Wide range? We live in 2400sf, 4br, 3ba, 1/4 acre, gourmet kitchen, Trex deck in Devon south side of Rt 30

Asked by Brian, Devon, PA Thu Feb 5, 2009

close to Fair Grounds. Several trusted realtors have valued our home with great fluctuation ($520k - $650k). Was hoping for narrower value band. Property is not sitting on railroad tracks, highways, etc. Any thoughts?

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Tameka Golds…, Agent, West Chester, PA
Thu Feb 5, 2009
Hi Brian,

Like the others, I too would be willing to conduct a CMA for you as well. But the keys to determining the value of your home in addition to the factors already named below is 'style' of home. Very important! Many sellers mistakenly compare a colonial to a ranch or cape cod in the neighborhood ... big mistake! That's incorrect & may lead you down the wrong road. And it's best to compare properties close in age as well. For starters, be sure you are comparing "SOLD" properties to determine your value not "ACTIVE" properties, as an Appraiser uses SOLD properties in their evaluation to determine property value.

Hope that was helpful!
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David Henke, Agent, Devon, PA
Thu Feb 5, 2009
Regardless of which value you decide on, many buyers today will check the pricing on the public real estate sites (here, Zillow, etc) prior to placing an offer. You need to be prepared to justify any price differential.
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John and Mary…, Agent, Hockessin, DE
Thu Feb 5, 2009
Hi Brian,

Did each of the realtors view your home in person and show you a CMA (comparative market analysis) showing other properties sold and for sale, and explain exactly how they calculated your value using the past sales? If not, then the selling price they suggested would be wide ranging. It takes analysis to really study a home's value properly. Even then there can be differences if you are in an area without many comparables. However, when you examine the properties they chose as comparables for your home you should be able to see why the realtors varied your home's value. The leading factors for qualifying these comparables would be the following: Location, (preferably within 1-2 miles of your home - not always possible) Square footage,
# of Bedrooms and Baths, lot size, - less significant factors, but still in the equation would be, # of garage spaces, overall condition, upgrades, finished or unfinished basement.

The best advice I can give is to study those CMAs that realtors prepared and see if you agree with the analysis. See if those are in a tighter range to start with.

If you have further questions, you can call us at 302-740-5872.

John & Mary
Web Reference:  http://www.TriStateTeam.com
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Jodie Rapp, Agent, Kennett Square, PA
Thu Feb 5, 2009
Hi Brian,
To answer your question successfully, I need a little more info. Are you in a single home? What is the age of the home, and is that 3 full baths, no halfs? Are you in a development where other homes have sold recently? The range you got so far is much too wide a span, you are correct. I would be happy to do a true CMA (comparative market analysis) for you at no obligation and give you a very narrow price range to list your house in if that is what you want to do. To do that I would need your address to pull up accurate comps. I would only be able to give you an actual number after seeing your home for myself. Feel free to contact me on my cell phone any time or send me an email.

Jodie Rapp
Web Reference:  http://jodierapp.com
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