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Suggested prices just based on Square Footage?

I thought I understood the notion of comps.  However, after receiving some comps and suggested prices from a few different realtors.  I am really confused.  They gave me a price that was based solely on the price per square foot. 
However, I am familiar with the homes they have used in the comps, I have seen the insides of them.  They were all built at the same time my house was, in the early 80's and LOOK like it too.  My home however has new windows, all new interior & exterior doors, brand new HVAC, all new appliances, etc.
Doesn't that count for anything?  The price I have been quoted is much less just because I only have 3 bedrooms instead of 4. 
I have no allusions of granduer when it comes to my home, I am just shocked that no realtor is willing to help us figure out a price that involves more than the square footage.
Any advice?
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January 22 2013 - US
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Answers (6)

SF is only part of the equation... in a perfect world and if everything were apples to apples that would hold true, but two homes are rarely ever the same so here is how I like to counsel my clients.

Larger, two story homes in the same neighborhood can't use SF pricing from smaller, single story homes because they are typically in higher demand.  

A 3BR home with the identical SF of a home with 4BR's should be worth less for obvious reasons.  One exception might be if the 4BR home is crammed into a 1500 SF living space.  It's just too cramped.

SF can also be deceiving if the layout of the home is funky... in my opinion 1970's interior construction was very "segmenty," compared to the more open concepts you can see since the 90's.  

Lastly about your updated windows, doors and appliances.  They are all great and part of the overall picture in helping the home sell faster as opposed to selling for more money.
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January 24 2013
I agree that is a one size fits all way of doing real estate and each home is
 unique. I suggest maybe keep shopping agents. Did you mention all the features and upgrades? With the inventory way down and multiple bids going on now it is definitely a plus to have upgrades in your home,
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January 24 2013
Good qustion !

Valuing property based on $$/sq ft is the lazy mans way to value. For appraisers its a red flag.

Each home is unique, and sicne the $$/sq ft method does not take into consideration view, pool, condition, quality, deferred maintenace, upgrades - nothing  - excpet the size and price, its like valuing a person based on their weight.

All of our upgrades count - of course. Values of upgrades are usually 'lumped' together into a lum sum to come up with a value of your home with upgrades vs another home without upgrades.

Good luck
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January 23 2013
YES all those things count.
What most sellers ( and buyer's) do NOT count is site & size of parcel, county recorded land value, AND improvements/upgrades on each house. Did any have a new roof, upgraded electric or plumbing? You did not mention the Sq. footage of the other homes.
Do you have the same amount of bathrooms and garages? Everything makes a difference.
There is a big difference in values and desirability between a 3 vs 4 bedroom.
USUALLY the homes' floor plan is different with added living space and possibly additional bathrooms. Many buyers who are unsuccessful in finding a 4 bedroom will opt for a 3 bedroom as a concession.
They prefer the 3 bedroom home to have an extra room, den or study. If it is straight 3 bedroom, ( assuming land values are equal and they are exact like kind homes) the home can easily  be worth less against a 4 bedroom.

The adjustment for the extra bedroom ( $4,000-$6,000 when I adjust) can easily be a wash for your windows and A/C. You will not get dollar for dollar exchanges on what you spent on your upgrades.
This is what I do KNOW. It seems they did NOT do a good enough job of showing adjustments for variations of land, each homes' upgrades against yours, and YOUR upgrades against theirs. It could very well be that with the back and forth from one column to the other your home did evaluate less.
If you were explained the adjustments in detail, whether you agree with them or not, it should be easy to see where they came up with a final number.
Best of luck, I hope this helped. Suzie
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January 23 2013
Square footage is an adjustment that is used when doing a CMA. And, yes, there are a lot of other adjustments that should be included. They are #BR's, bathrooms, garage spaces, central AC - yes/no, basement - full, finished, lot size, patio, deck and more. Square feet is a major factor when pricing a home, but there are indeed a lot of other factors.
I'd be happy to run a CMA for your home if it's in my area (WNY).
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January 22 2013
In our area a home that has those updates will go for a little higher price point than a home that has little or no updates. We are seeing here that homes that have been updated and in good condition, are in fact selling for more than those homes that haven't been well maintained. That being said, a home that's 1500sqft that has been updated verus a home that's 2500sqft that has not been updated will still sell for more even though the updates aren't there. Appraisers when doing the appraisals look at everything but the sqft figure is a big one. If you aren't sure you can always get an appraisal. Also, look at the tax assessment figure. That's usually not for off from value unless you are in a detressed region. I hope that helps.
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January 22 2013
 
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