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Time adjustments

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Kevin

Thread Starter
Freshman Member
Joined
Feb 13, 2002
The appraiser I am working for does not use adjustments for time of sale. He says it raises a flag. If you never use a time adjustment, how do you appraise home values which appreciate each year?
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
How do you know that home values appreciate each year? I have appraised areas where sales that were three years old are still valid today. Then you also have to have some sort of paired sales data to prove an increase. The other thing is don't belive what a realtor tells you about an area increasing. Any increases in sales price you as the appraiser have to prove. You can not simply state that joe listing agent told me that sales prices are increasing 5% a year. What if there actually decreasing every year or remaining stable. I would say that if you can prove with paired sales analysis that prices are increasing then yes you can include them.

Ryan
 

Dan/Fla

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
In this area, I cover four counties and the only area that is increasing enough to use a time adjustment is the Fernandina Beach area. The other areas I appraise in are not increasing enough that I can support a time adjustment. True I will admit in class we talk guite abit about time adjustments, however if you can not support an adjustment, do not make that adjustment. Yes there will be a time when you might us a time adjustment and when you have a need and can support that adjustment you will know how to do it. but hopfully by now you have learned most of what you learned in class does not apply to all appraisals. This profession is not learn in the classroom but doing field work.
 
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