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Surveys To The Rescue

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Elliott

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Joined
Apr 23, 2002
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Certified General Appraiser
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Oregon
Got an email on one of the first results of peer survey adjustments. The theory is a group of appraisers will give their opine on adjustments and they'll average them. I wonder if CU will be impressed? Personally, I'm not fond of making bedroom count adjustments, but the amount they come up with is close to "the list" number.


2 bedroom.jpg
 
D

Deleted member 134708

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Ha, 2bd v. 3bd on a $250k house here is like $25k.
 
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Terrel L. Shields

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May 2, 2002
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Arkansas
Ha, 2bd v. 3bd on a $250k house here is like $25k.
Both can be right because you are "double dipping" if not careful. If the adjustment does not include SF adjustment the larger bedroom adjustment is justified. If you are using GLA at a higher $ adjustment per unit, the bedroom adjustment is diminished. I usually use a higher GLA $ and ignore bedroom count altogether. Seems to come out about the same. During pre bust times, a fourth bedroom was a premium because we had lots of Hispanic buyers with large or extended families. And older buyers now don't seem to mind and are downsizing anyway. A friend of mine recently built a new house with one bedroom. No expectation of guests and he'd rather pay for their motel than take care of a spare room that otherwise just accumulates junk or dust.
 

st.michael

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Jan 2, 2017
Professional Status
Certified Residential Appraiser
State
Arizona
Both can be right because you are "double dipping" if not careful. If the adjustment does not include SF adjustment the larger bedroom adjustment is justified. If you are using GLA at a higher $ adjustment per unit, the bedroom adjustment is diminished. I usually use a higher GLA $ and ignore bedroom count altogether. Seems to come out about the same. During pre bust times, a fourth bedroom was a premium because we had lots of Hispanic buyers with large or extended families. And older buyers now don't seem to mind and are downsizing anyway. A friend of mine recently built a new house with one bedroom. No expectation of guests and he'd rather pay for their motel than take care of a spare room that otherwise just accumulates junk or dust.

I agree about not making an adjustment to the bedroom count...what comment if any do you include in your report to support your decision?
 

EddieB

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Feb 17, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
Man, it's Jan '17 and you guys don't have the List of Adjustments Edition 2016.

Some of you like to appraise on the edge
 

st.michael

Freshman Member
Joined
Jan 2, 2017
Professional Status
Certified Residential Appraiser
State
Arizona
Man, it's Jan '17 and you guys don't have the List of Adjustments Edition 2016.

Some of you like to appraise on the edge


I have not appraised in 10 years and I'm just getting back into it. I have taken several refresher classes and I understand I need to be patient until it all comes back to me. One thing I can say is, a lot has changed...
 

Terrel L. Shields

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Professional Status
Certified General Appraiser
State
Arkansas
.what comment if any do you include in your report to support your decision?
"Insufficient evidence was found to support an adjustment for room count. A room count adjustment should be captured by the adjustment for gross living area."

If I were still doing residential appraisal per se, typically I would list what I think the drivers of value are... that is the elements of comparison.

The appropriate elements of comparison appear to be Property Rights, Conditions of Sale, Market Conditions (time), Location, and Physical Characteristics, which includes Land, outbuildings, and improvement quality, effective age (condition/age), and size (Square footage) contributions. Other features such as fireplaces, fencing, landscaping, siding, roofing, and room count, including bathrooms and bedrooms do not appear to be driving value. Insufficient evidence was found to support an adjustment for those items therefore, no adjustment is made.​
 
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st.michael

Freshman Member
Joined
Jan 2, 2017
Professional Status
Certified Residential Appraiser
State
Arizona
Insufficient evidence was found to support an adjustment for room count. A room count adjustment should be captured by the adjustment for gross living area

I really appreciate the feedback. Thank you!!
 

bnmappraisal

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Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
"Insufficient evidence was found to support an adjustment for room count. A room count adjustment should be captured by the adjustment for gross living area."
Something to Terrel's comment is what I use in my reports. I generally don't make BR adjustments as I consider them in the overall GLA. I generally say this comment (taken from one particular report I recently wrote):
"Differences in total room count are considered in the overall GLA adjustments. GLA adjustments are based on...."
 
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