Determine FMV with limited comps and other questions

2 Replies

I am ready to sell my house. As is. I do not have the time or skills for making repairs and I no longer want to live here.

Trying to determine a good asking price. Zip code is hot but there is not much on market activity for SFRs. 

I am licensed, but not entirely certain I should list it myself.

Hi @P. Martin

You can always do a cost approach, but you should be able to find enough sold SFRs to determine approximately what the home is worth. If the SFRs are in different types of neighborhoods or different types of houses, you need to adjust accordingly for the changes to achieve an accurate value. Once you do that, you need to subtract out the repair costs to come to a more realistic price. Depending on how bad the repairs are, you may also end up giving additional discounts, especially if the home is only going to appeal to a professional investor.

If you're licensed and still not sure how to arrive at a valuation, it may be in your best interest to hire another realtor to sell the house for you. They should be able to determine the value and come up with a marketing plan to sell the home.



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