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Sales & listing history over 1 year

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Restrain

Thread Starter
Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
There has been some discussion as to why to discuss sales activity over 1 year. The following is a real-life example why we should do this, sometimes over 5 years. Home in newer subdivision, sold at $300,000, homeowner wants $340,000. No sales over $300,000..why? Pulled 3 good sales, 2 good listings, then went back and ran the tax records and MLS for all 5, citing them in the report. One sale sold in 2000 at $330,705, finally sold this year at $290,000. Second sale sold in 98 at $254,500, listed at $284,500, sold at $255,000. Third sale sold new with $64K in upgrades, listed at $319,900, finally sold at $287,000. Same with the listings. This data supports why I won't get where the lender wants. This is also why we need to look at market trends for over 1 year.

Roger
 

Lee SW IL

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Roger

I just finished a rural appraisal on a property that was listed 06/01 for $207,000 which included a manfufactured home of some sort. After 19 DOM manufactured home was removed and listing was dropped to $153,000. Listing expired. Home listed again 11/01 for $144,900 dropped to $139,900, listing expired after 184 DOM +-.

Home listed again 10/02, Contract within 8 DOM at list price of $139,900.

This is an area of usually very few sales, but I had excellant comps.
I used 4 comps, two very close in location, 5 miles of subject, and very very similar homes. One of the homes sold twice in the past year. All comps adjusted from $130,000 to $132,500.
I was astonished the way this worked.

Report is very detailed, because I knew I would be getting the call.

You guessed it I recd the call, hears three more comps, please review.
Fine I say, I will take a gander. 1st one was one of the comps I used. 2nd, Home was on a lake in a subdivision with an association. 3rd home was a comparable home, and I would have used but, tit was 800 Sq Ft larger, and when I adjusted it as the rest it came in at $128,000.

Lender still advises me that the sellers had the property appraised for $160,000. Then why did you hire me ? ? ? ?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I just love borrowers who ask, nay, demand that I appraised for X dollars when they withdrew a listing days earlier for X minus Y dollars.

On the other hand...a little research goes a long way. Old house sold for $70,200, listing was $65,000. But seller insisted the buyer pay for survey and closing costs, things typically split and/or paid by seller. Those costs were added back into the sales price for loan purposes. Clearly a different situation than had it been a Neimiah sale.
 
Joined
Jan 16, 2002
I especially love the owners who have listed with 5 different agents
in the past couple of years, and each time subject is listed asking price increases. There have been cases with years as marketing time. Then,
while still listed, apply for a refi (you know the rest of the story).
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Been doing that for eyars, and all other arguements aside the sales stuff is a requirement as of 1/2003...

Listings DO tell a tale though, maybe not the one the lenders or HO's want told. :roll:
 
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