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New Developments/Construction

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Workshop

Thread Starter
Sophomore Member
Joined
Nov 19, 2002
Professional Status
Certified Residential Appraiser
State
New Jersey
8O I started appraising 3 months ago and sometimes I think I'm doing ok and then wham! my mentor will call and I'll realize I omitted something on a report or I have made a typo. I can't say this happens all the time, twice actually, but wow does it shake me up. Any way, my question/comment is..it seems there are some homes that sell for prices without rhyme or reason. I find this more often with new construction developments where buyers are adding options and builders are randomly charging increases. What do I do when its the most recent development, the most expensive homesites in the area (within 3 miles) and nobody has turned over their home yet? This appraisal is for a refinance..but it could easily be a sale for a to-be built situation. Advice?
 
A

Anonymous

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You might consider houses under contract in the subject's development along with the builder's most recent sales. If the contracts show an upward trend in sales prices you have the basis for a time adjustment. You should also consider sales in ALL competing neighborhoods, not only those within a three mile radius. Remember appraisal guidelines like the distance guidelines are not rules. You are the appraiser, you decide what to include in your report.
 
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