Moh,
How you been? Busy, I hope.
Anyway as to your question- here is my take.
1. The effective date does not have to change. You had a piece of market data that was a result of a "meeting of the minds", but because it was pending, you could not find out the actual transfer price. However, since this data existed as of your original effective date, it could remain the same.
BUT, why not change the effective date? Won't cost anything. It is just a new assignment requiring only that you clone the original report, change the data for that pending comp and the date (and perhaps the value, if you think it proper). Nothing at all inappropriate.
2. Whether or not you charge for this depends upon your business. If it is a good client that does not pressure you much, pays on time, etc. you can charge or not as you see fit.
3. In our market, if one does not consider and use pendings and listings, we will get the value wrong almost every time. The market is in a severe under supply and many, perhaps the majority, of transactions are happening at above asking price in certain areas.
As I recall, you are in Orange county- one of the hottest markets. I also just read an article by a highly respected professor out of Riverside who stated that Riverside county and portions of San Bernardino counties (I believe it includes my area in Alta Loma) should go up by at least 25% over the next 18 months.
California expects an increase of about 50% in population in the next 18 years. 50%! Where will those folks live- Riverside and San Bernardino counties for the most part. But, I hate to think about what it will do to the freeways!
Bubble? I don't THINK so.
Brad Ellis, IFA, RAA
How you been? Busy, I hope.
Anyway as to your question- here is my take.
1. The effective date does not have to change. You had a piece of market data that was a result of a "meeting of the minds", but because it was pending, you could not find out the actual transfer price. However, since this data existed as of your original effective date, it could remain the same.
BUT, why not change the effective date? Won't cost anything. It is just a new assignment requiring only that you clone the original report, change the data for that pending comp and the date (and perhaps the value, if you think it proper). Nothing at all inappropriate.
2. Whether or not you charge for this depends upon your business. If it is a good client that does not pressure you much, pays on time, etc. you can charge or not as you see fit.
3. In our market, if one does not consider and use pendings and listings, we will get the value wrong almost every time. The market is in a severe under supply and many, perhaps the majority, of transactions are happening at above asking price in certain areas.
As I recall, you are in Orange county- one of the hottest markets. I also just read an article by a highly respected professor out of Riverside who stated that Riverside county and portions of San Bernardino counties (I believe it includes my area in Alta Loma) should go up by at least 25% over the next 18 months.
California expects an increase of about 50% in population in the next 18 years. 50%! Where will those folks live- Riverside and San Bernardino counties for the most part. But, I hate to think about what it will do to the freeways!
Bubble? I don't THINK so.
Brad Ellis, IFA, RAA