• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Comps offered for sale & proposed construction

Status
Not open for further replies.

Tim Schneider

Thread Starter
Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
When looking for comparables currently offered for sale, do you include listings which are for proposed construction (not started)? Thanks.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Yes, they are part of the market, even though a buyer would have to wait to be able to move in.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
If they are relevant, yes I would use the. However, the subject would have to be very close to the same age; in other words, very recent construction or very low effective age.

To date, I have not run into this situation where I had to use one. The market is in such an over-supply condition that finding relevant comparable listings has not been a problem.
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
Many times with listings like that, the price is just the base price for that model, any upgrades might be added onto the price. If that is the case, it would be wise to see what the current base price is and then compare it to what the base price was for the subject when the subject's contract was signed. It will reveal what the builder's pricing has been and what direction the values are going.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks