasonably supported and documented.    Real estate appraisal analysis is inherently "short-term" by nature (what is the value now, based on what market participants are doing now), but we try to temper this by discussing and explaining market dynamics and economic fundamentals that may be driving buyers and sellers (Are the 5% or 6% cap rates that were being seen for certain asset/property types reasonable given projected changes in rents, expenses, and future values? Are 20,000 newly permitted lots in a 3% population growth market necessary?  Maybe, maybe not, but some analysis and explanation are necessary.)  We try to take a moderate approach to appraisal analysis, and try not to be too optimistic/aggressive in boom times, but not too pessimistic in bumpy times.   There will always be real estate cycles that need to be taken into account in making a value estimate at any given time, and we do so, but try not to get too excited either way (It's a NEW market dynamic, BLUE SKIES are shining forever!!!!   Whoaaaaaa, Nellie, CHICKEN LITTLE is right, the sky is falling!!!!).  We have been through several cycles (high interest rates of the late 70's, RTC days of the late 80's early 90's, mid-2000's boom, late 2000's housing freefall/credit crisis, and less exaggerated cycles in-between), and try not to get too caught up in short-term imbalances that occur.  Obviously, the market as-is has to be addressed and analyzed, but in the context of  underlying economic fundamentals.   The go go go residential market of the mid-2000's, led by sophisticated investors, lenders, developers, builders, and financial gurus, was not sustainable long-term, although not many wanted to hear that.  The current down market will not last forever either, although there is always fear.   Challenging times require more than a few hours of technical training and apprenticeship.  Yes, we could provide basic facts, raw sales data from public sources, and little analysis, but is that what you want?  (If so, you can hit the X key now).  To provide the best analysis possible, we subscribe to a variety of data sources that provide us state-wide coverage on sales activity, subscribe to various periodicals and newsletters that keep us up to date on investor expectations and market dynamics, and purchase as needed supplemental data to support our analysis (e.g. apartment market surveys, income and expense data for various property types, UFOC statements for franchise motel and restaurant operations, etc.).  We take the extra step and expense of purchasing and providing the data necessary to fully support expense estimates, cap rate analysis, investor expectations, etc.   No one is always right, and no value can be "proven", but a value estimate can be well-supported and properly analyzed, and that is our goal, in each and every assignment.