Where do you derive your values for properties.?

Here we have a property on a 3/4 acre site with waterviews in a highly desirable area of like homes. The land has a market value of at least $300,000. With 2250 SF of updated living space the cost to rebuild at today's cost per square feet is $225 psf. Just the house would cost out at $500,000. Therefore house with land would have a market value of $800,000. Your site has the market value of $505,000. The adjacent house sold a year ago for $900,000. I see a significant defect in your property value modeling. This is Cape Cod, not some isolated rural area.
(0) | asked by: Phil Bateman | share | 21 months ago | Report
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answer by Jason Regan    |   Visit My Website   |   Contact Me
Craig's answer is right on. As realtors we are in the market all day every day. We use the knowledge gained daily along with an analysis of homes sales and current competition on the market that match the criteria of the house in question. This process will give you the best estimate of a house worth and is called a Competitive Market Analysis (CMA)
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5 months ago  |   Report   |   share
answer by Craig Bassett    |   Contact Me
I wouldn't rely on estimates of value from home sites. If you want an accurate representation of your homes value I would suggest having an agent do a CMA for you to determine your property value in the current market.
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6 months ago  |   Report   |   share
answer by Nancy Munies    |   Visit My Website   |   Contact Me
Hi could you please give me the address you are looking at, or the MLS number. I will try to have an answer for you. Thanks Nan
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21 months ago  |   Report   |   share
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