I recently decided when I read the Spring Otteau Report that I would adopt its ways of giving guidance to Sellers who wanted to know the equity and value of a home.
It gives a precise clear approach to giving an accurate price assumption, obviously is not a proper appraisal and i always recommend to the client to get this if they want to.
But it gives a fair market price for the potential seller.
I would like to share the figures with you which hopefully you will find interesting and of use.
TYPICAL VALUE OF HOME APPROX 400K
| (LOCATION) | % |
| BUSY ROAD | -6 |
| POWER LINES | -4 |
| PRIVACY CUL DE SAC | 4 |
| SITE AREA ACRE | 4.5 |
| SITE AREA 1/2 ACRE | 2.3 |
| (UPGRADES) | |
| BATHROOM PART | 1.5 |
| BATHROOM FULL | 2.5 |
| RENOVATION BATHROOM | 1.5 |
| RENOVATION KITCHEN | 3 |
| KITCHEN UPDATE | 1.5 |
| GROSS LIVING AREA PER SQ FOOT | 75 |
| FULL BASEMENT | 3 |
| PARTIAL BASEMENT | 1.5 |
| WALK OUT SUPPLEMENT | 2 |
| FINISHING SUPPLEMENT | 1.9 |
| GARAGE PER CAR ATTACHED BUILT IN | 2.5 |
| GARAGE PER CAR DETACHED BASEMENT | 1.3 |
| CONCRETE PATIO DECK | 0.6 |
| BRICK SLATE PATIO DECK | 1.3 |
| WOOD DECK | 1.9 |
| OPEN PORCH | 1.5 |
| SCREENED PORCH | 2 |
| ENCLOSED PORCH | 2.5 |
| IN GROUND POOL | 1.9 |
| DOUBLE GLAZING | 1.5 |
| FIREPLACE | 1.9 |
CONCLUSION
So for your amendments or points of difference over your neighbors just add or decrease the % and there you go.
I enjoy meeting and discussing price and C.M.A, obviously this will not give a seller what the market is doing locally as to home prices selling, trends etc as to the starting price...
For that you need a good knowledgeable realtor, like me!
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