I am confused as to how to price this one.
Owner says, actually (4) bed and (3) bath; NO work needs to be done; largest and best house in area.
Sitex shows nothing in last year sold within 400 SF of this one; all smaller.
High sale $451K; Low sale $280K.
Median value $351K; 1157 SF.
Using medians, ($304/SF) this house should sell for $567K; yet he has had it listed for (6) months at $425K, now down to $385K, with NO offers.
Please, help me understand HOW to value this house. I need to know HOW you do it; not what your esteemed numbers are.
Purely with the data in the market area and the decreasing sales price of the dwelling, the owner has over improved the house for the market area. No amount of adjustments for SF or median value alone will give you a number. Now that doesn't mean you can't value the property, it just means
there is an intangible component to account for that is not bricks and mortar.
Plus the fact there have been sales greater than his present and former listing price indicate the dwelling needs updating or is less than appealing to the market. A conversation with the seller would produce a wealth of data to help paint a picture which would drive you to a more definitive value.
Touch bases again as you garner more info or if you have more to share which wasn't in this ticket.
To your Success!!!
Support @ ICO
Better Data, BIGGER PROFITS$$$