Adjustments For Bedroom Count?

[ucbruin]

Since an outlier can be on either side of the curve, I'll accept your characterization (subject-to my own interpretation on which side of the curve I fall).

If it helps you to decide.....

I'm the outlier on the opposite end of you, keeping the curve in balance......

 

[Webbed Feet]

No offense....
Your example is 100% better than my comments....
Yet I fail to see any difference between your statement and the OP's statement.

Both of them are rather generic (as is mine).....

I understand your view but I don't think both are generic. The first simply says "I didn't deem it necessary" where the second says an attempt to look at market data was made prior to arriving at a conclusion. The OP's version leaves open the question was the market researched? Versus just "considered" in the vein of "I thought about it."

 

[bnmappraisal]

In most of my markets, I don't see a value difference between a 4- and 5-bedroom house within certain size-ranges and the adjusted value differences between the two kinds of comparables cannot be correlated to bed count differences.

Generally speaking, I run into this with anything over 3 BR (GLA's being "similar"; within 20-30% of the subject property) Usually what I see is the 2,204 sf 4 BR and then a comp of 2,458 sf 3 BR with a den/office. Again, generally speaking, the market seems to be more concerned about the GLA rather than the BR count in these cases. This is why in these cases, I worry (adjust) more about the GLA rather than a BR and GLA adjustment.

I do find myself checking 3- vs. 4-bedrooms... not all the time, but often enough so it isn't unusual for me to do so.

I can see that, but in my markets, it's more the 2 vs 3 BR cases.

 

[residentialguy]

"I have completed market research to determine if, given the level of GLA adjustments used, bedroom counts between four and more bedrooms should command additional market adjustment from a measurable market reaction. Measurable market reaction from the available market data could not be extracted, therefore no adjustment is made." Such a statement might be taken to mean the appraiser involved didn't just pull a bunch of boilerplate out of their tail feathers versus actually attempting to answer the question about the market preferences.

That's a great boilerplate, Webbed!

 

[Webbed Feet]

That's a great boilerplate, Webbed!

LOL.. Probably .. It needs "See market data on page ........ " Showing market reaction to one BR versus more isn't too difficult, but showing market reaction to three BR versus four or five can be or even two versus three can be a real chore. Most the time there is too much market noise in all the other differences to prove the adjustment.

 

[Tim Hicks (Texas)]

How do you know if it is really a five bedroom house that the agent is calling a study on ancillary room a fifth bedroom? It happens all the time here. You don't really know until you are appraising the listing with a stretched opinion of bedrooms. I just appraised a two bedroom home that was listed as a three bedroom home, but the third bedroom was actually a room between the master bedroom and the garage. Or they call a enclosed patio a bedroom, a room off the entry (study, dining, etc) a fourth or fifth bedroom? It makes it hard to make bedroom count adjustments when you know the tendencies of agents in your area. At least once a week I have to state the property is listed as a 5,4,3 bedroom home, but is actually a 4,3,2 bedroom home.

 

[residentialguy]

I just appraised a two bedroom home that was listed as a three bedroom home

They have this requirement now called verification. Just call the agents and inquire.

 

[ucbruin]

They have this requirement now called verification. Just call the agents and inquire.

I've been meaning to ask....

What good is "verification" when an appraiser arbitrarily decides the "value" of a feature is too minor to adjust for???

 

[residentialguy]

I've been meaning to ask....

What good is "verification" when an appraiser arbitrarily decides the "value" of a feature is too minor to adjust for???

One has nothing to do with the other. It's a matter of reporting correctly. You can say comp 4 has 5 bedrooms and which has no significant contributory contribution to value over the subject's 4 bedroom house, thus no adj necessary.

Are you really an appraiser? You're asking questions that a trainee would ask. Or maybe just trying to stir the pot. (maybe I should say Kettle around you)

 

[ucbruin]

One has nothing to do with the other. It's a matter of reporting correctly. You can say comp 4 has 5 bedrooms and which has no significant contributory contribution to value over the subject's 4 bedroom house, thus no adj necessary.

Are you really an appraiser? You're asking questions that a trainee would ask. Or maybe just trying to stir the pot. (maybe I should say Kettle around you)

Only an appraiser can point out inconsistencies regarding appraisals.....