Restrain
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
Roger