Hi Ken, as a Realtor we take into consideration the sq footage of comparable homes, lot size, location and condition of the home. You will want to use a Buyer Broker to represent your interest when looking for a home. I would like to help you and Jericho is my primary area of expertise.

Please call me. 516-551-3347.

Mara Navaretta
Licensed Associate Broker
C21 Laffey Associates
516-551-3347 http://www.HomesByMara.com

There is no set formula for evaluating, or comparing, houses. Houses are not like comparable units in an apartment building. Many qualitative factors are taken into consideration including location, property (land and house) condition and characteristics, how updated the home is, lot size, interior square footage, etc., etc.
Then, each individual property is compared to other properties in the same area.
Sales of comparable properties within a given neighborhood, within a reasonable and recent period of time, have always been benchmarks for comparison.
Hope this answers your question. Please feel free to contact me for more info at Maggie.keats@elliman.com

When doing a valuation in this manner you would take the value of the lot. A building lot is a building lot. If the zoning is one acre, a half acre existing lot would have the same approximate value as a one acre lot. Then you would figure the cost per square foot of replacing the home and add it to the lot cost. Finished basements usually get a set adjustment depending on the area.

If you are looking to purchase now is the time to consider using a Realtor especially if the seller has representation; your agent will then help you in deciding a fair offer based on all your above stated concerns.

Anna
917-576-5376
abrocco@laffey.com