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Old 03-04-2014, 09:16 PM
 
Location: South Texas
480 posts, read 1,129,224 times
Reputation: 612

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Quote:
Originally Posted by thechappells View Post
Excellent question, 495. Appraisals. How does that play into this? Or does it?
Only an appraiser can give you broad market details like what 495 is asking, mainly because appraisers have to make market-derived value adjustments for those kinds of differences between comparable properties during the appraisal process. Unfortunately, appraisal information is not releasable due to client confidentiality rules.

In my market areas and on an "average home", it's not uncommon for a half-bath to be valued around $2500 and full around $4500. An additional garage bay (having three vs. two) could bring an additional $10K to a home's value.

Here's a list of considerations for a "comparable" property:

Location
Gross Living Area
Quality of construction
Architectural details in construction
Overall condition of the home (includes updates to kitchen, baths, etc.)
Actual age of the property
Effective age of the property (e.g., general wear and tear on the structural components such as roof, foundation, etc.)
Amenities (bedroom count, bath count, fireplaces, in-ground pool (note: if it is above ground, it is personal property!), spa (again, in-ground only)
Functionality
External influences (e.g., high tension power lines in your backyard, home next to a petroleum storage facility or oil well, etc.)

These are just a few but hope this helps a bit.
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Old 03-04-2014, 11:27 PM
 
9,892 posts, read 10,739,099 times
Reputation: 22025
Not all improvements add value to a home. Over improvements for the neighborhood and quality home, will not anywhere near recover their costs at sale. In other words if you spend thousands of dollars in the kitchen, and improve it to the standard of a top end luxury home, and the home is a middle class home neighborhood, that this type of luxury is not normal, will cost you a lot of money you will not recover on sale. There is a maximum value any home is worth depending on the neighborhood it is located in, and that is all you will be able to sell it for. Buyers will expect a more upscale neighborhood for the additional money you may want for your home. Here are some ideas, that show what you cannot recover your costs if you over improve the home, or make it no longer fit into the neighborhood.

Do Home Improvements Add Value? | Nolo.com

HomeInsight: Five Home Improvements That Don't Always Add Value to Your Home

6 Things You Think Add Value To Your Home - But Really Don't

Home Improvements: Dos And Don
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Old 03-05-2014, 07:57 AM
 
5,957 posts, read 6,059,800 times
Reputation: 18366
If you are not sure that the realtor's pricing is appropriate, do this: Go on Zillow. Put in parameters that match your home - single family, X bedrooms, X bathrooms, sq ft, etc. Look at SOLD in the last 6 months in the area where your home is located. Ask your realtor to show you the MLS listings for the appropriate comparables in your area, matching your list from Zillow. There will be pictures, and a good realtor from your area will have been inside them. Then look at what's for sale in the area. Ask your realtor to show you these homes in the area that are for sale - take you into them. Your home should be priced appropriately according to the SOLD properties, not according to the other listings in the neighborhood, and certainly just below the competition, if you are in a hurry to sell.
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Old 03-05-2014, 01:38 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
40,193 posts, read 71,876,643 times
Reputation: 49147
Appraisals are to ensure that the lender is not giving the buyer more money than the place is worth. When it comes in too low, a buyer can make up the difference with a larger down payment, if they choose to. For the purpose of pricing, one could actually get their own appraisal, but a good realtor will get enough information from the comps to determine a fair price. Eventually what it comes down to is that the home is worth what someone is willing to pay for it. I have seen a "fixer" sell for $30,000 over asking after a bidding war just because it was close to the highest rated school in a desirable district.
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