One essential piece of the valuation process is the Broad Market Analysis (formerly the Neighborhood Analysis). So much so that FHA outlined the process of analyzing the larger market and then the subject-specific market in April 2023. To learn more about what this means for you as an appraiser, please visit our blog post about it. With DataMaster, you can perform your Broad Market Analysis your way. You can view the broad market and subject-specific market side-by-side.
DataMaster has relationships with policymakers and leaders in the valuation market so we stay ahead of changes in the industry. As one high-level policymaker observed, “The way DataMaster does [Broad Market] Analysis is the way all appraisers should do it.”
Understanding the Broad Market Analysis
- The broad market analysis is an important part of the appraisal process. It provides appraisers with information about the physical characteristics of the broad market, the types of properties in the broad market, and the demand for and supply of properties in the broad market.
- Appraisers collect data about the broad market from their MLS and public records according to their geographic competence. Appraisers conduct a visual inspection of the broad market to determine its boundaries.
- Appraisers use the information they collect to identify the factors that influence the value of properties in the broad market. These factors can include the age of the homes, and the proximity to schools, parks, and other amenities.
- Appraisers use the information they collect to define the area from which to select the market data needed to perform an analysis of the subject specific market. The full market analysis (broad market and subject specific market) is an integral part of a credible appraisal report.
Stay in control of the data
Define your market by area, property type, or other criteria, based on your knowledge. We'll give you the data you need.
Import unlimited data sets
Import the data you need to meet your scope of work. We don't limit the amount of data you can use.
Use our customizable graphs
Tell the story of the data with our easy-to-use graphs. You get access to 28 unique graphs to display and describe your conclusions.
Bulk up your digital workfile
Automatically save your Broad Market Analysis to your workfile. You'll have access to your analyses whenever your need them.
Exceed regulatory criteria
DataMaster's Neighborhood Analysis was built to exceed FHA and GSE standards. Be confident that the your analysis can stand up to underwriter and regulator scrutiny.