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I just beat my personal record - 13 comps !

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Tom Foster

Senior Member
Joined
Apr 18, 2003
Professional Status
Certified Residential Appraiser
State
California
Yep,

7 sale comps
3 listings
3 rental comps

This was a plain 6-3-2 1,250 SF SFR

My old record of 11 ( all sales ) was established back in 1987

I saw one report were the appraiser used 17 sale comps on a cookie cutter SFR.

I went for years only using 3 comps.

What is the most comps that you put in a SFR report ??
 

Jungle Boy

Senior Member
Joined
Oct 30, 2002
Professional Status
Real Estate Agent or Broker
State
Florida
9 or 10, don't remember anymore.

Most reports this year have between 4 & 5.

Lately, there's been a fair share of 6's.

Last month had an 8.

There was a time, when they were mostly 3 to 4.
 

Indiana Jones

Member
Joined
Oct 16, 2002
Professional Status
Licensed Appraiser
State
Indiana
9 is my record.

I've used at least 5 sales in 99% of the reports I've done in the last 12 months.
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
More than 5 shows indecision. You will confuse 'them' with too many.
 

Frederick

Senior Member
Joined
Nov 2, 2005
Professional Status
Certified General Appraiser
State
New Jersey
Well, you could look at it this way; they probably won't have a field review done and if they do it will cost them a fortune unless they get skippy to download comp pix and check all the "good to go" boxes.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Nine sales, because the ****ers kept asking for more.
 

Indiana Jones

Member
Joined
Oct 16, 2002
Professional Status
Licensed Appraiser
State
Indiana
Well, you could look at it this way; they probably won't have a field review done and if they do it will cost them a fortune unless they get skippy to download comp pix and check all the "good to go" boxes.


I think you may be on to something!
 

Alison Swain

Senior Member
Joined
Sep 13, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Last week I had 12 --- 9 sales and 3 listings.

Not good enough --- they're going with a second appraisal that had six sales comps with no time adjustments and an extra $27k in value.
 

JRS at OBX

Elite Member
Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
More than 5 shows indecision. You will confuse 'them' with too many.

I disagree. Sometimes for complex assignments you have to put a lot of data in there. I had one this week with 11 comps. The value ranges were all over the place and one of the comps had a 1.2million adjustment.

Luckily this wasn't going to a bank. This was for an investor that wanted to know if it was going to be worth buying a high end house and making it higher-end. :unsure:

I think I used 15 comps in one report. It was in an area with plenty of high end houses but few sales. I used 5 or 6 sales then put in all the active listings that a prospective buyer would consider.

Come to think of it, I used 10 comps in one last week too. I charged $1600 for the appraisal and needed every comp I used to show something.

It really depends on your scope of work.
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
More than 5 shows indecision. You will confuse 'them' with too many.

In normal times, I would agree with you: 5 or 6 should be the maximum.

But now, 6 or more happens a lot, because the client might require two active listings, and they might require three sales within 90 days, and those three sales might not be anywhere near the most similar sales in the past 6 months.
 
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