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Rainmaker
1,528,660
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

comps + pre-mls inspection results + home's current condition & location =
                                  the market tells the seller their value
I also bring 3 sold, 3 pending, 3 active & 3 expired and ask them, "from each pile, which home is closest to yours?" Then we have that talk.

The seller 9/10 times tell me their price and they are usually right on to within $15K of what I was thinking.

We can chat by phone if you want more details.

Jun 18, 2016 12:02 AM
Rainmaker
1,722,426
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Thomas J. Nelson, Realtor Beat us to a great answer.

Jun 18, 2016 12:20 AM
Ambassador
3,338,624
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Rarely do I have an issue with comps.  I trend the market. I price just at or ever so slightly below comps. And what Thomas said. 

Jun 18, 2016 03:12 AM
Rainmaker
1,157,785
FN LN
Toronto, ON

The seller decides the list price based on the comps provided, suggested list price, and/or other factors.

Jun 17, 2016 11:55 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I adjust for location of the house and recent upgrades.

Jun 17, 2016 11:41 PM
Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

ditto to Thomas' answer..... 

Jun 18, 2016 03:22 AM
Rainmaker
4,970,436
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

I'm with Thomas J. Nelson, Realtor ! Thats the best answer!

Jun 18, 2016 03:00 AM
Rainmaker
4,551,644
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

I can't say it any better than Thomas J. Nelson, Realtor.

Jun 18, 2016 01:29 AM
Rainmaker
1,231,822
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Thomas J. Nelson, Realtor could be our CMA instructor.  Similar process used.

Jun 18, 2016 12:36 AM
Rainmaker
1,237,045
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

The improvements and upgrade do help to draw buyers. However there is a depreciation factored in. The 1 year old 100K kitchen will be lucky to get more than 25K, crown moulding etc may not add any value.  

Jun 17, 2016 11:39 PM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Tony and Suzanne Marriott, Associate Brokers I make adjustments to all the items that are dissimilar to the subject property. Then I will take a weighted average of the three properties to come up with the market value.

Jun 17, 2016 11:25 PM
Rainmaker
986,652
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Size, amenities etc - I rarely adjust for pools anymore but I do adjust for Lanai's

Jun 18, 2016 09:47 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I use some of the standards the appraisers use and then I also use my gut. That is not learned it is internalized.

Jun 18, 2016 10:39 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Lot size, square footage, age, updates, bedrooms, and any intangibles.

Jun 18, 2016 07:58 AM
Rainer
231,224
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

that my friend is the most difficult question in real estate in my opinion

Jun 18, 2016 03:11 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Knowing that the seller already has received 'value' information for other agents mailing them bogus stuff, Zdevil publishing random numbers, the tax authorities providing a value for which the owner does not understand, all that 'just sold' solicitations coming to their door,  it becomes clear to me the owner is NOT in search of ANOTHER number.

Instead of piling heaping coals or transgression upon the head of the owner I tell a story that answer the only five question they have. At the conclusion they will ask apologetically, "We feel compelled to ask what are your fees?" Then "What should we list at?"

Of course I have the CIS Score. The owner values their house providing binary answers to 15 questions. The result is based on THEIR input not my magical numbers.  For over 2 years the CIS Score has been within 4% of sold price for houses between 250 and 800 K for homes I have and mostly for homes I did not list.

Jun 18, 2016 12:52 AM
Rainmaker
4,848,614
Richard Weeks
Dallas, TX
REALTOR®, Broker

I will make adjustments for condition, number of bedrooms and baths, size of house and lot, pool, and year built.  Depending on the price range will determine the amount of the adjustment.

I have an excel file with ja worksheet for the cma, adjustment guide, and reparis guide.  If you would like a copy email me and I will send you a copy.

richard@investablerealty.com

Jun 22, 2016 12:03 AM
Rainmaker
897,438
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Anything could be adjusted since properties are almost never "apples to apples". The trickiest adjustments are the "intangible" ones, that is something that is not physical ( 3 bths vs 4 or 2-car garage vs 3, 1 BR vs 2), such as the amenities the community offers (park, beach, lake) or the proximity to commuting routes. You really have to know your area!

Jun 19, 2016 12:20 AM
Rainer
12,394
Steven Kosta
Re/Max Real Pros - Murrieta, CA
Realtor / Broker Associate / SRES / CRS

Adjustments are made to the comparable properties to show if they are superior or inferior to subject.  The adjustments are calculated on the comparable properties, not the subject.   If a comp sold for $180,000, then you will add or subtract adjustments to account for positive or negative features.  After the adjustments are made, we have a new price that shows what the subject is worth based on the comparable sale or listing.

It can be confusing at first determining if an adjustment should be positive or negative, but it gets easier with practice.  Adjustments can be made for bedrooms, square footage, age or any other variable.  The basic idea is to use a negative adjustment on the comparable property, if the comp has superior features and positive adjustments on the comparable property if the comp has inferior features to subject.  

Jun 18, 2016 11:55 PM
Ambassador
3,159,584
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I make adjustments for a number of things, sq. ft., lot size, amenities, view, water frontage, depth, upgrades.  Most things have set adjustments, some I tweek monthly based on new numbers from data reconciliation 

Jun 18, 2016 01:54 PM
Rainmaker
3,415,644
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

The amount to adjust will differ from area to area. COndition should always be the same. Most often i adjust for size, garage, lot, br count and extras like deck, fireplace or porch

Jun 18, 2016 11:10 AM
Rainmaker
1,435,300
Yolanda Cordova-Gilbert
Richmond, TX

I am a builder's rep but we sometimes have to defend our prices...recently closed versus inventory...because our build jobs are usually more expensive that our to build because of buyer is willing to spend more on upgrades....

Jun 18, 2016 07:36 AM
Rainmaker
1,497,848
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I determine a range based upon the comps and the comparable's condition.  Based upon that, I do an inspection of the subject property when I take the listing.  I adjust based on condition (tile v. granite counters, white v. stainless appliances, clutered v. clean, ...) amongst other factors, even down to the color of paint used (personal v. mass appeal).  Based upon how the subject property compares, it gets a price in that range.

Jun 18, 2016 07:18 AM