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You Know There's A Shortgage Of Listings When

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Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
You know there's a shortgage of listings when its harder to find comparable listings than comparable sales.
I set my first parameters and get 1 listing and 50 sales, so I have to expand the search until I at least can find two or three active listings.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I'm seeing that a lot here. Just finished an appraisal in a typical residential neighborhood and there were no active listings of a comparable property. 13 sales and one under contract. Agents are using that to say we need to time adjust. I like to tell them in order to use a time adjustment the VA requires the appraiser to include listings to support it. No listings...no time adjustment.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Noted twice this week that all the sales that day were bare land
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Maybe we need a federal inquiry.....could be a shortage of realtors is the cause of the listing shortage and standards to be a realtor should be lowered (just need a car to carry people and signs and a solid color jacket/pant suit)....just saying.
 

Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
I am finding that in a few markets I appraise in. Just Friday, I did an appraisal where the client requires two current listings. I had to use ranches that were far superior in location, size and quality because they were the ONLY two ranches listings listed for sale in town. All my comp sales were close by and recent so in my market comments I still said in balance but put in the caveat that unless similar ranches entered the market soon, there will be a shortage and an increase in values.
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
Common sense would dictate that if there is a lack of current comparable listings an addendum stating this fact would suffice.

Listings are like girls that you never kissed.
 

norapp

Member
Joined
Jul 11, 2016
Professional Status
Certified Residential Appraiser
State
New York
I have been finding a shortage of listings where I am also. Both rural and suburban and have added some comments re: supply and demand.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
I'm seeing that a lot here. Just finished an appraisal in a typical residential neighborhood and there were no active listings of a comparable property. 13 sales and one under contract. Agents are using that to say we need to time adjust. I like to tell them in order to use a time adjustment the VA requires the appraiser to include listings to support it. No listings...no time adjustment.
So the VA does not want to know the actual market value in an increasing market unless there are listings?

If what yo state is true, then in my opinion this is an unacceptable assignment condition.
 
Last edited:

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Listings do not prove anything until they are closed. Why go fishing for listings if there are none from the immediate market area?
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
A shortage of listings is a market condition....it can mean buyers might bid up a property due to scarcity and no other reason . We had a shortage here for a part of the year, now I see inventory growing again.

It becomes problematical when a client requires 2 listings...when there are no relevant listings to be had, for appraiser to go far afield and drag in a not similar property listing just to satisfy the requirement.
 
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