Historic home adjustment

[Fritz in NY]

Historic homes are very difficult and IMO-limited Buyer market, they are unique and draw a unique market buyer. Those that seek them are in search of Historic factors and therefore the difficulty in locating comps. I would stretch a 3–4-year timeline, because of those factors. Using the more recent as the best supporter.

Stretching back 3+ years is recreating the world as we know it....Just to find a "Comp". What in our life hasn't changed in 36 months? How can ANYONE spend the time to recreate life and expenses from 2021+/- for a simple 2024 report, 1004 or 1025? How far will you stretch? Calculate the adjustments for EVERY amenity for 3+ years, I had a Lender wanting me to go back 5 years and 50 miles to find a simple adjustment that did not exist anyway (I knew it was a fleeting moment of insanity, that ANY Lender wanting to close a deal would just say "Go back and Find".) It's not our job to go back and find 3-5 year old data to make your deals work. If this is a very complex or limited General Appraiser work, maybe with a large fee and turn time, but Residential? I'll give you all the best 12-24 month data out there, but to surf the net looking for a Comp is insane. You should find another Client.

 

[jay trotta]

Stretching back 3+ years is recreating the world as we know it....Just to find a "Comp". What in our life hasn't changed in 36 months? How can ANYONE spend the time to recreate life and expenses from 2021+/- for a simple 2024 report, 1004 or 1025? How far will you stretch? Calculate the adjustments for EVERY amenity for 3+ years, I had a Lender wanting me to go back 5 years and 50 miles to find a simple adjustment that did not exist anyway (I knew it was a fleeting moment of insanity, that ANY Lender wanting to close a deal would just say "Go back and Find".) It's not our job to go back and find 3-5 year old data to make your deals work. If this is a very complex or limited General Appraiser work, maybe with a large fee and turn time, but Residential? I'll give you all the best 12-24 month data out there, but to surf the net looking for a Comp is insane. You should find another Client.

I agree in part, but for me I'll use the most recent sale data and utilize older data to support market acceptable characteristics. Don't think the comparison of newer product fits well, at least in my market area. And based on the "complexity" of the assignment, it's my fee or not, really did/don't care.

PS: I have not worked for chicken feed in for quite some time now.

 

[Terrel L. Shields]

I have not worked for chicken feed in for quite some time now.

But I appraise chicken farms

 

[JTip]

Looks like Round Hill has 204 registered historic properties, but no count for residential properties.

I'm with Fritz, go back 3-5-7 years to find a registered sf property.

We have a borough that has a historic area, and I've never been able to extract an adjustment with plenty of sales data within the area. It's more of a PITA to follow the rules for exterior curb appeal, but you do get a nice house in a primo location.