How can I increase the distance for coparable homes when making an estimate?

Home is historic and in a historic area.  No recent comparable homes have sold in this aarea.  Other historic homes have sold in  other parts of town.
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September 17 2010 - Town of Andover
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Profile picture for rockinblu
I generally don't reply to resurrected questions this old, but this one is a good one that a number of folks could benefit by with a correct answer. On Zillow you can actually pick your comps.
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February 16 2011

In the "good ole" days when values kept rising, lenders wanted competing / comparable sales that sold in the past 12 mo and were within a mile. That got dwindled down to 6 mo, and now they "dream of" sales that sold in the past 90 days.  That having been said, Usually it is important to target all your sales comps from within the same historic district or from a competing / comparable historic district neighborhood in the same town. Then as a last resort from within a similar neighborhood from a competing / comparable town or city.  They'll always want at least 1 sale from the subject's historic neighborhood even if you need to go back beyond a year.  Go back as far as you need to and just Explain, Explain and Explain.

What is a competing / comparable neighborhood. For Andover you would likely have only 1 other alternative as Lawrence, Wilmington, Tewksbury and North Reading are different markets.  Even if a market adjustment is needed - if you absolutely can find nothing in Andover, search around in North Andover.

It's important to remember that just because a home is an "historic home" or antique home, it doesn't always equate to higher value.  It depends where it is, and what are the present market conditions. 

Also, a huge home doesn't always sell higher than a smaller home.  What would you prefer? A huge home where a lot of money is needed to get it into Average condition. Or a smaller home that already is in Average condition?  That depends if it isn't "daddy warbucks" who is doing the buying I guess.

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February 16 2011
SImply widening your search may not work - there are different historic areas in Andover that have very different values. Respectfully I know that assessed value may be a good indicator for most homes but in the historical situation may be off pretty significantly.  Case in point, I happen to own a mill in Andover on the National Historic Register and the appraissed value a year ago was significantly different from the town's assessement.  Well over 30%.....

Don't be afraid to have a real estate agent come in.  A good one should be respectful and professional about assisting you without incurring any cost.  The other option is to pay for an appraisal.  
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September 18 2010

There's not much point to it.  The target property is a specialty home, and that is the type of property that Zillow has the most problem putting a z-estimate on.  The average margin of error in Zillow for homes in Massachusetts in areas like Andover is above 8%, and I've seen deviations of 30%.  If you want it to price 10 year old colonials in a subdivision of similar homes, Zillow can be very accurate.  A historical home?  Something 100 years old or more?  The condition, curb appeal, floor plan, historical significance are all enormous variables, and none of them are public record variables that Zillow can use to calculate your estimate.  If you're looking for a "ball park" estimate, just use the town's assessment, that's usually within 15%, if no recent work has been done to the home, and is a lot less work to get.  If you want something closer than that, a licensed appraiser or real estate agent who has sold a bevy of older homes is your best bet.




Matt Heisler is a real-estate professional and owner of Heisler & Mattson Properties.  He has been selling residential real-estate for over 10 years.  He has given several talks on real estate, including presentations on first-time buyer tips & tricks, and profiting in real estate investing in Massachusetts. As a Vanderbilt University alumnus, he is proud to serve the communities of Natick, Framingham, Medfield, Millis, Holliston, Hopkinton, Southborough, Westborough, Northborough, Grafton, Marlborough, Shrewsbury, Worcester, Milford, Charlton, Northbridge, Sutton, Hudson, Sudbury, Clinton, Boylston, and West Boylston.  
*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.
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September 18 2010
You can. Some homes are hard to comp. and you have to find one a few miles away.
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September 17 2010
 
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How can I increase the distance for coparable homes when making an estimate?
Profile picture for rockinblu
Latest answer by rockinblu
February 16 2011 | 5 answers
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