Stable Market

[Fernando]

I recently did one with 10 offers and 200k over list.

Typical around here. Lazy agent purposely list really low. Got me interested many times. It's a waste of time expecting to offer near list price.

Increasing. I noticed some appraisers in my market will go outside of the neighborhood to use closed sales from within the past 90 days just to make the AMC or lender happy when there are comps from within the subjects neighborhood.

No problem going outside neighborhood but make sure comps in neighborhood can support subject's value.

These same appraisers have this odd appraisal theory that if they use closed sales within the past 90 days it means the market is stable.

I try to use closed sales from within the subdivision 1st. Even if they are dated. Then I may expand into other subdivision for more recent closed sales. This helps to support what the market is doing and if I need to make any subdivision adjustments.

Just have more than 3 comps and make everyone happy.

 

[NC Appraising]

Typical around here. Lazy agent purposely list really low. Got me interested many times. It's a waste of time expecting to offer near list price.

No problem going outside neighborhood but make sure comps in neighborhood can support subject's value.

Just have more than 3 comps and make everyone happy.

 

[NC Appraising]

I guess this agent was just lazy. Before you try to weasel anything....the home has not changed.

1149 Rosecliff Dr, Waxhaw, NC 28173 | Zillow

1149 Rosecliff Dr, Waxhaw NC, is a Single Family home that contains 4019 sq ft and was built in 2025.It contains 5 bedrooms and 4 bathrooms.This home last sold for $1,490,000 in June 2025. The Zestimate for this Single Family is $1,490,300, which has increased by $54,040 in the last 30...

www.zillow.com

Closed 06 25 for $1,490,000
Sold 01 25 for $1,383,288.

Darn that stable market lol.

 

[NC Appraising]

No problem going outside neighborhood but make sure comps in neighborhood can support subject's value.

Going outside the neighborhood for comps when you have comps in the subjects neighborhood...now that doesn't raise a flag with anyone?

cert 7 in the URAR: i selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

Hey fannie and freddie.....you need to add the most recently closed sales to the cert 7.

 

[Dublin ohio]

Going outside the neighborhood for comps when you have comps in the subjects neighborhood...now that doesn't raise a flag with anyone?

cert 7 in the URAR: i selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

Hey fannie and freddie.....you need to add the most recently closed sales to the cert 7.

Just about everything Fernando does raises a red flag. Going outside the neighborhood is how he makes sure the 1004MC has sufficient data points to look credible

 

[alebrewer]

I think the concepts of 'real' value and 'nominal' value may be relevant here. The real value of money decreases with inflation (inverse relationship). So, then, the 'nominal' (or face) value of money may remain constant (i.e. stable market) while the real value of money is declining.

 

[NC Appraising]

Just about everything Fernando does raises a red flag. Going outside the neighborhood is how he makes sure the 1004MC has sufficient data points to look credible

Good point.

What stinks is when I fill out the 1004mc with zeros, this makes the AMCs go crazy. I actually have one AMC that says it cannot be "0" in their LOE.

Then, when the top of page 2 is all zeroed out and I used three comps sales....this really baffles them. How can it be 0 listings and 0 closed sales but you have three closed sales in the grid?

Because I didn't expand the neighborhood boundaries just to be able to fill out the top of page 2?

And the GSEs wonder why appraisers are the way we are.

 

[alebrewer]

How can it be 0 listings and 0 closed sales but you have three closed sales in the grid?

I mean, it is a fair question...

 

[Dublin ohio]

I mean, it is a fair question...

It might be a fair question, but only if there is no explanation within the report and I would say with confidence that NC would not leave out such an explanation, as would most of us

 

[NC Appraising]

It might be a fair question, but only if there is no explanation within the report and I would say with confidence that NC would not leave out such an explanation, as would most of us

Lol. Yeah the..due to the lack of comps from within the defined neighborhood boundaries....didn't work with these AMC reviewers.

I had to make a custom canned comment just for that.

How are we going to combat this with the new forms? No more canned statements for the AMC reviewers?

I truly understand why some appraisers do what they do. It makes their life so much easier and less rejections. Hard to fault them.

My direct lenders understands. One actually says in the LOE not to expand the boundaries just to include sales....

They love it when there are 100 sales ranging from $250k-$950. But the appraiser used sales from outside of the defined boundaries.