A Message to all in the Irvine Housing Blog:

[quote author="Janet" date=1229740786]Comps up to six months are fine. Some of those were quite recent, and could be adjusted to another floor plan. I just scored 100% on a Broker Price Opinon test, so I think I have a clue!

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Tests don't accurately reflect reality sometimes.



I just closed escrow on my house 2 weeks ago so I think I would have a clue too. The appraiser would not use a 6-month old comp if more recent comps existed. And... they don't just use the exact same floorplan/builder/model... they'll look at other homes in the vicinity with the same features.



I'm sure this the same story for any sale nowadays as banks are more strict on house valuations considering the decreasing market.



Ask anyone who has sold their home recently if 6-month old comps are looked at heavily.



In theory (or on tests), 6-month comps may be fine... but in reality... not so much.

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Also, I never said the unit will go for $799,000, I said a comp exists. The irresponsible trustee opened the door to a vulture and that means he will sell it quickly for what he can get. I swear, it is near impossible to have an honest discussion here.</blockquote>
So what's the point of illustrating a 6-month old comp of $785k (you keep saying $799k)?



I'm merely pointing out that it's not a good comp. And if it sold for $800k in 07, and $785k 6 months ago... would you not, in your broker pricing opinion, valuate the price even lower?
 
Appraisals on townhomes and condos are slightly different than those on SFRs, as they are a far more uniform product type. Condos and townhomes should always have 2-3 comps from within the complex, and one from outside. You are correct about 3 month old comps being used....when they are available. In my example, they were not available, therefore the expansion to six months. In a rapidly-moving market, a time adjustment would simply be made to the comps, if needed.



The disprepancy on the $799,000 (MLS) versus $765,000 (Recorder) is due to a data conflict. I conceded the $765,000 is likely correct.
 
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