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Determining your home’s value in today’s market - Part 2
This is a follow up article to Determining your home's value in today's market - Part 1. What is the value of my home? I get that question often.
Location is primary consideration for determining the value of your "subject" property.  Unless a property is in a rural area, I rarely use a comparable that is located more than a mile away from the one I am valuing.  My preference is to stick to homes in the same neighborhood or condo complex as the subject property.  A home in the same neighborhood typically are of the same age and construction quality.  However I always at least check out what is happening in surrounding neighborhoods simply because prospective buyers are typically looking in those other neighborhoods as well.  Appraisers normally use 2 comparables in the subject property's neighborhood and 1 outside of it. 

The next most important consideration is the house's size.  The preference is to keep the heated square footage of your comparables within 15-20% of the subject house and the bedroom & bathroom count the same as the subject house.  The closer in size the comps are the better.  Properties outside of these ranges are marginal comparables at best.  A 3 bed / 2 bath ... more

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