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Rainmaker
4,433,483
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I like the other answers. I make adjustments depending on the market and the subdivision.

May 06, 2015 10:31 PM
Rainmaker
1,596,476
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

With condos - so easy, don't sell houses.

Jul 04, 2019 11:02 AM
Rainmaker
3,069,684
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Gabe nailed this one!

 

Nov 08, 2017 02:28 AM
Ambassador
3,986,518
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I have a checklist I got from an appraiser and use those adjustments. I get pretty darn close to the appraised value too.

Sep 09, 2016 12:26 PM
Rainmaker
385,566
Trumps Elite
Keller Williams Realty Acadiana - Lafayette, LA
Realtors/Career Consultant

Yes I definitely do. I use the same formula as stated here. 

May 07, 2015 11:30 AM
Rainmaker
4,799,356
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

For the comp, figure out the $ per. sq. ft.  Then adjust the comp to equal the subject by either adding or subtracting the diference in $ per. sq. ft.

(This should be the sq. ft. of living area value once the lot value has been subtracted from the home value.)

May 07, 2015 04:58 AM
Rainmaker
1,136,737
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

in my area I use $100/sf for gla. $5K for garage, land is 3-$5/sf,

 

May 07, 2015 04:09 AM
Rainmaker
1,445,227
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Richard Weeks I believe it's  a² + b² = c². Just kidding!  I would speak with an appraiser to see what their adjustment is for your area. In the end it is their formula that dictates the price.

May 07, 2015 03:02 AM
Rainmaker
1,965,493
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

I talk to my favorite appraiser and get their advice 

May 07, 2015 02:14 AM
Rainmaker
3,297,999
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I make adjustments over 10% in difference but dont use any comps mor ethan 20% in difference. I usually use $50 per SF, 

May 06, 2015 11:06 PM
Rainmaker
3,912,090
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I take square feet difference and divide by either 3 or 4 and multiply by the average price per square foot of recent sales that I'm using for comps. If the differential is less than 200 in a really big house, I give value to the incremental square feet and more to a small property.

May 06, 2015 09:47 PM
Rainmaker
869,411
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

The formula is to establish the baseline value which will be further adjusted by other home assets.

The formula I apply varies based on the nature of the discrepancy. Is the difference in gross SF or conditioned sq feet? Is the difference a garage, back porch, lanai or conditioned living space?   This determines if you use $95 a square foot or $159 a square foot.

Next, if the difference is less that 400 Square I make no formula changes.

If greater than 400 Sf I apply a 0.009 inversion to the excess square feet adding 0.001 for every unit above. (i.e. 800 sf apply a 0.01 inversion)

This is an element of the CIS Score algorithm(S) that have proven incredibly accurate. The CMA effort time is dramatically reduced and the result based on objective, not subjective criteria.

May 06, 2015 09:46 PM