alex, Home Buyer in Virginia Beach, VA

how do you price a house without close distance comps (ie house bigger than others by significant amount)?

Asked by alex, Virginia Beach, VA Fri Aug 16, 2013

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When I used to appraise I would use the three step approach of comparable, sqare footage and rental valuation method. The three together should give you similar prices. You can add the extra sq ft into the comparable once you have established a sq ft price. You can purchase the books or tables that give you the sq ft costs for the area. This is always a tough one, but remember too even with a large addition or a totally renovated interior well beyond what other homes have it may not bring the extra price they paid to install it. You can also use near by neighborhood similar in size and desirability.
0 votes Thank Flag Link Fri Aug 23, 2013
My husband is a Certified Residential Real Estate Appraiser. We run into these challenges all the time. We can give good information and advise to help you price the home right and not be over priced or under priced in the area. Call us at 757-420-2262 Tammy and Steve Bunch Brokers at Bunch Real Estate Sales and Appraisal. I office is in the College Park section in Virginia Beach.
0 votes Thank Flag Link Sat Aug 17, 2013
let your realtor do the work
0 votes Thank Flag Link Fri Aug 16, 2013
One method is to look at similarly styled homes in the area (number of stories, bedrooms, bathrooms, garage, etc.) and determine the price/sq ft....then you can use this figure to calculate the base price for your house based on that. Then you'll need to attempt to calculate what the extras in the house (pool, shed, lot size, waterfront, etc.) will add to that base price. (lot size is usually pretty easy to calculate as the city probably has it done for you already). Pool usually only gets 1/ 2 what you paid for it. At this point you should have a pretty good ballpark figure to work with
0 votes Thank Flag Link Fri Aug 16, 2013
Hi Alex,
I can help with that.

Are you available this weekend?
0 votes Thank Flag Link Fri Aug 16, 2013
Alex first I would suggest look at like for like properties in similar neighborhoods and pockets to yours. The best way though is contact a Realtor in your area and let the Realtor do the heavy research and come back to you with comparable homes and then you can decide on what a fair market value is for your home. IF you want to be absolutely sure contact a local appraiser and find out what they charge and have them give you a written appraisal.

Endre Barath,Jr.
Prudential California Realty
A Berkshire Hathaway Affiliate
Web Reference:
0 votes Thank Flag Link Fri Aug 16, 2013
That is a great question, Alex! Most appraisers would take the land value first and then add in the cost per square foot to build a home of similar size and amenities.
0 votes Thank Flag Link Fri Aug 16, 2013
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