I don't know what the standard definitions are, but I am with you completely!

This post was edited by anele on Wed, Jul 10, 13 at 22:49

I don't know what standard definitions are either, but would definitely pay more for older higher end product than bottom of the line new. That older stuff will probably last the rest of my lifetime if I need it to.

When looking at listings, I see a lot of "newer" things. Newer than what? 1980, 1990, 2000?

I think those parts of the appraisal are there for wiggle room, so the appraiser can match the target price to the neighborhood prices and the sales price. Usually "newer" and "average" etc is based on the comparison to other similar homes in the neighborhood.

My view of realtor and/or appraiser ratings are that they are very, very basic and involve materials more than style. I've purchased a home in the last year and I found no value in the categorization (by a realtor or appraiser) of 'average', above-average' or 'custom'. Typically realtors and appraisers apply sweeping generalizations:

- Natural materials are better than manufactured materials (i.e. Bricks, Ceramics, Woods are best).
- Name brands are more desirable than anything.
- Custom 'anything' is desirable if a name brand can't be associated with it.

LOL. What a crap shoot. Sorry, I didn't help but I agreed with you!.

Also an appraisals for the same house will vary greatly if it is done for a refinance vs a purchase, so it isn't an exact science. Each market is also very different. Our market has gone crazy (again) this past year and a 40 year old house with no improvements just sold up the street from me for $570/sq.ft. Multiple offers and most selling over list price. Condition/price can be a fast moving target!

I work for a company that does replacement cost evaluations for insurance companies. These are not appraisals but will affect the amount of insurance coverage.

How we rate kitchens is a builders grade kitchen is what you would see in an average american kitchen.

If the kitchen has 1 or 2 of the following it is a semi custom. Solid wood cabinets, an island, solid service type of counter, or built in appliance(s).

If the kitchen has 3 of these features its custom.

There is a designer level that requires certain types of features such as motorized lazy susans, etc. Very rare.

There is also a basic level where all you see is a sink in a base, a range and refrigerator and not much else.

Changes to the grade of the kitchen will add or subtract 10,000 or more.

The replacement cost of a house is often very different than the selling price.

It's good to know that I'm not alone!

We still have not been able to get into the house to see all of the average and above average details, so I'll post a report when we do. Although, the "average" carpeting in one of the bedrooms looks ugly and dirty in the listing photo. Maybe it's wool? LOL!

And a rant about listing photos...The appraisal states that parts of the house are "better" than other parts, but the listing only shows the lesser areas. Makes you wonder why. No photos at all of any of the bathrooms, and the photos that are shown are blurry, dark, and show things like dirty dishes in the sink, clutter and what looks like a bottle of whiskey on the counter, and clothes on the beds. Apparently no one on the selling side has heard of staging.

We've bought many houses and IMO real estate lingo is mostly to be ignored. I form my own opinions and evaluation when seeing a house. Sure you need to decide which houses to tour by the listing but pictures and hard facts (room sizes, location, style and size of house) determine which ones I'd look at. Descriptions can be so ludicrous as to be useless.

Sounds as if you may be visiting a 'fixer' so don't let the untidiness, dirt, or wear deter you if you can get it at a good price. We bought several homes that needed a lot of cleaning and cosmetics and resold for a very good profit. After a lot of work they looked almost new and sold quickly. One has to look beyond how the current owners live to see the potential of a house.

luckygal is right... realtorspeak. phrase of the day. what someone else said, and sold a home in 30 minutes.

I think "newer" really means "newish" or "relatively new," at least in the listings I see around here for older homes. If the roof was installed last year, it's "new roof." If the roof was installed 4 years ago, that would be "newer roof." When I see it in a listing, they're saying that some major expense like roof or furnace or bathroom remodel was handled not long ago, so you shouldn't have to face it again soon. Useful info, actually.

I agree, though, realtorspeak is very subjective. One woman's "dated kitchen" may be another woman's "vintage Wood Mode cabinets."