Age Of A House

[CANative]

Originally posted by Kate@Jan 19 2006, 05:01 PM
Would this be an EA if you end up having to guess???

Would an insignficant difference in the actual, verified age and your estimated age result in a difference in your opinion of the value?

 

[Ray Miller]

On ranch style houses in the late 50's and early 60's they use narrow high windows in the bedrooms for instance.

Richard, he would miss the date on our home by 40/50 years. Thats the type of window we used in the two bedrooms in our home. It gives us more wall space and is warmer in the winter, cooler in the summer. Less glass.

No doubt a drive by would miss age our home if they did not get out and look around. But then Gator and Biscuit might have some fresh meat instead of the road kill they drag home.

 

[Rick Neighbors]

I agree with Richard. Effective age is what is most important, and that's typically not a real big adjustment factor.

I have had homes that were older, and did not know the exact age. I would put 50+, or 100+, etc, but I would pay particular attention to things that affect the effective age.

In my area, you can have a 100 year old home with central heat and air conditioning, granite countertops, jacuzzi tubs, thermal windows, insulation in the walls, etc. Chronologically it's still 100 years old, but effectively...........??

Rick

 

[Kate]

Originally posted by Greg Boyd@Jan 19 2006, 05:11 PM
Would an insignficant difference in the actual, verified age and your estimated age result in a difference in your opinion of the value?

It depends I guess. If it's insignificant then I guess not. But maybe.

 

[Tom Wilson]

The true age may be insignificant to the appraisal, but who wants to miss it by a mile and look like an idiot?

I don't often go to the courthouse since they put the last 10 or 12 years online; however, you could go look up your legal for the first deeds and mortages ever filed. Sometimes you can tell from this - sometimes not. For instance, sold for $1,500 in 1920 and sold for $8,500 9 months later - probably represents the lot sale followed by the sale of the new house.

If it's a platted area, look at the plat of the addition - if you have it. Normally shows the date the plat was filed. House most likely built after that.

Sometime, you just can't find out.

 

[Richard Carlsen]

Would an insignificant difference in the actual, verified age and your estimated age result in a difference in your opinion of the value?

No it would not.

If I cannot peg the age of a house to within 10 years+- after 31 years in the real estate profession, then the average buyer is not going to be able to do any better. The net result of the buyers inability to guess the actual age being that there would be no or negligible market variation.

The condition of the property is a much larger factor than pure chronological age in the determination of market impact. Buyers look at and see condition as part of the property examination process. Condition is what they see and what they react to in the buying process more so than just actual age in years. Condition, in my way of analyzing a property, is best reflected in the effective age which takes into account physical age, improvements, remodeling, updates and additions.

 

[Mike Garrett RAA]

If you can't obtain the data from public record...ask the owner if they have an abstract of title or title insurance policy. Honesty is the best policy, if you don't know so state in the appraisal report and then estimate it. If the property appears to be tract built you also could ask around the neighborhood.

 

[Mike Boyd]

I agree with Tom. The earliest deed should be the actual age unless it burned down and was rebuilt in another time period. Using the date on the toilet tank lid is only valid if the toilets have never been replaced....highly unlikely in older homes.
See if you can find the assessor's office appraiser and ask what he/she used. If there is absolutely no way to confirm a date, you could type in PREHISTORIC. Don't laugh...that would be accurate in this circumstance. Actual date would only be important if the market recognizes an added value for certain periods from a historical point of view. If you deem it to be a historic house, you might call the local Historical Society.

 

[markstevens]

Say you figured out the age of a house. Single Family. Its 100 years old. You have 2 comps 80 – 100 years old. But all other comps are 35 to 50 years old in the area. How do you determine your proper age adjustment for a younger house to the subject house?

Ex 50 years?
Please do not say use a different comp. I had searched the area and this comp is the best. How does one extract this type of adjustment for age?
B)

 

[Rick Neighbors]

Mark,

Break out your old text books and look up " paired sales analysis" procedures. This will show you what to adjust for in your area.

Then adjust for " effective age ", which, like Richard said: " takes into account physical age, improvements, remodeling, updates and additions. "

That is what the market is going to react to, more than the chronological age.

Rick