Perhaps for me this is a little easier. I live on the Outer Banks, and most of our homes are rental properties. When the property management companies set the rental rates, they take into account distance from the beach, whether the property has an ocean or sound view, how many amenities the home has (for those days where you can't go to the beach), whether the property backs up to a main road (impeding quiet enjoyment of the property and decreasing the chances of repeat renters), etc.

I look through a more critical lens than even they do, as I know the value of a home that sits high on the lot, high on the street, where stormwater runs away from the house and down the street. I look at the elevation above sea level, the flood zone, everything is about the avoidance of water penetrating the home for me.

Condition of the exterior is critical, as is curb appeal. We have a unique coastal cottage style here, and it's easy to spot a home that hasn't followed that formula...it sticks out like a sore thumb.

Suggest to get an appraiser training including a license. Your valuation needs to be very close to appraisal. It takes practice, pratice and practice.

Most realtors' CMA is often off.

Stefen - I have taken classes from appraisers, and even they cannot tell you a specific numerical value for certain things like curb appeal, or busy street. They will tell you that the price needs to be adjusted, but it is on a case-by-case, or home-by-home basis. It seems pretty subjective at times, but all you can do is your best based on the information you research.

I do an adjustment for location which would take in all these attributes. I also take away value if there are negative influences.

We go around with appraisers on our riverfront and view properties. There can be many, many 'intangible amenities' that have a value--but what it is, will be in the eye of the beholder. You might review properties that are similar in every way EXCEPT the 'amenity' you're wanting to eyeball . . . then see if the difference is in line with similar properties that DO have it.

There is a certain degree of subjectivity in doing comps..I like Roy Kelley 's suggestion  and mght just do that.

All of these factors should be carefully considered. Take a few appraisal courses to polish your skills.

Those are all case by case. They might add no value, or they might detract from desirability which could affect price. How much is hard to judge.

For curb appeal and condition, it would be a value adjustment for the homes condition.

For neighborhood, traffic, schools it would be a reflection and adjustment on the lot value.

Stefen Lee Liberti Your market will largely determine the adjustments needed in a CMA for your geographical area. Speak with a local appraiser to see how they determine appropriate adjustments when appraising a property.

Stefen, you are looking at this from a traditional real estate practice and have confronted the issue of subjectivity. Subjectivity is the pollutant to an accurate CMA and consumes hours and hours and hours of your time.

I would like to invite you to be a beta tester for the CIS Score. This process evaluates curb appeal, condition, market trends, and evaluates them OBJECTIVELY.  If you are willing to invest your time in testing how this works in the LA Market place, I would love to invite you to participate. 

Before you call, have a subject property, the community name, average sold price, Sp/SF, average SF, FOR THE COMMUNITY, and we can give it a try. Let's evaluate a recently sold from the same community. This could give insight to a needed 'adjustment' for the market trend.

Stopped by to see the answers and it is a great question.

Only in extreme cases. Normally, we will choose comparables so similar in site that these are not issues to contend with. I do agree with my predecessors, this is really something that a appraiser might consider with the training they have had; otherwise it is a subjective value decided by the buyer.