Jaime Dorn

Hi Dee!

Most appraisers will go no further than one year, but they prefer to stay within a 6 month sales period. They also like to keep comparables within a 5 mile radius or closer if possible. As far as subdivisions, they will try to find 2 -3 comparable properties within the same subdivision, and one or two from another subdivision. They will usually take 3 out of the 5 or 6 they find, that are the closet match to the subject property. If there are no comparables in the immediate area, they will look further out or make adjustments on other properties that are close by but not exactly the same product. For example, a home in a higher priced neighborhood might get $40 square foot adjustment compared to the neighborhood down the road that only gets $35. Some things that factor into determining the adjustment price is the type and quality of construction, materials used and how that home measures up to the general construction of the neighborhood.

I hope I've been able to answer your questions. Please feel free to email or call me with additional questions you have

Jaime Dorn
REALTOR/Broker, ABR
Choice Realty
910-934-3220
jaime_dorn@yahoo.com - Thu Jul 9 2009, 13:03