Summary of "How to COMP like a PRO 2025: Updated Appraisal Rules!!!"

Game's Storyline and Overview

The video titled "How to COMP like a PRO 2025: Updated Appraisal Rules!!!" presents a comprehensive guide on how to effectively determine property values using updated appraisal rules for 2025. The host shares insights gained from discussions with appraisers and outlines a structured nine-step process to help viewers navigate the complexities of property appraisal.

Gameplay Highlights and Key Tips

The video emphasizes the importance of using accurate and recent comparables (comps) in real estate appraisal. Here are the key steps and strategies discussed:

Find Recent Comps:
- Use comps that are no older than 6 months. Ideally, aim for comps within the last 90 days.
- If older comps are necessary, make appropriate adjustments based on market fluctuations.
Narrow Down Comps:
- Stay within the same subdivision; avoid crossing major roads.
- Ensure property types and sizes are comparable (within plus or minus 100-250 square feet).
Market Direction:
- Consider current market sentiment and conditions, especially during significant events (e.g., elections, natural disasters).
- Analyze active listings and days on market to gauge buyer interest.
Lot Size and Zoning:
- Understand how lot size and zoning can affect property value.
- Larger lots can significantly increase value, especially in higher-priced markets.
Adjustments for Property Characteristics:
- Make financial adjustments based on the number of bedrooms, bathrooms, and other features.
- Special characteristics like views can dramatically affect value.
Traffic and Commercial Adjustments:
- Deduct value for properties affected by traffic or commercial zones, with specific adjustments based on the property's price point.
Climate Considerations:
- Adjust value based on climate-related features, such as garages or carports, which may be more desirable in extreme weather conditions.
Basements and Accessory Dwelling Units (ADUs):
- Be cautious about valuing basements and ADUs; appraisers may only give partial value unless they are separately titled.
Calculate After Repair Value (ARV):
- After making all necessary adjustments, calculate the ARV for the property.

Additional Resources

The video encourages viewers to download a document containing the nine steps for easy reference and suggests sharing the video with others interested in real estate.