Actual Age Calculation For Active Listings

[Adam_E]

Hi everyone, I haven't found an answer to this anywhere, and I'm not an appraiser, so I need a little help from someone to understand this particular issue.

As I understand it, even though I can't find an official statement from Fannie Mae, etc, the Actual Age for a comparable sale should be calculated by subtracting the Year Built from the Sold/Closing Date. Please correct me if this is wrong - I have seen mixed answers saying it could also be the Effective Date of the Appraisal minus the Year Built.

Now my question is, how is the Actual Age for an active listing supposed to be calculated? Should it be calculated by subtracting the Year Built from the Effective Date of the Appraisal, or from the Listing Date?

Thanks in advance for your time and advice.

 

[Terrel L. Shields]

Date of the sale minus date of construction. If a sale is used that is a year old, then the "small case" actual age is 1 more than the "real" actual age as of the date of the comp. The DOM should not be an issue even over one year because the age at the time of listing is a moot issue.

 

[Mr Rex]

Real time.

 

[J Grant]

I use the calendar month/year of effective appraisal date minus date of construction, whether a comp sale or a listing

 

[Tom D]

Should it be calculated by subtracting the Year Built from the Effective Date of the Appraisal, or from the Listing Date?

if your listing was brand new construction it would be c1 age=0 when listed, but if you used the effective date of your appraisal the age of that listing would not be "0" anymore. i hope i have muddled your question some more. same with a sold that settled brand new "0" age 1 year ago. if you use the effective age of the appraisal has that new "0" age construction now become 1 yr old on the market grid? it wasn't 1 year old when it was bought. after a certain age i don't think it matters how you do it.

 

[Tim The Enchanter]

Unless it's built this year just calculate:
2016 - year built = actual age.
Next Jan 1 make it 2017 - year built.

 

[gregb]

If one types the year built of a property in ACI, the form software calculates the number of years to register in the age field, based on the effective date of the appraisal. No need for the appraiser to be allowed to use the HP 12C