Review the Subject Property main characteristics and the 3 Sold Comparable main characteristics: Comp #2 Comp...

 

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Review the Subject Property main characteristics and the 3 Sold Comparable main characteristics: Comp #2 Comp #3 14330 Caryn Cr $482,000 Address: Sales Price Bedroom Count Gross Living Area Sqft 2,455 Bathroom Count Heating/Cooling Kitchen Condition Bathroom Cond Garage spaces Interior features Pool Subject Property 14261 Point Reyes TBD 4 3 Central UPDATED UPDATED 3 AVERAGE YES Comp #1 14320 Santa Lucia $519,000 2,390 3 2 Central UPDATED AVERAGE 3 AVERAGE YES 2,580 3 2.5 None AVERAGE AVERAGE 2 BELOW AVERAGE NO 14179 Mendocino $530,000 2,290 4 2.5 Central REMODELED UPDATED 3 REMODELED NO Step 2: Determine dollar adjustments the Comparable Sale price amounts based on variances in key features using the table below. Remember is a feature of the comparable is worse or less than Subject then you ADD the adjustment dollars to the sales price and if the features is better or greater then Subject then you SUBTRACT the adjustment dollars to the sales price. If the feature is the same between properties than NO adjustment is made. Use plus or minus signs to keep track if you are adding or subtracting an adjustment value Adjustment Table Gross Living Area (GLA): IF GLA VARIANCE of Comp to Subject is greater than 100 sqft of Subject, only then take the variance amount and multiple that amount by $50 per sqft. Example: Subject GLA= 1,000sqft, Comparable GLA= 1,200sqft. Variance = 200 sqft X $50 = $10,000 adjustment to price (subtracted because Comp GLA was greater than Subject). IF GLA = 1,000sft and Comparable is 1,100 sqft then NO adjustment is made! Bedroom Count: Each Bedroom variant to Subject is a $5,000 adjustment. (Ex. Sub 3Bed vs Comp 2Bed is an adjustment +$5,000) Bathroom Count: Each Bathroom variant to Subject is a $5,000 adjustment, $2,500 adjustment for half bath. Kitchen condition: $10,000 adjustment between each quality step: (Below Average, Average, Updated, Remodeled). (Ex. From Average to Remodeled = $20,000 adjustment). Overall Bathroom condition: $5,000 adjustment between each quality step: (Below Average, Average, Updated, Remodeled). Heating/Cooling: $5,000 adj vs None for Central Air, $1,000 adj vs None for Wall/Window AC, Central vs Wall/Window AC = $4,000. Garage spaces: Each Garage space variant to Subject is a $5,000 adjustment. Interior features: $3,000 adjustment between each quality step: (Below Average, Average, Updated, Remodeled). Pool: $20,000 adjustment (having pool vs not having pool). Dollar Adjustments (+/- $) Comp #1 Gross Living Area Bedroom Count Bathroom Count Kitchen condition Overall Bathroom Cond Heating/Cooling Type Garage spaces Interior features Pool Total Dollar Adjustment (+ or- $): $_ Original Sales Price: Adjusted Sales Price: $519,000 Comp #2 $ $482,000 Comp #3 $530,000 Step 3: Fill in the adjusted sales prices from Step 2 for the Comparable properties and determine the adjusted price range the Subject Property would fall within. Subject Property Adjusted Sales Price: Adjusted Sales Price Range from $ N/A Comp #1 $ to $ Comp #2 Recommended Subject Listing Price = $_ Comparable Property most similar to Subject Property is = Justification for Subject Listing Price = $ Comp #3 $ Step 4: From the Adjusted Sales Price Range, select a final suggested listing price. Which of the 3 Comparable properties most influenced you on the final price decision? Then explain why in the Justification for Subject Listing Price section. This is you explaining what you will say to the Homeowner as justification of listing at that price. Your explanation should be more than a simple sentence. Review the Subject Property main characteristics and the 3 Sold Comparable main characteristics: Comp #2 Comp #3 14330 Caryn Cr $482,000 Address: Sales Price Bedroom Count Gross Living Area Sqft 2,455 Bathroom Count Heating/Cooling Kitchen Condition Bathroom Cond Garage spaces Interior features Pool Subject Property 14261 Point Reyes TBD 4 3 Central UPDATED UPDATED 3 AVERAGE YES Comp #1 14320 Santa Lucia $519,000 2,390 3 2 Central UPDATED AVERAGE 3 AVERAGE YES 2,580 3 2.5 None AVERAGE AVERAGE 2 BELOW AVERAGE NO 14179 Mendocino $530,000 2,290 4 2.5 Central REMODELED UPDATED 3 REMODELED NO Step 2: Determine dollar adjustments the Comparable Sale price amounts based on variances in key features using the table below. Remember is a feature of the comparable is worse or less than Subject then you ADD the adjustment dollars to the sales price and if the features is better or greater then Subject then you SUBTRACT the adjustment dollars to the sales price. If the feature is the same between properties than NO adjustment is made. Use plus or minus signs to keep track if you are adding or subtracting an adjustment value Adjustment Table Gross Living Area (GLA): IF GLA VARIANCE of Comp to Subject is greater than 100 sqft of Subject, only then take the variance amount and multiple that amount by $50 per sqft. Example: Subject GLA= 1,000sqft, Comparable GLA= 1,200sqft. Variance = 200 sqft X $50 = $10,000 adjustment to price (subtracted because Comp GLA was greater than Subject). IF GLA = 1,000sft and Comparable is 1,100 sqft then NO adjustment is made! Bedroom Count: Each Bedroom variant to Subject is a $5,000 adjustment. (Ex. Sub 3Bed vs Comp 2Bed is an adjustment +$5,000) Bathroom Count: Each Bathroom variant to Subject is a $5,000 adjustment, $2,500 adjustment for half bath. Kitchen condition: $10,000 adjustment between each quality step: (Below Average, Average, Updated, Remodeled). (Ex. From Average to Remodeled = $20,000 adjustment). Overall Bathroom condition: $5,000 adjustment between each quality step: (Below Average, Average, Updated, Remodeled). Heating/Cooling: $5,000 adj vs None for Central Air, $1,000 adj vs None for Wall/Window AC, Central vs Wall/Window AC = $4,000. Garage spaces: Each Garage space variant to Subject is a $5,000 adjustment. Interior features: $3,000 adjustment between each quality step: (Below Average, Average, Updated, Remodeled). Pool: $20,000 adjustment (having pool vs not having pool). Dollar Adjustments (+/- $) Comp #1 Gross Living Area Bedroom Count Bathroom Count Kitchen condition Overall Bathroom Cond Heating/Cooling Type Garage spaces Interior features Pool Total Dollar Adjustment (+ or- $): $_ Original Sales Price: Adjusted Sales Price: $519,000 Comp #2 $ $482,000 Comp #3 $530,000 Step 3: Fill in the adjusted sales prices from Step 2 for the Comparable properties and determine the adjusted price range the Subject Property would fall within. Subject Property Adjusted Sales Price: Adjusted Sales Price Range from $ N/A Comp #1 $ to $ Comp #2 Recommended Subject Listing Price = $_ Comparable Property most similar to Subject Property is = Justification for Subject Listing Price = $ Comp #3 $ Step 4: From the Adjusted Sales Price Range, select a final suggested listing price. Which of the 3 Comparable properties most influenced you on the final price decision? Then explain why in the Justification for Subject Listing Price section. This is you explaining what you will say to the Homeowner as justification of listing at that price. Your explanation should be more than a simple sentence.

Answer rating: 100% (QA)

To estimate the sales price of the subject property well begin by adjusting the sales prices of the comparable properties based on the differences in features between each comp and the subject Well fo... View the full answer