Home Selling in 20010>Question Details

blopezx, Both Buyer and Seller in Washington, DC

How to determine the price on a townhouse with about 2300 sqf. 3 flrs and unfinished bsmt. In CoHI, 1400 newton st block. 4 rms 2 1/2 baths.

Asked by blopezx, Washington, DC Sun Apr 21, 2013

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Hello blopezx,

How are you doing? Hope all is well. Happy Sunday to you. I know you asked this question eight months ago. But I one thing that can help you determine the price of your house is if you know how the real estate market is performing in your area. Here is the latest Columbia Heights/Mt.Pleasant Real Estate Market Report http://getdcsold.com/post/4272985/columbia-heights-mt-pleasa…
0 votes Thank Flag Link Sun Dec 29, 2013
You should ask your agent for a CMA or a BPO. Some agents are familiar with an appraiser's model of establishing price which uses more data points than you have supplied here. Contact me if you have questions. I'll be looking forward to your listing, I have a buyer who wants to stay in the neighborhood.
0 votes Thank Flag Link Mon Apr 22, 2013
Hi Blopezx, have your Realtor provide you with comparisons in the area. If you do not have a Realtor, I can help you.
0 votes Thank Flag Link Mon Apr 22, 2013
This is something that your Realtor can help you with. Your agent should be able to provide you with comparable (and recent) sales that will give you a good sense of the value of the property. If you do not have a Realtor, then you should consider hiring an appraiser to help you value the property. On occasion, when I am working with a client who is buying a property with all cash, we still engage an appraiser to assure that the client is not overpaying. If you have any other questions, I would be glad to talk with you off line. Good luck! And remember that prices are changing quickly in the close in DC market in particular. You dont want to over pay, but you also can't rely too heavily on prices from six months ago as a guide of value.
0 votes Thank Flag Link Sun Apr 21, 2013
Hello! The first approach would be to have your Realtor prepare a Comparative Market Analysis (CMA) which is a comparison of similar properties with the same features, bedrooms, square footage and located within the same neighborhood as the property being evaluated. After reviewing this data you and your Realtor should be able to determine a price point for the subject property. There are other statistical models available to also help to narrow down a price range based on renovations, added features, etc. This evaluation process should target a price point for the property. After the property is and a purchase offer is received the buyer's mortgage company will order an appraisal of the property to determine if the property is appraised value matches the final agree upon sale price. Good Luck with your property value evaluation and establishing a realistic price point for the property. If you additional information or assistance please do not hesitate to give me a call or send an email....
0 votes Thank Flag Link Sun Apr 21, 2013
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