And here we go with Revisions requested on Time Adjustments

[Fernando]

No, they don't. I went back 800 days for the Broader Market. 2 years data shows trend when you only have a small number of sales in the previous 12 months. Wouldn't you agree?

MC is for 12 months. Are you using 800 days for median price on main page?

 

[OG80]

Going back 3 years can sometimes be helpful to provide context, but if your 6- and 12-month samples are not large enough, going back further won't help derive the adjustment to your 0-12 month sales. The way to broaden your sample is to expand your geographic area and/or limit the constraints on the physical characteristics. It would be helpful to know the subject's specs and what area you're in.

It's a large suburban neighborhood. I have always limited my MC to 1 mile unless rural. Subject is a two story 2200s/ft on a lot 6900 sq ft. Built in 1988.

 

[Fernando]

It's a large suburban neighborhood. I have always limited my MC to 1 mile unless rural. Subject is a two story 2200s/ft on a lot 6900 sq ft. Built in 1988.

I don't put limits/constraints like 1 mile. You need to be flexible and see the neighborhood in how far you need to go to get comparable sales to analyze.

 

[OG80]

MC is for 12 months. Are you using 800 days for median price on main page?

No. That is MC data. 800 days data is for broader market. I'm confused. Is there anyway to get a Step-by-Step process showing what we are supposed to include in our reports as of Feb 4th?

 

[OG80]

I don't put limits/constraints like 1 mile. You need to be flexible and see the neighborhood in how far you need to go to get comparable sales to analyze.

I was taught that FM doesn't want us to go over 1 mile.

 

[Mejappz]

Yes, TAF, the AQB, and Fannie are doing their job well.

 

[J Grant]

It's a large suburban neighborhood. I have always limited my MC to 1 mile unless rural. Subject is a two story 2200s/ft on a lot 6900 sq ft. Built in 1988.

Why are you limiting your search to a mile?

The search on the MC form is for the market area a buyer would consider and where your comps come from - in some cases, it is 3 miles, in other cases, 1/2 mile. If there is a shortage of sales, for analysis purposes, then search a few similar areas ( a map search on MLS can do it ) for enough comps - imo 10 might be light and 100 too many - but any trend should show itself by the listings, pending, DOM, etc.

As far as 800 days back, it can confuse things. The quesion on page one is, are prices IncreasING? Or DeclinING? ( happening now, present tense into the future ) they are not asking to have prices Dedlined or have prices increased ( past tense though the past contract and sale dates are used if we make a time/market condition adjustment to bring the past sale equivalent to current market condtions ) res frames what is happening now for a market condition adjustment, we usually try to use as recent sales as possible, hopefully, that closed within a year )

 

[TerryRohrer]

No. That is MC data. 800 days data is for broader market. I'm confused. Is there anyway to get a Step-by-Step process showing what we are supposed to include in our reports as of Feb 4th?

Read the FNMA selling guide and stay off social media. And the deadline is 3/1/25 for lenders to ensure compliance.

 

[J Grant]

No. That is MC data. 800 days data is for broader market. I'm confused. Is there anyway to get a Step-by-Step process showing what we are supposed to include in our reports as of Feb 4th?

Nothing has changed wrt Feb 4th except they want to see support for adjustments when a market condition adjustment is made or why it was not made -and support can be shown as an illustration ( chart or graph but does not have to be, showing matched pairs for sensitivity analysis /extraction- and regardless of an illustration, we should always provide some narrative commentary anyway, for our own sake, not just for the client. )
The commentary can be brief, a few sentences or a paragraph, it just needs to sum up and communicate what you did and why/any result of analysis you made)

 

[CGinMN]

It's a large suburban neighborhood. I have always limited my MC to 1 mile unless rural. Subject is a two story 2200s/ft on a lot 6900 sq ft. Built in 1988.

Give us the city or neighborhood and maybe we can help you approach this to get a more credible result. Don’t ever limit it an arbitrary area like 1 mile or 5 miles. The goal is to find the competitive market area, which is where the most likely buyers of the subject searching for homes.