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Traineee Comp questions

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
The distance from the subject improvements to the street should be considered, being located on a busy street is no guarantee there will be measurable market resistance. Just completed an assignment where the subject improvements were a few hundred feet from the street, comparable #1 on the same street has a front door approximately 50 from the street. From the subect, one could barely hear any noise. Sale #1 one could recognize who was riding in the passing cars, the noise was an added bonus. Positive adjustment for sale #1. Documented, in the witch hunt proof file. :cool:
 
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Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
In Europe, you could literally get run over one step off your front porch in some towns.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Yes. God and people must like homes to be on busy streets because they made so many of them. Either that or the population in the US doubled in the last 60 years and quadrupled traffic counts in older neighborhoods.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
In Europe, you could literally get run over one step off your front porch in some towns.
Sounds like parts of West Virginia...

Define busy...it's relatively to the competition. I live miles from town. There are other paved county roads around. Few of them have as much traffic as I do but that's not necessarily a lot compared to a state highway.
 

factsandtruth

Senior Member
Joined
Jan 4, 2013
Professional Status
Certified Residential Appraiser
State
Georgia
I think you need at least 1sold comp on a busy street....
 

norapp

Member
Joined
Jul 11, 2016
Professional Status
Certified Residential Appraiser
State
New York
My mentor always said apples to apples. Not apples to oranges. This goes for all factors of your comp selection. If your subject is on a main street, busy road or even a cut through road you should always try and find comps with similar location. If you can't than try and find something that may impact marketability like backing/siding a main road or something with external obsolescence like being near stores or commercial property. I have reviewed too many appraisals where location has been ignored completely and I was shocked.
 

S is for spittman

Senior Member
Joined
Oct 24, 2005
Professional Status
Certified Residential Appraiser
State
Texas
Historical sales on the same street (2-5 years) can reveal relevant information, but if there are none, you can look for sales on similar busy streets. Find recent sales on similar streets and look at the "patterns" or "trends", specifically at the DOM vs sales of properties on interior streets. Place close attention to zoning also because properties on busy streets may also have potential for commercial value.
 

Fernando

Elite Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
My mentor always said apples to apples. Not apples to oranges. This goes for all factors of your comp selection. If your subject is on a main street, busy road or even a cut through road you should always try and find comps with similar location. If you can't than try and find something that may impact marketability like backing/siding a main road or something with external obsolescence like being near stores or commercial property. I have reviewed too many appraisals where location has been ignored completely and I was shocked.
That's why an appraiser needs to be very familiar with the area especially on a busy streets. Some streets are busier and further down less busy.
If appraiser and reviewer not familiar with area, the wrong "busy street" comp can skew the value.
 

KONA

Junior Member
Joined
Aug 16, 2007
Professional Status
Certified General Appraiser
State
California
You can get traffic counts from the local agencies sometimes to compare the busy streets.
 

sputnam

Senior Member
Joined
Apr 24, 2012
Professional Status
Certified General Appraiser
State
North Carolina
1- if you are a trainee, you need to ask your supervisor. That's part of the reason you are required to have one. 2- It's a market question. Is there a market reaction in price paid for busy vs non busy streets?
 
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