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Span in Sales Prices

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EVAUSA

Thread Starter
Junior Member
Joined
Jan 26, 2008
Professional Status
Certified Residential Appraiser
State
California
I just got a condition to comment on my range of sales prices. Per reviewer, they span 28%.

Sales price #1: $407,900, #2 $450,000, #3, $499,000.

This is basic and I really should know this, but I cant get 28% no matter how I figure it! 407/499 = 82. 499-407=92. 92/407=23. 92/499=18.

Anybody?
 

BRCJR

Senior Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
I cannot get my calc to get 28% either. Must be a MB calc.-lol
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Their electronic Abacus shorted out. 22.33%

Most likely questioning why the range exceeds 20% and whether Comp 1 is truly comparable. Is there a comment in the report explaining the variance between the Ten percenters and Comp 1 at 22%?
 
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airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Don't try to figure it out .. just include a sentence: "The appraiser notes a large span in the sales price of the comparables as recited."

Should you get a further stip, just ax them to write whatever sentence they'd accept so that you can approve or disapprove it ..
 

EVAUSA

Thread Starter
Junior Member
Joined
Jan 26, 2008
Professional Status
Certified Residential Appraiser
State
California
Their electronic Abacus shorted out. 22.33%

Most likely questioning why the range exceeds 20% and whether Comp 1 is truly comparable. Is there a comment in the report explaining the variance between the Ten percenters and Comp 1 at 22%?

The lowest comp transfered this month and the highest is 4 months old. Mostly attributed to market decline, after all adjustments they adjust within 2% of eachother. So, how did you get 22.33? Thanks!!!
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
The difference between 408 and 499 is about 18%
The difference between 408 and 450 is about 10%

18% + 10% = 28%

:rof:
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
I'll bet donuts to dollars that the range in $/ft range went beyond a $10/ft too.
Some of the stuff in FNMA guidelines is wildly out of date
-- appropriate when expensive homes were $200-$250k
 
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