Episode notes
Charlie Johnson demystifies why “comps” are the gold standard for valuing homes.
– Three approaches: Cost, Income, and Sales Comparison (most common for residential) – Analyze recent, similar closed sales (size, age, condition, location) – Adjust comps for differences: beds/baths, GLA vs. below-grade, finished basement, upgrades, lot, view, garage/pool, time/market conditions – It’s not about the highest sale—it’s about the most relevant evidence and a clear reconciliation – Appraisers document trend data (pendings/actives for context, concessions, DOM) to support the conclusion
📌 Appraisers: Support adjustments with paired sales and explain weighting/reconciliation. 📌 Agents/Sellers: Send a clean d ...