- Aug 12, 2005
- Professional Status
- Certified Residential Appraiser
I am doing an appraisal on a townhome in an oilfield town so the market has been depressed for the past couple of years. After talking to a bunch of agents I am finding that it is recently stabilizing. The only comparable town home sold in December for like 165,000 after the person who bought it decided to not divorce he relisted the house in June and got an offer in July for $165,000. After calling the agent to find out why it sold for so much lower the second go around she tells me the appraiser appraised it for 150,000 because there are NO comps the seller wanted out and so he sold it at the lower price. Part of the issue is the development is higher end and comps just are not as nice. The fact that 3 people want to pay ~ $165,000 for a town home in that development says something ... Couple of questions 1- would you use the sale that took place in December then just make a note that it sold more recently and why you didnt use it. 2- if there are no sales for similar higher end town homes ( there are lower end town homes which I have been in )when would you consider using SFR?