Retrospective Appraisals: Valuing a Home as of a Past Date

Most appraisals answer the question “what is this home worth today?” A retrospective appraisal answers a different one: “what was this home worth on a specific date in the past?” In Phoenix and across Maricopa County, homeowners, heirs and attorneys need that answer more often than you might think.

When you need a value from the past

The most common reasons we see:

• Date of death: an executor, trustee or heir needs the home’s value on the day the owner died, for the probate inventory, an estate or a stepped-up tax basis.
• Divorce or separation: an attorney asks for the value as of the date of separation or filing instead of today.
• Partnership or co-owner disputes: owners need the value on the date one owner left or a buyout was agreed.
• Gifts and transfers: a CPA needs the value on the date a home was given or deeded to someone.
• Insurance, tax or legal matters: any situation where the question is “what was it worth then?”

The date always comes from the person who needs the report, usually based on advice from their attorney or CPA. The appraiser doesn’t choose it.

How an appraiser values a home on a past date

A retrospective appraisal follows the same professional standards (USPAP) as any other appraisal. The difference is that everything is measured as of the effective date:

1. Market data from that time. The appraiser looks for sales of similar homes that closed around the effective date, not last month. If the date was in 2021, the comparables come from the 2021 market.
2. The home as it was. The report describes the property’s size, features and condition on the effective date. Any later remodel, repair or damage is set aside.
3. Market conditions then. The appraiser considers whether prices were rising, flat or falling at that time and adjusts the comparable sales to the effective date.
4. A clear explanation. The report states the effective date, the date it was written and what information was used to understand the home’s past condition.

What makes a retrospective appraisal stronger

The farther back the date, the more the appraiser relies on records. Helpful items include:

• Photos from around the effective date (family photos often show kitchens, floors and yards).
• An old listing, inspection report or prior appraisal.
• Receipts or permits for work done before or after the date.
• A short written description of what changed and when.

If the home has since been sold or torn down, a retrospective appraisal can still be prepared. The appraiser explains which records and data were used.

Retrospective appraisal vs. an online estimate

Some websites show a “value history” for a home. Those are model estimates. They can’t see the home’s condition on the date that matters, and they aren’t prepared by a licensed appraiser under professional standards. When the value will be used for taxes, a court, an estate or a settlement, a written retrospective appraisal by a state-certified appraiser is what attorneys and CPAs expect.

Common questions

How far back can you go? Years, in many cases, as long as there’s reliable market data from that time and enough information about the home’s condition.

Do you still need to inspect the home? Usually yes, if it still exists in a similar condition. The inspection confirms size and layout, and you tell us what has changed since the effective date.

Can one report include today’s value too? Often yes, if your attorney or CPA needs both a past and a current value. Mention it when you order.

Who can order it? Executors, trustees, heirs, spouses, co-owners, attorneys and CPAs. Tell us who will rely on the report.

Order a retrospective appraisal

West Valley Appraisal Services prepares retrospective and date-of-death residential real estate appraisals throughout Phoenix / Maricopa County, Arizona.

See our date-of-death and retrospective appraisal service, our estate and probate appraisals, or call (602) 717-8450.

Written by Jason Clow, State Certified Residential Appraiser #21559. This article is general information, not tax or legal advice.